Oculus gives new details of financing; IceWeb to raise $3 million; Rye Patch upsizes unit sale

By Stephanie N. Rotondo

Portland, Ore., July 29 - The mid-week private placement market took somewhat of a breather Wednesday as not many deals were seen coming to market.

Oculus Innovative Sciences Inc. released new details regarding its equity financing. The company had said on Tuesday that it would sell 1.9 million shares but did not give a price per share. Come Wednesday, the company said it would issue more than 2 million shares for proceeds of $6 million.

Meanwhile, IceWeb Inc. said it had secured an investor in its effort to raise $3 million. The investor will purchase preferred shares at undetermined intervals.

Rye Patch Gold Corp. upsized a placement of units, the company announced. Under the new terms of the deal, the company expects to take in up to C$3.15 million, compared with its original goal of C$2.1 million.

Oculus gives details of financing

Oculus Innovative Sciences released new details regarding its equity financing announced Tuesday.

The company said it would raise $6 million through a registered direct offering of 2.45 million shares of common stock. The company had originally said it would sell 1.9 million shares.

The shares will sell at $2.45 per share. Investors will also receive warrants equal to approximately 1.23 million additional shares, at a strike price of $3.3875 for five years.

Proceeds will be used for working capital purposes, a company spokesperson told Prospect News on Tuesday. Settlement is expected by July 30.

Oculus' stock (Nasdaq: OCLS) dropped 4 cents, or 1.56%, to $2.53. Market capitalization is $53.5 million.

Oculus Innovate Sciences is a Petaluma, Calif.-based developer of products that prevent and eliminate infection of chronic and acute wounds.

IceWeb to raise $3 million

IceWeb, a Herndon, Va.-based creator and host of online training programs, said it would take in $3 million from a private placement of its series C preferred shares.

The company said in a press release that an investor had already committed to purchasing the shares from time to time. In addition, the investor will receive warrants for a number of shares equal to 135% of the purchase price of the preferreds.

The preferreds bear interest at 10% and are redeemable after five years.

"We are fortunate to have found the right financial partner with the right financial product at the right time," stated John R. Signorello, chief executive officer and chairman, in the release. "Having access to capital during these turbulent economic times is a testament to our business model and market space.

"Our products are positioned to take advantage of the brisk growth in data storage and cloud computing," he continued. "We are experiencing very significant levels of interest in our newly launched Iplicity Control Environment and believe this capital infusion will allow us to further our already strong competitive advantage against less nimble legacy storage product providers."

IceWeb's equity (OTCBB: IWEB) fell $0.005, or 7.16%, to $0.065. Market capitalization is $3.11 million.

Rye Patch increases unit sale

Rye Patch Gold is also looking to raise proceeds around C$3 million, according to a press release.

The company increased a private placement of units to C$3.15 million from C$2.1 million. The deal originally priced on July 23.

Under the new terms of the non-brokered deal, Rye Patch will issue 21 million units containing one common share and one warrant at C$0.15 per unit. Each warrant is exercisable at C$0.20 for 18 months.

"I think that people saw the value the company has to offer," said William C. Howald, president and chief executive, in an interview with Prospect News. "It was more than we could handle, actually. We had to cut back, so this is where we ended up."

Howald noted that the Nevada properties have about 2.7 million ounces of gold and 31 million ounces of silver.

Proceeds from the financing will fund exploration and development at the company's Lincoln Hill and Wilco properties.

Rye Patch's shares (TSX Venture: RPM) improved a penny, or 5.88%, to C$0.18. Market capitalization is C$7.73 million.

Rye Patch Gold is a Vancouver, B.C.-based gold exploration company.

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