Apogee Minerals seeks exploration funds; Intellect seals placement; Innovative plans unit sale

By Stephanie N. Rotondo

Portland, Ore., April 29 - PIPE deals in the $1 million to $2 million range were all the rage Thursday and many of the day's new deals were unit sales.

Apogee Minerals Ltd. will privately sell units in an effort to raise C$2.75 million. The company could raise more than C$3 million if the over-allotment option is fully exercised.

Meanwhile, Intellect Neurosciences Inc. settled a $2.32 million private placement. The company issued both a convertible promissory note and stock in its effort to raise the funds. And, the financing was part of a larger effort to restructure the company's balance sheet.

Among other settled deals, Xtra-Gold Resources Corp. took in $1.54 million from a private placement of units.

And Innovative Composites International Inc. is seeking C$2 million from a private placement of units. The funds will be used for product development and for strengthening the company's bottom line.

Alto Ventures Ltd. said it will sell stock and units in a private placement to raise C$1.5 million.

Apogee seeks exploration funds

Apogee Minerals will sell C$2.75 million of equity units in a private placement, according to a press release.

There is a C$500,000 greenshoe.

The Toronto-based mineral producer will issue the units at C$0.10, with each unit holding one common share and one half-share warrant.

Whole warrants are exercisable at C$0.20 for two years.

Proceeds will be used for the development of key projects and for working capital. The company's main properties are located in Bolivia and Chile.

Calls seeking further comment were not returned Thursday.

Apogee's shares (TSX Venture: APE) ended steady at C$0.09. Market capitalization is C$9.94 million.

Intellect seals $2.32 million

Intellect Neurosciences pocketed $2.32 million from a private placement of secured convertible promissory notes and stock, the company said in a regulatory filing.

The deal settled April 23.

The notes bear interest at 14% and have a principal amount of $580,000. They are convertible at $0.03 per share and come due April 22, 2013.

Intellect also sold 58 million common shares at $0.03 each.

Additionally, investors received five-year series A warrants good for another 77.33 million shares, nine-month series B warrants for 77.33 million shares and 69-month series C warrants for 77.33 million shares.

The financing was done in conjunction with a balance sheet restructuring, which resulted in the retirement of $24 million plus accrued interest of debt and preferred shares via the issuance of common shares, according to an April 26 press release.

"Further, several of Intellect's significant shareholders have collectively provided sufficient funds to support the company's core operations for the next 12 months," the company said.

The financial restructuring opens up strategic opportunities to develop the company's internal drug development pipeline, Daniel Chain, chairman and CEO, said in the release. "The immediate cash infusion and our shareholders' financial commitment should enable the company to maintain operations through completion of phase 3 trials for Bapineuzumab."

Intellect's stock (OTCBB: ILNS) fell 3 cents, or 12.50%, to $0.18. Market capitalization is $5.55 million.

Intellect Neurosciences is a New York-based developer of therapeutic agents for the treatment of and prevention of Alzheimer's disease.

Innovative plans unit sale

Innovative Composites is seeking C$2 million from a private placement of units, the company announced.

Each unit will be sold at C$0.30 and will consist of a common share and a half-share warrant. Whole warrants are exercisable at C$0.45 for two years.

Proceeds will be used to purchase capital equipment related to the company's ramp up of previously announced sales of its composite containers, which are manufactured using StructureLite panels. The funds will also be used for working capital and general corporate purposes.

"ICI is ramping up sales and new product development and this capital will represent a welcome strengthening of our balance sheet," said Terry Ball, chief executive officer, in a press release. "These funds will help us continue to hit important milestones in the execution of our business plan as we roll out more Structure Lite and Hero 451 products."

Settlement is expected by May 25.

Innovative's equity (TSX Venture: IC) declined 5 cents, or 13.16%, to C$0.33. Market capitalization is C$13.3 million.

Innovative Composites is a Toronto-based manufacturer of lightweight structural products for use in marine, construction, automotive, military, recreational vehicles, and equine and furniture industries.

Xtra-Gold seals $1.54 million

Xtra-Gold Resources wrapped a $1.54 million private placement of units, according to a regulatory filing.

The deal originally priced for $3 million on Nov. 16.

The Toronto-based company sold approximately 1.54 million units at $1.00 each. The units consisted of one common share and one half-share warrant. Whole warrants are exercisable at $1.50 for 18 months.

Xtra-Gold's stock (OTCBB: XTGR) closed unchanged at $1.00.

Alto to sell stock, units

Alto Ventures will conduct a C$1.5 million non-brokered private placement of units and equity, the company said in a press release.

Alto will sell flow-through common shares at C$0.08 each and units at C$0.07 each.

The units will hold one common share and one warrant. Whole warrants are exercisable at C$0.12 for one year.

A portion of the proceeds will be used at the company's projects located in the Beardmore-Geraldton gold belt. Remaining funds will be used for other exploration and drilling projects and for working capital.

Alto's shares (TSX Venture: ATV) slipped a cent, or 7.14%, to C$0.07. Market capitalization is C$6.24 million.

Alto Ventures is a Vancouver, B.C.-based gold exploration and development company.

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