Martinrea closes C$55.78 million sale; Medoro wraps deals; Drinks Americas takes in $3 million

By Stephanie N. Rotondo

Portland, Ore., June 25 - Several companies announced completed private placements Thursday, with Martinrea International Inc. bringing the largest deal.

The company announced that it raised C$55.78 million via a stock sale. The deal also included a fully exercised greenshoe.

Medoro Resources Ltd. announced it settled two equity deals, taking in total proceeds of C$9 million. A company spokesperson said investors had reacted favorably to the financings.

Among other completed deals, Drinks Americas Holdings Ltd. said it raised $3 million to fund growth. Medipattern Corp. and Opsens Inc. took in C$2 million and C$1.75 million, respectively.

Martinrea completes stock sale

Martinrea International took in C$55.78 million in a private placement of common stock, the company announced.

The deal was originally announced June 11 for C$48.5 million, with a C$7.28 million greenshoe. Upon completion, Martinrea sold 11.5 million shares at C$4.85 per share. Of the sold shares, 1.5 million were part of the greenshoe.

Proceeds will be used for working capital and general corporate purposes.

Calls made to the company seeking comment went unreturned Thursday.

Martinrea's equity (Toronto: MRE) gained 42 cents, or 7.14%, to C$6.30. Market capitalization is C$367 million.

Martinrea International is a Vaughan, Ont.-based manufacturer of metal parts, assemblies and fluid management systems.

Medoro wraps two deals

Medoro Resources settled two equity placements, bringing in total proceeds of C$9 million, according to a press release.

The company sold a total of 68.7 million common shares, with 57.5 million selling at C$0.12 per share and 11.2 million selling at C$0.1875 per share.

Medoro announced a C$6 million financing on June 9, which also included a C$900,000 greenshoe and another C$2.1 million deal on June 11.

"We're happy, that's for sure," said Peter Volk, general counsel and secretary of Medoro, in an interview with Prospect News. "It's been a tough few months for most companies, especially juniors."

Volk said that investors were intrigued by a reserve report from the company's Venezuelan property and also by a list of potential Colombian companies for acquisitions.

Proceeds raised from the deals will go toward funding the Venezuelan 2009 work program and also for investigating said potential acquisitions.

Medoro's shares (TSX Venture: MRS) closed unchanged at C$0.195. Market capitalization is C$19.98 million.

Medoro Resources is a Toronto-based gold exploration and development company.

Drinks takes in $3 million

Drinks Americas Holdings wrapped a $3 million private placement of discounted debentures.

Under the terms of the deal, Drinks Americas sold $4 million of the non-interest bearing notes at a 25% discount. Upon maturity, the notes will have born interest at 8%.

Additionally, investors received warrants equal to 2.5 million common shares at a strike price of $0.35 per share.

"We believe that this financing is very favorable for the company especially in this challenging economic environment," said J. Patrick Kenny, CEO, in a statement. "The transaction will provide the company with an immediate and near term cash infusion which will enhance our cash flow and enable us to continue to grow and expand our brands. Prominent in this growth is our imminent beer launch with Kid Rock, our growing Leyrat Cognac business, the continued growth of Trump Vodka and our rapidly growing Olfiant Vodka business, all of which this financing will help facilitate."

Drinks Americas' stock (OTCBB: DKAM) ended steady at $0.14. Market capitalization is $12.1 million.

Drinks Americas holdings is a Wilton, Conn.-based distributor of alcoholic and non-alcoholic beverages.

Medipattern, Opsens sells equity

Toronto-based Medipattern said it concluded a C$2 million placement of stock.

The deal originally priced on June 11 for C$1.7 million.

The medical imaging software developer issued 10 million common shares at C$0.20 per share.

Proceeds will be used for working capital purposes, "including the further development of its Vascular iQ initiative and to continue building on the success of its B-CAD-FOR-LIFE solution," the company said in a press release.

Also, Opsens said it raised C$1.75 million via non-brokered private placement of equity.

The deal originally priced on June 19 for C$2 million.

Opsens sold approximately 2.92 million common shares at C$0.60 per share.

Proceeds will be used to strengthen the Quebec-based company's balance sheet.

Medipattern's stock (TSX Venture: MKI) dropped C$0.015, or 6.82%, to C$0.205 and Opsens' (TSX Venture: OPS) gained 5 cents, or 8.33%, to C$0.65.

Medipattern's market capitalization is C$9.6 million. Opsens' is C$26.3 million.

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