Magnum brings direct placement; Knight to raise exploration cash; SeaBird seals NOK 189 million By Stephanie N. Rotondo Portland, Ore., Nov. 11 - It was a muted marketplace in Wednesday's private placement market, as the Veteran's Day holiday kept some away from their desks. Of the deals the day did see, Magnum Hunter Resources Corp. announced a $6.75 million registered direct offering of units. A company spokesperson said the company "needed the money now" in order to fund potential acquisitions. Meanwhile, Knight Resources Ltd. said it would privately issue new flow-through units for its effort to raise C$2.75 million. The market also saw a few deals from Oslo Exchange-listed companies. SeaBird Exploration Ltd., for one, said it wrapped an NOK 189 million private placement of stock. For another, Eitzen Chemicals ASA said it would also issue stock to raise NOK 644 million. Magnum brings direct placement Magnum Hunter Resources brought a $6.75 million registered direct offering to market Wednesday. The company will issue approximately 3.90 million units at $1.73 per unit. The units will consist of one common share and one fifth-share warrant. Whole warrants are exercisable at $2.50 for three years. Last week, the company raised $3.78 million from a registered direct offering of units. M. Bradley Davis, senior vice president of capital markets, said that deal was mainly for senior management and board members. Though the $6.75 million deal was announced early in the day and Davis had yet to hear from any investors, he said that he felt investors would react favorably to the news. "We knew we had this large acquisition," he said. The asset, which he said is located in Appalachia, is one of the "Big Four shale plays." "So I think the market generally likes it when a company raises money to fund growth, as opposed to repaying debt," he said. Settlement is expected Nov. 16. Magnum's stock (Amex: MHR) fell 14 cents, or 7.41%, to $1.75. Market capitalization is $71.41 million. Magnum Hunter Resources is a Houston-based oil and gas exploration company. Knight to raise exploration dollars Knight Resources plans to raise C$2.75 million via a private placement of flow-through units, according to a press release. The company will sell approximately 34.37 million units containing one flow-through common share and one half-share warrant. The units will be sold at C$0.08 and whole warrants are exercisable at C$0.12 for one year. Proceeds will be used for exploration. Calls seeking comment were not returned Wednesday. Knight's equity (TSX Venture: KNP) ended unchanged at C$0.075. Market capitalization is C$7.25 million. Knight Resources is a Vancouver, B.C.-based mineral exploration company. SeaBird seals NOK 189 million Among foreign issuers, SeaBird Exploration completed an NOK 189 million private placement of equity, the company announced. The Cyprus-based company sold 54 million ordinary shares at NOK 3.50 per share. SeaBird's stock (Oslo: SBX) closed at NOK 3.58. SeaBird Exploration is a provider of marine seismic data and associated products and services to the oil and gas industry. Eitzen arranges stock sale Eitzen Chemicals, another Oslo-listed company, negotiated an NOK 644 million private placement of stock. The company will issue 515.2 million shares at NOK 1.25 per share. Camillo Eitzen & Co. ASA, a majority shareholder, has agreed to purchase 223.8 million shares for proceeds of NOK 279.75 million. "We are very pleased to see that we have been successful in raising new equity to Eitzen Chemical, based on the continued support from existing shareholders as well as new interest from prime domestic and international institutional investors," said Terje Askvig, chief executive officer, in a press release. "The equity issue is a key milestone in the process of re-establishing a robust financial platform for the company. We are confident that the actions that we have been taking through our restructuring will be to the long term advantage of all of our stakeholders, and are optimistic that we will get the support that is needed to now conclude this process and build a stronger Eitzen Chemical." Settlement is expected by Nov. 27. Eitzen's shares (Oslo: ECHEM) finished the day at NOK 1.75. Eitzen Chemical is a marine transportation services provider.

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