Monmouth Real Estate to sell stock; Coalspur Mines seeks A$30 million; La Cortez wraps tranche

By Stephanie N. Rotondo

Portland, Ore., April 20 - Oil and mining companies remained the top PIPE issuers Tuesday, with Coalspur Mines Ltd. planning to raise A$30 million from a private placement of shares and La Cortez Energy Inc. settling the final tranche of its sale of units for C$15.33 million.

And, so far this week, registered direct offerings have gained in popularity.

Monmouth Real Estate Investment Corp. brought one of those registered offerings. The company will sell stock in its effort to raise $30 million.

Among other registered directs, Hyperdynamics Corp. announced a $10.5 million deal. BioDelivery Sciences International Inc. also said it would conduct a registered financing, for proceeds of $10 million. Both companies intend to sell stock and warrants.

And, AgriMarine Holdings Inc. closed on the first tranche of its private placement of units. The company pocketed C$4.43 million of C$5.21 million.

Monmouth to sell stock

Monmouth Real Estate Investment negotiated a $30 million registered direct offering of stock, according to a regulatory filing.

The Freehold, N.J.-based company will sell 4 million common shares at $7.50 per share.

Proceeds will be used for additional property purchases, as well as for general corporate purposes. Settlement is expected by April 23.

Monmouth's shares (Nasdaq: MNRTP) dropped 11 cents, or 1.41%, to $7.67.

Coalspur seeks A$30 million

Coalspur Mines, a Perth, Australia-based coal exploration company, brought an A$30 million private placement of ordinary shares to market.

Highland Park Group is the investor.

According to the terms of the investment, Coalspur will sell 60 million shares at A$0.50 per share. The deal will be done in two tranches, with 45 million shares issued in the first and the remaining 15 million in the second.

The investors will also receive 37.5 million options. Of those, 22.5 million will come in the first tranche and 15 million in the second.

The options are exercisable at A$0.70 until Dec. 31, 2012.

Additionally, Coalspur has invited Colin Steyn, a key investor of Highland Park and the former chief executive of LionOre International Mining Ltd., to join its board of directors.

"The placement will significantly strengthen the company's financial position as well as provide access to Highland Park's substantial resource management skills and also greatly assist in lifting the company's profile in North American markets," the company said in a press release.

"Funds from the placement will enable the company to accelerate the development of its Hinton Coal Project based in Alberta, Canada and pursue related new business development opportunities."

Coalspur's stock (Australia: CPL) closed at A$0.72.

La Cortez settles final tranche

La Cortez Energy settled its previously announced private placement of units with the fourth and final tranche of $10.33 million.

The company took in $2.5 million on Dec. 29 and about $1 million in January. Another $1.5 million was raised on March 4. Total proceeds came to $15.33 million.

The company issued the units at $1.75 each. The units consisted of one common share and one half-share warrant. Whole warrants are exercisable at $3.00 for three years.

Of the funds invested, Avante Petroleum SA subscribed for $5 million and Macquarie Bank Ltd. invested $3 million.

Proceeds will be used to appraise the Mitro field, as well as for investments into the Putumayo-4 block, among other things.

"We are very pleased with the continued confidence of our previous and new investors in our activities and our near future plans," said Andres Gutierrez, president and CEO of La Cortez, in a press release.

"We will use these funds to continue development of the Mirto field and activities in the Putumayo 4 block and Catatumbo area. We also have identified several business opportunities from pure exploration to existing producing fields that are at different stages of evaluation. We expect to move forward on some of these opportunities in the near future, aiming to increase our revenues as soon as possible."

La Cortez's equity (OTCBB: LCTZE) declined 2 cents, or 0.57%, to $3.50.

La Cortez Energy is a San Diego-based early-stage oil and gas exploration and production company.

Hyperdynamics brings direct placement

Hyperdynamics announced a $10.5 million registered direct offering of common stock.

The Sugar Land, Texas-based oil and gas company intends to sell approximately 8.07 million common shares at $1.30 each. Investors will also receive warrants equal to another 2.82 million shares. The warrants are exercisable at $1.58 and, of those, 807,692 are exercisable for one year, while the remaining warrants are exercisable for five years.

Proceeds will be used for seismic data acquisitions and processing, to retire short-term debt and for working capital and general corporate purposes.

Calls seeking comment were not returned Tuesday.

Hyperdynamics' shares (Amex: HDY) dipped 32 cents, or 20.25%, to $1.26. Market capitalization is $115 million.

BioDelivery plans registered offering

BioDelivery Sciences is seeking $10 million via a registered direct offering of equity, according to a press release.

The company will sell approximately 2.82 million shares at $3.54 per share. Investors will also receive warrants for another 1.41 million shares.

The warrants are exercisable at $4.67 for five years.

Proceeds will be used for the continued development of the company's product candidate pipeline, as well as for general corporate and working capital purposes.

Settlement is expected by April 23.

Calls seeking further comment were not returned Tuesday.

BioDelivery's stock (Amex: BDSI) fell 60 cents, or 14.25%, to $3.61. Market capitalization is $14.3 million.

BioDelivery Sciences is a Morrisville, N.C.-based specialty biopharmaceutical company focused on drug-delivery technologies to develop and commercialize therapeutics, nutraceuticals and micronutrients.

AgriMarine wraps first tranche

AgriMarine Holdings pocketed C$4.43 million in the first tranche of its C$5.21 million private placement of units, the company said in a press release.

The non-brokered deal originally priced at C$3 million on April 1and was increased to C$5 million on April 12 due to investor demand. IN addition to announcing the closing of the first tranche, AgriMarine also said the deal was increased yet again to C$5.21 million.

The Vancouver, B.C.-based developer of fish hatchery technology is selling approximately 26.02 million units at C$0.20 each. The units will hold one common share and one half-share warrant. Whole warrants are exercisable at C$0.30 for two years.

Approximately 22.17 million units were sold in the first tranche.

Proceeds will be used to advance AgriMarine's business and for working capital and general corporate purposes.

AgriMarine's equity (TSX Venture: FSH) gained 2 cents, or 13.73%, to C$0.29. Market capitalization is C$7.58 million.

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