Medicure sells C$16 million in private placement; Dussault Apparel settles $2.215 million unit sale

By LLuvia Mares

New York, Oct. 2 - Predictions by market sources came out on top Tuesday as the steady streak in the PIPE sector continued.

Medicure Inc. announced it completed a C$16 million private placement of shares. The deal priced on Aug. 21 for C$15 million.

The company sold 13,910,000 common shares at C$1.15 each.

The investors also received warrants for 4,170,000 additional shares, exercisable at C$1.50 per share for five years.

Its stock (Toronto: MPH) last closed at C$1.10 on Monday and has not seen much activity since then. However the stock has decreased since its C$1.22 close on Aug. 20, the day before the deal was priced.

"This transaction further solidifies our cash position as we approach our pivotal phase 3 MEND-CABG II results in the first quarter of 2008," said Albert D. Friesen, company president and chief executive officer, in a press release.

Proceeds will be used for research, development, sales and marketing.

Medicure is a biopharmaceutical company based in Winnipeg, Man.

Applied NeuroSolutions sells $2.9 million

Also in the pharmaceuticals sector, Applied NeuroSolutions, Inc. closed a $2.9 million private placement of stock and warrants.

The company sold 20,714,286 shares of stock at $0.14 per share and warrants for to purchase 6,214,286 shares at an exercise price of $0.19 each. The warrants expire in five years.

Its stock (OTCBB: APNS) closed at $0.18 Tuesday, up $0.01 from $0.17 at close Oct. 1.

"We are extremely pleased to announce this equity offering with SF Capital Partners Ltd," said Ellen R. Hoffing, company president and chief executive officer, in a press release.

Applied NeuroSolutions "now has financial support in place to drive development of our Alzheimer's diagnostic programs while continuing to advance our therapeutic collaboration with Eli Lilly and company toward attainment of paid milestones.

"We estimate this financing, coupled with cash on hand and the annual R & D support from Eli Lilly and company should be sufficient to fund our current planned development activities into the first quarter of 2009. With the need to raise capital successfully accomplished, we will be focusing all resources on advancement of our R&D and business development efforts and look forward to bringing positive news to the market in the near term."

SF Capital Partners Ltd. was the investor in the deal.

The company will use the net proceeds from this transaction for general corporate purposes.

Vernon Hills, Ill.-based Applied NeuroSolutions specializes in developing products for the treatment and diagnosis of Alzheimer's disease.

Dussault closes $2.215 million placement

Although Dussault Apparel Inc. wrapped a $2.215 million private placement of units Tuesday and its stock declined.

The shares (OTCBB: DUSS) closed at $1.09 on Oct. 2, down $0.10 from Monday's $1.19 close.

The company issued 2,215,000 units at $1.00 per unit, each consisting of one common share and one share purchase warrant to purchase one additional share at $1.25 at anytime within 24 months of the closing.

The Los Angeles-based Dussault produces clothing.

Glencairn prices C$25.05 million

The mining sector continues to see much activity.

Glencairn Gold Corp. announced it arranged a C$25.05 million private placement of units and subscription receipts. The deal priced today and was upsized a few hours later from C$22.05 million.

The company will sell 40 million units and 127 million subscription receipts at C$0.15 per unit or subscription receipt. The deal originally included only 107 million subscription receipts.

Each unit or subscription receipt is exchangeable for one common share and one half share warrant. Each whole warrant is exercisable at C$0.18 for three years.

Its stock (Toronto: GGG) closed at C$0.1750, down C$0.0300 from C$0.205 at close Oct. 1.

"This financing and restructuring will allow Glencairn to build the company from a solid foundation based on our Nicaraguan gold assets," said Peter Tagliamonte, company president and chief executive officer in a press release.

"With the completion of the private placement, the Company will be fully funded to complete the new mill facilities at its Libertad Mine, improve efficiencies at its Limon Mine and pursue a $7 million exploration program to expand mineral reserves and resources."

Orion Securities Inc. and a syndicate of underwriters including Blackmont Capital Inc., Dundee Securities Corp. and Wellington West Capital Markets Inc. are the agents for this deal.

Aberdeen International Inc. said it will buy 46,666,667 units and subscription receipts.

"We are pleased to participate in this investment which exemplifies our strategy of providing a combination of financial, technical and strategic expertise to realize the potential value for all Glencairn shareholders," said Stan Bharti, executive chairman of Aberdeen, in a press release.

Proceeds will be used for exploration, development and general working capital purposes.

Toronto-based Glencairn is a gold exploration company.

DataJungle secures C$4.07 million

In the technology sector, DataJungle Software was ahead of the game after announcing it completed a C$4.07 million private placement of convertible debentures.

The debentures, due Sept. 28, 2009, are secured by the company's assets and are convertible into common shares at C$0.15 per share.

Its stock (OTCBB: DJSW) closed at C$0.25 Tuesday, down C$0.01 from Monday's C$0.26 close.

"With this financing closed, we now have a stronger balance sheet and are positioned to execute on our business plan," said David Morris, company chief executive officer, in a press release.

As part of the deal, investors also received warrants to purchase up to 20,350,000 common shares at C$0.28 per share.

DataJungle is an Ottawa-based software company.

Dockwise sells NOK 460 million stock

Dockwise Ltd. announced it completed a NOK 460 million private placement of shares.

Dockwise sold 18,392,300 ordinary shares at NOK 25 each. In connection with this placement, Dockwise said Frontline Ltd. also offered 34,976,500 existing ordinary shares.

Carnegie and Lehman Brothers were joint global coordinators and joint bookrunners and have a 15% greenshoe which is exercisable for 30 days.

"We are very pleased with being able to raise capital in connection with the listing of Dockwise and believe we have a strong community of shareholders with which we look forward to develop Dockwise going forward," said André Goedée, company chief executive officer, in a press release. "We view a listing on the Oslo Stock Exchange as an important milestone for the issuer and look forward to delivering shareholder value."

The new shares are expected to begin trading on Oct. 5.

Proceeds will be used to pay off debt.

Dockwise Ltd. is the Bermudian parent company of Dockwise Transport NV, an integrated heavy lift services provider.

Uni-Pixel closes $10 million convertibles

Uni-Pixel, Inc. completed a private placement of series C convertible preferred stock for $10 million.

Merrill Lynch PCG bought 892,858 shares of the 8% preferreds at $11.20 apiece.

Its stock (OTCBB: UNXL) closed at $1.40 Monday and did not see much activity Tuesday.

"The $10.0 million series C convertible preferred financing from Merrill Lynch PCG allows UniPixel to accelerate the commercialization effort of our TMOS display technology and our Opcuity(TM) Active Layer Films," said Reed Killion, company president.

"The decision to secure additional funding at this time was based on our advancements in early prototypes and the empirical test data we are seeing in our lab. We are very pleased to have Merrill Lynch PCG as an investor in UniPixel."

Each preferred share is convertible into eight shares of Uni-Pixel's stock at any time.

Proceeds will be used for the commercialization of the company's Time Multiplexed Optical Shutter display technology and of its Opcuity Active Layer Films.

Duska raises $5.75 million

Duska Therapeutics, Inc. completed a private placement of convertible notes for $5.75 million.

"We are excited to complete this first financing by institutional investors," said James S. Kuo, chairman of the company's board of directors. "We intend to use the proceeds to develop several of our drugs to an inflection point in valuation."

The notes mature in two years and bear interest at 10% per year.

They are convertible into a total of 14,375,000 shares, 14,375,000 one-year warrants and 14,375,000 five-year warrants.

It stock (OTCBB: DSKA) closed at $0.49 Tuesday, up $0.07 from Monday's closed of $0.42.

Duska is a biopharmaceutical company based in Bala Cynwyd, Pa.

The company plans to use the proceeds for drug development.

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