Sabina increases equity offering; Martinrea plans C$48.5 million; Azure Dynamics to sell stock

By Stephanie N. Rotondo

Portland, Ore., June 11 - Sabina Silver Corp. on Thursday announced that it would conduct a private placement of equity.

The deal was upsized soon after it was announced. The company now intends to raise C$18 million.

Meanwhile, Martinrea International Inc. was also looking to issue new stock to raise C$48.5 million. That deal also included a greenshoe for total proceeds of more than C$50 million.

Azure Dynamics Corp. said it was also planning to sell common shares in a private placement aimed at bringing in C$10 million. The deal has not yet been priced.

Several smaller deals came to market Thursday, including C$1 million financings from Kaminak Gold Corp. and Medipattern Corp.

Sabina increases equity offering

Sabina Silver announced - and then upsized - an underwritten placement of stock, according to two separate press releases.

The company originally planned to raise C$12 million by selling 5 million flow-through common shares at C$1.20 per share and 6 million common shares at C$1.00 per share. The original deal also included a C$3 million greenshoe.

However, shortly after the deal was announced, the company said it was increasing the size to C$18 million, upping the common shares sold to 12 million from 6 million. The greenshoe was eliminated.

The rest of the terms remained the same.

Funds raised in the transaction will go in part toward exploration purposes. Settlement is expected by June 30.

Calls made to the company seeking comment went unreturned Thursday.

Sabina's stock (TSX Venture: SBB) fell a penny, or 0.93%, to C$1.06. Market capitalization is C$80 million.

Sabina Silver is a Vancouver, B.C.-based silver mining company.

Martinrea plans C$48.5 million placement

Martinrea International arranged a C$48.5 million placement of stock, according to a press release.

The Vaughan, Ont.-based company will issue 10 million common shares at C$4.85 per share. The deal also includes a C$7.28 million greenshoe.

Proceeds will be used for working capital and other corporate purposes. Settlement is expect4ed by June 25.

Calls made to the company seeking comment went unreturned on Thursday.

Martinrea's shares (Toronto: MRE) gained a nickel, or 0.95%, to C$5.30. Market capitalization is C$367 million.

Martinrea International designs, engineers, manufactures and sells metal parts, assemblies and fluid management systems.

Azure Dynamics to sell stock

Azure Dynamics, a Detroit-based supplier for green engine control and powertrain systems, announced a C$10 million private placement of equity.

The company has not yet set terms for the deal.

Proceeds will be used to fund ongoing product development and commercialization efforts.

Calls made to the company seeking comment went unreturned Thursday.

Azure's equity (Toronto: AZD) dropped C$0.005, or 2.22%, to C$0.22.

Kaminak, Medipattern bring smaller deals

Among some of the day's smaller deals, Kaminak Gold said it intends to sell equity units in its effort to raise C$1 million.

"Kaminak is strategically financing through hard dollars to strengthen the company's balance sheet," stated Rob Carpenter, Kaminak's president and chief executive officer, in a press release. "These funds will be used to accelerate our White Gold and Thunder Bay work programs and will allow us to aggressively pursue new project acquisitions at minimal dilution to shareholders."

Under the terms of the deal, Kaminak will issue approximately 2.22 million units containing one common share and one warrant at C$0.45 per unit. Each two-year warrant is exercisable at C$0.55 for the first year and at C$0.70 thereafter.

Vancouver, B.C.-based Kaminak saw its equity (TSX Venture: KAM) ended unchanged at C$0.45. Market capitalization is C$16.8 million.

Also, Toronto-based Medipattern, a developer of medical imaging software, announced a plan to raise C$1 million via a non-brokered private placement of shares.

The company will sell 8.5 million common shares at C$0.20 per share, according to a press release.

"The proceeds of the financing will be used for general working capital purposes including the further development of the Vascular iQ initiative and to build on the success of the B-CAD FOR LIFE product," the company said in the release.

The Medipattern's stock (TSX Venture: MKI) closed up 2 cents, or 10.00%, to C$0.22. Market capitalization is C$9.6 million.

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