ProElite sells $22.5 million; Communicate.com closes $5.1 million; Corcept wraps $2.5 million in second tranche

By LLuvia Mares

New York, Sept. 25 - ProElite, Inc. announced Tuesday it wrapped up a $22.5 million in private placement of stock and warrants.

"We are pleased to be moving forward with our expansion plans in what we believe is one of the fastest growing segments of the sports entertainment sector," said Douglas DeLuca, company president and chief executive, in a press release. "Proceeds from the sale of these securities will help fund acquisitions that are complementary to our business plan and will help operate and grow our existing businesses."

The company sold 3,214,285 units at $7.00 per unit. Each unit is made up of one share and half a share purchase warrant exercisable at $7.00. The warrants expire in seven years.

The company's stock (Pink Sheets: PELE) closed at $15.00 on Sept. 24, and has not seen any movement since the deal priced on Monday.

Hunter World Markets, Inc. was the placement agent.

Los Angeles-based ProElite is an entertainment provider.

"This added equity allows management to grow our brand, attract the most exciting athletic talent, secure the best terms for outstanding venues, maintain high production values for all our sports and entertainment programming and most importantly, assure our partners, associates and fans that we have the capital and human resources to be an innovative leader in all areas of our expanding operations," said David Marshall, company chairman of the board of directors, in a press release.

Baja Mining raises C$45 million from units

Baja Mining Corp. announced it has completed the first non-brokered tranche of a C$45,039,900 private placement of units, raising approximately C$30 million. An additional brokered tranche of approximately C$15 million is planned.

"While we are trying to put this mine into production, the debt facility was obviously a great thing for us but at the end of the day we needed money in the bank right away," said Kendra Low, company spokesperson. "So we had to go through a private placement to get some money in the bank and continue to do work."

The company will sell a total of 24,215,000 units at C$1.86 apiece. In the non-brokered tranche, 16,150,000 units were sold. A further 8,065,000 units will be sold by agent Versant Partners in the next tranche.

Each unit consists of one common share and 0.65 of a share warrant. Each whole warrant is exercisable at C$2.50 for five years.

"We are working on the El Boleo project right now, so at this point we are not looking into any other projects but concentrating on this one," she said. "It's a great project with a huge resource, we have just completed a definite feasibility study which basically stated that this is an economic mine.

"We have a great management team in place and we are moving through to construction now, and then into the production phase in 2009," Low said. "We have a huge debt facility that's in place right now and they [the lenders] believe in the company. At this point in time the shares are trading for a small portion of what the company is worth, so it's a good investment now."

The company's stock (Toronto: BAJ) closed at C$2.06 on Sept. 25, up C$0.04 from C$2.02 at the close on Sept. 24, when the deal priced.

Based in Vancouver, B.C., Baja is a mineral exploration company.

Communicate sells $5.1 million stock

Communicate.com Inc. announced Tuesday it completed a $5.1 million private placement of common shares.

"The fact that we have been able to complete this financing under difficult market conditions is a validation of the potential represented by our assets and the management team we are assembling," said Geoffrey Hampson, company chairman and chief executive officer, in a press release.

"I believe we are now positioned for the next phase of our growth and can concentrate on getting more aggressive with the execution of our plan. I am very encouraged by the reception Communicate.com Inc. has received from investors and existing shareholders who support and believe in management's vision and ability to deliver results."

The company sold 2,550,000 shares at $2.00 per share to a group of institutional and accredited investors, including Hampson and company president Jonathan Ehrlich.

The company's stock (OTCBB: CMNN) closed at $2.00 on Sept. 24, up, $0.25 from when the deal priced on Monday.

Proceeds will be used to accelerate growth of the company's current e-commerce websites, to develop and monetize websites from its international roster, to support potential strategic acquisitions and for general working capital.

Vancouver, B.C.-based Communicate.com is a website operator.

Corcept completes $2.5 million in second tranche

Corcept Therapeutics completed a $2.5 million second closing of its private placement of stock, bringing the total raised to $10.1 million.

The company sold an additional 1.2 million shares at $2.10 each to Paperboy Ventures LLC to fulfill its remaining commitment.

The Aug. 16 agreement with a group of accredited investors arranged for the issuance of 4.8 million shares of stock at $2.10 each totaling $10.1 million.

The company completed the initial closing of the financing on Aug.17, selling 3.6 million shares at $2.10 per share for proceeds of $7.6 million.

The company's stock (Nasdaq: CORT) closed at $4.55 on Sept. 25, down, 3% from its $4.70 closing price Monday. However it has dramatically increased from the $2.05 closing price on Aug. 16, when the deal priced.

The investors in the initial closing included Paperboy Ventures LLC, Sutter Hill Ventures and Alta Partners, LLP, and various entities and other accredited investors.

Proceeds will be used to finance and to conduct the next phase 3 clinical trial evaluating Corlux, an antipsychotic-induced weight gain manager.

Menlo Park, Calif.-based Corcept is a pharmaceutical company engaged in the development of medications for the treatment of severe psychiatric and metabolic diseases.

Arapahoe receives C$9 million in share placement

Arapahoe Energy Corp. announced that it plans two private placements of stock to raise up to C$9 million. The deals were announced in a press release detailing the company's planned acquisition of First West Petroleum Inc.

In the first placement, the company plans to sell up to $3.4 million in non-flow through common shares at C$0.125 apiece, which would equal up to 27,200,000 shares.

An additional placement of up to C$5.6 million in flow-through common shares at C$0.14 per share, equal to 40,000,000 shares, is planned as well.

Proceeds of the first deal will be used by First West to develop its properties. Proceeds of the second deal will be used by Arapahoe to explore its oil and gas properties.

Arapahoe is an oil and gas company based in Calgary, Alta.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.