Lonrho seals £25.09 million; Bayswater Uranium to raise acquisition funds; Gastem issues units

By Stephanie N. Rotondo

Portland, Ore., Dec. 9 - Fewer deals were seen coming to market Wednesday, but once again, it was the mineral and resource companies that dominated.

Of the few non-mining companies announcing deals, Lonrho plc said it raised £25.09 million from a private placement of stock. The company said the deal brought in some new investors.

Meanwhile, Bayswater Uranium Corp. said it was looking to raise between C$7 million and C$12 million via a private placement of units. The funds will be used, in part, to fund a previously announced acquisition.

Gastem Inc. announced it had completed its C$6.25 million private placement of units. The deal originally priced at C$5 million and was later increased.

Also, Brett Resources Inc. said it was aiming to raise C$3.5 million in a private transaction. The funds raised will be used for exploration.

Tyhee Development Corp. is also looking for exploration funds. As such, it is undertaking a C$3 million private placement of units.

Lonhro seals £25.09 million

Lonrho, a Liverpool, England-based investment company, took in £25.09 million from a private placement of ordinary shares, according to a press release.

The company said that £16 million was raised Dec. 4, with the remainder settling Dec. 9.

Lonrho issued approximately 250.92 million shares at 10p per share.

The company will use proceeds for working capital.

"We are delighted with the support from both existing shareholders and some new significant institutions," said David Lenigas, executive chairman, in the release. "I am confident that the £25 million now raised will enable Lonrho to increase its stakes in its agriculture and building subsidiaries and puts the company in a very strong position as we enter 2010."

Lonrho's equity (London: LONR) closed at 9.7p. Market capitalization is £93.1 million.

Bayswater to raise acquisition funds

Bayswater Uranium is planning a non-brokered private placement of units for up to C$12 million.

The company will issue between 15.55 million to 26.66 million units - for proceeds between C$7 million to C$12 million - at C$0.45 each. The units will contain one common share and one warrant. The two-year warrants are exercisable at C$0.60 in the first year and at C$0.75 in the second.

Proceeds will be used to fund the acquisition of the Reno Creek Uranium project, as well as for general working capital.

Bayswater's shares (TSX Venture:BAY) dropped half a cent, or 5.26%, to C$0.09. Market capitalization is C$14.7 million.

Bayswater Uranium is a Vancouver, B.C.-based uranium exploration company.

Gastem settles unit sale

Gastem wrapped a C$6.25 million private placement of units with its second and final tranche of C$980,000.

The brokered deal originally priced for C$5 million on Nov. 20 and was upsized to C$6.25 million on Nov. 24. The company raised C$5.27 million on Dec. 4.

In total, Gastem sold approximately 9.61 million of the flow-through units at C$0.65 each. The units contained one flow-through common share and one warrant. The warrants are exercisable at C$0.85 for 18 months.

The company intends to use the proceeds for exploration activities in Quebec.

Gastem's stock (TSX Venture: GMR) fell 2½ cents, or 5.21%, to C$0.455. Market capitalization is C$28.7 million.

Gastem is a Montreal-based oil and gas exploration company.

Brett aiming for C$3.5 million

Brett Resources is seeking C$3.5 million in exploration funds via a private placement of equity.

The company will issue flow-through shares in the non-brokered placement at C$2.00 per share.

Calls seeking comment were not returned Wednesday.

Brett's shares (TSX Venture: BBR) gained 3 cents, or 1.72%, to C$1.77. Market capitalization is C$149 million.

Brett Resources is a Vancouver, B.C.-based mineral exploration, acquisition and development company.

Tyhee seeks exploration dollars

Tyhee Development is also planning a private sale of flow-through shares in its attempt to raise C$3 million.

The Vancouver, B.C.-based gold explorer will sell 15 million of the shares at C$0.20 each. The Mineralfields Group has subscribed for C$1.5 million.

"We are very pleased to be renewing our relationship with MineralFields Group," said Dave R. Webb, president and chief executive officer, in a press release announcing the deal. "This is an important milestone in the growth of Tyhee and we look forward to working with MineralFields Group as we develop our Yellowknife Gold Project."

Settlement is expected by Dec. 16.

Tyhee's stock (TSX Venture: TDC) improved by half a cent, or 2.27%, to C$0.225. Market capitalization is C$44.3 million.

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