Sterling secures investor for recapitalization; Nevada Copper settles deal; Everton wraps sale

By Stephanie N. Rotondo

Portland, Ore., April 27 - The notable of Tuesday's PIPE market was a large deal announced by Sterling Financial Corp.

The financial institution announced a $730 million private placement of equity, part of a broader recapitalization plan the company launched. The company has already lined up one large investor, who will invest nearly $135 million.

Meanwhile, several deals were getting done on Tuesday as well. Nevada Copper Corp. said it had raised almost C$24 million from a private placement of stock. The deal's over-allotment option was fully exercised.

Everton Resources Inc. also wrapped a financing, taking in C$3.12 million. The company privately sold units to raise the funds.

Among new deals, Pluristem Therapeutics Inc. announced a $2.7 million placement of stock and warrants. That transaction is expected to have a quick turnaround, with settlement expected by the end of Tuesday business.

Sterling secures investor

Sterling Financial, a Spokane, Wash.-based bank holding company, plans to conduct a private placement of common and preferred shares for proceeds up to $730 million.

Thomas H. Lee Partners LP has agreed to invest approximately $134.7 million. The investor will receive seven-year warrants along with its equity purchase for an additional 168.38 million shares.

The warrants will be exercisable at up to $0.22 per share.

Sterling will sell common shares for up to $0.20 per share. The company will also issue series B convertible participating voting preferred stock at $75.00 per share.

The financing is part of a recapitalization program that includes getting the U.S. Treasury to exchange 303,000 of series A fixed-rate cumulative preferred stock for 303,000 series C fixed-rate cumulative mandatorily convertible preferred shares.

Sterling's stock (Nasdaq: STSA) dropped 37 cents, or 23.32%, to $1.21. Market capitalization is $63.2 million.

Nevada Copper settles placement

Nevada Copper raised C$23.68 million via a private placement of common shares, according to a press release.

The deal originally priced at C$20.59 million on April 9. The deal also included a C$3.09 million greenshoe, which was fully exercised.

The Vancouver, B.C.-based mining company sold approximately 7.76 million shares at C$3.05 each. Of the shares sold, approximately 1.01 million were sold as part of the greenshoe.

"We are extremely pleased with the interest shown in the financing, which was significantly oversubscribed," said Giulio T. Bonifacio, president and CEO, in the release. "We are now fully funded well into 2011 and look forward to the prefeasibility results expected in the [third] quarter followed by the commencement of definitive feasibility."

The proceeds will be used toward the development of the company's Pumpkin Hollow property, as well as for working capital.

Nevada Copper's shares (Toronto: NCU) fell 14 cents, or 4.68%, to C$2.85. Market capitalization is C$129 million.

Everton wraps unit sale

Everton Resources said it had completed an oversubscribed private placement of units, taking in C$3.12 million.

The deal priced at C$3 million on March 11.

Everton issued 12.47 million units in the non-brokered financing at C$0.25 each. The units contained one common share and one half-share warrant. Whole warrants are exercisable at C$0.40 for two years.

Proceeds will be used for exploration activities at the company's properties in the Dominican Republic.

Everton's equity (TSX Venture: EVR) declined 1 cent, or 3.85%, to C$0.25. Market capitalization is C$18.5 million.

Everton Resources is an Ottawa, Ont.-based resource exploration company.

Pluristem to raise $2.7 million

Pluristem Therapeutics is seeking $2.7 million from a private placement of common stock, the company announced.

Pluristem will sell approximately 2.42 million shares in the deal and investors will also receive two series of warrants, including five-year warrants for 726,088 shares and 2.5-year warrants for the same amount of shares.

The five-year warrants are exercisable at $1.40 and the 2.5-year warrants at $1.25.

Settlement is expected by close of business on Tuesday.

Pluristem's stock (Nasdaq: PSTI) dipped 6 cents, or 4.55%, to $1.26. Market capitalization is $22.9 million.

Pluristem Therapeutics is a Haifa, Israel-based developer of stem cell production technology and cell therapy products.

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