Dacha Capital wraps tranche; OCZ seals $15 million; Decade Resources seeks exploration funding

By Stephanie N. Rotondo

Portland, Ore., March 24 - PIPE deal sizes shrunk during Wednesday's session, though there were a few double-digit offerings.

Dacha Capital Inc. had one of those double-digit financings. The company said it had completed the first tranche of its previously announced private placement of special warrants. The company raised just over C$18 million in the closing and, according to a company executive, more funds are on their way.

OCZ Technology Group Inc. also had a large-sized deal. The company took in nearly $15.5 million from a private placement of stock. The funding will allow OCZ to continue developing its products, the company said in a press release.

Still, the market saw mainly smaller-sized deals, such as Decade Resources Ltd.'s C$2 million private placement of flow-through units. Funds raised in the non-brokered financing will be used for exploration.

Also, Entech Solar Inc. said it had wrapped a $1.5 million private placement of preferred shares.

Dacha wraps first tranche

Dacha Capital took in C$18.19 million in the first tranche of a C$25 million private placement of special warrants.

The deal priced Feb. 2.

Dacha is selling the warrants - which are convertible into common shares - at C$0.45 on a best-efforts basis. Approximately 40.43 million of the warrants were issued in the first closing.

The remaining portion is part of the placement agent's over-allotment option, Scott Moore, president and chief executive officer, told Prospect News. He said the agents had picked up the option and that the funding was expected to close by Monday.

"It has certainly been quite a marketing effort," he said. "It has been very well received, both institutionally and from the retail perspective."

Moore also noted that investors seemingly were pleased with the deal, given that "the stock has run up quite substantially in the last week."

Dacha's "unique way to play rare earth [elements] without getting into mining risk" has intrigued the market, Moore added. "The idea of having a financial player come in and be a marginal buyer in this space was very well received."

And, "dilution is really not an issue at this point," he said. Before the financing, the company had a "very tight stock," with about 22 million shares outstanding, he said. Post-transaction, the outstanding shares will increase to about 66 million.

With this financing done, Moore said that Dacha expects future financings to take place via a prospectus.

Dacha's stock (TSX Venture: DAC) dipped 1 cent, or 1.25%, to C$0.79. Market capitalization is C$17.7 million.

Dacha Capital is a Montreal-based investment holding company.

OCZ seals over $15 million

OCZ Technology Group wrapped a $15.45 million private placement of equity, according to a press release.

The company sold approximately 5.15 million common shares. Investors also received five-year warrants for an additional 2.57 million shares.

"Over the course of the last few years, we have met the demand for a better storage option head-on, by delivering high performance solid state disk drives to a wide array of customer's globally," said Ryan Petersen, president and CEO, in the release. "This round of funding will enable OCZ to continue its growth in SSDs and accelerate the development of next-generation solutions.

"We believe that OCZ is well-positioned to advance the deployment of flash-based storage solutions," Petersen continued. "OCZ will continue to design, develop and implement SSD technology with its current base of over 300 customers while opening up new markets through targeting enterprise and OEM customers seeking to adopt flash media as primary storage."

OCZ's shares (OTCBB: OCZT) fell 45 cents, or 8.57%, to $4.80. Market capitalization is $102 million.

OCZ Technology Group is a Sunnyvale, Calif.-based producer of computer memory and components.

Decade seeks exploration funds

Decade Resources intends to raise C$2 million from a private placement of flow-through units, the company said in a press release.

The Vancouver, B.C.-based company will issue 8 million units at C$0.25 each. The units will hold one flow-through share and one half-share warrant.

Whole warrants are exercisable at C$0.35 for one year.

Proceeds will be used for exploration work at the company's British Columbia properties.

Decade's equity (TSX Venture: DEC) gained 2 cents, or 8.70%, to C$0.25. Market capitalization is C$5.84 million.

Entech sells preferreds

Entech Solar pocketed $1.5 million from a private placement of 10% series G preferred shares, according to a regulatory filing.

The deal settled March 19. Quercus Trust was the investor.

Entech sold 150 of the preferreds at $10,000 each. The investor also received warrants for approximately 11.91 million common shares.

The warrants are exercisable at $0.17.

Entech's stock (OTCBB: ENSL) slipped a penny, or 5.88%, to $0.16. Market capitalization is $37.1 million.

Entech Solar is a Fort Worth, Texas-based manufacturer of solar energy systems.

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