USA Technologies sells $15 million of shares; Victoria Resources prices C$13.5 million of units

By Laura Lutz

Des Moines, Oct. 17 - USA Technologies, Inc. took the top spot in Wednesday's PIPEs news with a $15 million private placement of stock.

The company sold 2,142,871 common shares through agent William Blair & Co., LLC. The shares were priced at $7.00 each.

Based in Malvern, Pa., USA Technologies provides services and technology for wireless non-cash transactions and energy management.

Proceeds of this offering will be used to purchase e-Port devices for the company's Quick Start program, which provides credit- and debit-card services to vending machine operators and bottlers.

The company's stock gained 62 cents, or 8.46%, to close at $7.95 on Wednesday (Nasdaq: USAT).

In Canada, Victoria Resources Corp. announced plans for a C$13.5 million private placement of units.

The offering will consist of units of one share and one half-share warrant at C$0.70 per unit. Each whole warrant will be exercisable at C$0.85 for 18 months.

Blackmont Capital Inc. and CIBC World Markets Inc. will lead a syndicate of agents that also includes Orion Securities Inc.

Proceeds will be used for exploration and general corporate purposes.

Victoria is a Toronto-based gold company. Its shares lost 4 cents, or 5.33%, to close at C$0.71 on Wednesday (TSX Venture: VIT).

Hillsborough secures C$10 million

As usual, Canadian resource companies were widely represented in the day's PIPEs news.

Hillsborough Resources Ltd. announced two private placements with MinQuest Capital Inc. for a total of C$10 million.

MinQuest has agreed to buy C$3 million of shares and C$7 million of secured convertible debentures.

The placement of shares is expected to include 6,000,000 common shares at C$0.50 apiece. Each share will be accompanied by one half-share warrant with each whole warrant will be exercisable at C$0.60 for 18 months.

The share offering will be non-brokered.

The debentures mature in three years. They are convertible at C$0.60 per share.

Hillsborough also received a C$40 million investment from an international energy company, according to a news release.

Hillsborough is a coal mining company based in Vancouver, B.C.

"Management is very happy with the two proposals received, which, although different in structure, can be seen as being complimentary to one another. The two facilities allow Hillsborough to take Quinsam to a much higher level of production, as well as potentially develop other thermal and metallurgical coal opportunities on the Pacific Rim," David Slater, president and chief executive officer of Hillsborough said in the release.

He added, "The association with MinQuest brings a large strategic shareholder with excellent knowledge of the North American coal industry."

The company's shares dropped 6 cents, or 10%, to finish Wednesday at C$0.54. (Toronto: HLB)

ATW to raise up to C$8.4 million

ATW Venture Corp. arranged a private placement of subscription receipts for up to C$8.4 million.

The Vancouver, B.C.-based resource company plans to sell 14,000,000 subscription receipts at C$0.60 apiece.

Each subscription receipt will be exchangeable for one unit of one share and one half-share warrant with each whole warrant exercisable at C$0.80 for two years.

PI Financial Corp. and Haywood Securities Inc. are co-lead agents for the deal.

Proceeds will be used for a planned acquisition of the Burnakura Project in Western Australia and for working capital.

ATW's shares closed at C$0.63 on Sept. 27, the date of the last trade (TSX Venture: ATW).

Urbanfund prices C$10 million shares

In the real estate industry, Urbanfund Corp. said it intends to raise C$10 million from a private placement of shares.

Blackmont Capital Inc. will lead a syndicate of agents that also includes M Partners Inc. and Dundee Securities Corp.

Pricing will be set in the context of the market, according to a news release.

Urbanfund is a Toronto-based real estate development and operating company.

The company will use some of the proceeds from the offering to acquire North Fort Centre in Belleville, Ont. and Wonderland Plaza in London, Ont. The remainder will be used for working capital and general corporate purposes.

The placement is expected to settle on Nov. 14. It is not contingent on closing of the acquisitions.

Urbanfund's shares closed at C$0.30 on Oct. 11, the date of the last trade (TSX Venture: UFC).

CGX gains; TG world drops

CGX Energy Inc., which announced plans for a $30 million stock placement on Tuesday, saw its shares climb C$0.26, or 12.09%, on Wednesday to close at C$2.41 (TSX Venture: OYL.U).

The deal consists of 15,000,000 shares at $2.00 each and has a $5 million greenshoe. Cormark Securities Inc. will lead a syndicate of underwriters that also includes Fraser MacKenzie Ltd., Jennings Capital Inc., Brant Securities Ltd. and Toll Cross Securities Inc.

TG World Energy Corp., on the other hand, saw its stock lost 5 cents, or 9.26%, to finish Wednesday at C$0.49 (TSX Venture: TGE).

The day before, TG World announced a C$12 million share placement through agents Wellington West, Tristone Capital Inc. and Jenning Capital Inc.

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