Solta Medical seeks $17.2 million; Dorato brings two deals; Tri-River Ventures plans unit sale

By Stephanie N. Rotondo

Portland, Ore., Jan. 8 - Canadian companies dominated Friday's PIPEs market, as more deals started to enter the financing arena.

Of the few U.S.-based issuers, Solta Medical Inc. announced a $17.2 million private placement of units. The company will potentially use some of the proceeds for strategic initiatives.

Meanwhile, Dorato Resources Inc. brought two deals to market, a C$7 million brokered placement and a C$5 million non-brokered placement. The brokered portion also includes an over-allotment option.

Tri-River Ventures Inc. is also planning a private unit sale for proceeds up to C$4.8 million. The funds might be earmarked for acquisitions.

Also, Lynden Energy Corp. said it would take in C$4.5 million from a private placement of units.

Solta seeks $17.2 million

Solta Medical announced its intent to raise $17.2 million via a private placement of stock and warrants.

The company will sell the stock and warrants as units at $2.02 each. The units will consist of one common share and one-half share warrant. Whole warrants are exercisable at $2.121, a 5% premium over the closing price as of Jan. 6. The warrants expire after 5½ years.

All told, approximately 8.25 million common shares will be issued, along with warrants for another 4.26 million shares.

Proceeds will be used for general corporate purposes and working capital, "as well as to opportunistically pursue strategic initiatives," the company said in a press release.

Settlement is expected within a week.

Solta also gave preliminary fourth-quarter revenue estimates. The company is expecting to report revenue between $28 million and $29 million.

Calls seeking comment went unreturned Friday.

Solta's stock (Nadaq: SLTM) gained 2 pennies, or 0.99%, to $2.04. Market capitalization is $97.65 million.

Solta Medical is a Hayward, Calif.-based provider of medical aesthetics.

Dorato brings two deals

Dorato Resources is planning to raise up to C$12 million via two private placements of units.

The first part of the deal is a C$7 million bought-deal brokered financing, with a C$1.05 million over-allotment option. The second portion is a C$5 million non-brokered placement, which will have the same terms as the brokered deal.

According to the terms of the brokered portion, Dorato will issue approximately 6.66 million units at C$1.05 per unit. The units will contain one common share and one half-share warrant. Whole warrants are exercisable at C$1.65 for 18 months.

Proceeds will be used for exploration, working capital and corporate purposes. Settlement is expected Jan. 26.

The company could not be reached for comment.

Dorato's equity (TSX Venture: DRI) improved by 3 cents, or 2.36%, to C$1.30. Market capitalization is C$45.8 million.

Dorato Resources is a Vancouver, B.C.-based company.

Tri-River plans unit placement

Tri-River Ventures is seeking C$4.8 million from a private placement of units, the proceeds of which will be used for exploration and potential acquisitions.

The Calgary, Alta.-based company will sell 12 million of the units at C$0.40 each. The units will consist of one common share and one half-share warrant. Whole warrants are exercisable at C$0.60 for two years.

Tri-River's stock (TSX Venture: TVR) ended steady at C$0.40. Market capitalization is C$8.28 million.

Lynden to raise C$4.5 million

Lynden Energy will pocket C$4.5 million from a private placement of common share units, according to a press release.

The company will sell 15 million units in the non-brokered deal at C$0.30 per unit. The units will hold one common share and one warrant, which is exercisable at C$0.50 for two years.

Proceeds will be used for oil and gas projects, as well as for general corporate purposes.

Calls seeking comment were not returned Friday.

Lynden's shares (TSX Venture: LVL) were unchanged at C$0.40. Market capitalization is C$26.1 million.

Lynden Energy is a Vancouver, B.C.-based petroleum and natural gas exploration company.

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