Quantum Fuel aims for $20 million; Evolving Gold settles unit sale; Xebec raises C$6.4 million

By Stephanie N. Rotondo

Portland, Ore., Nov. 25 - Quantum Fuel Systems Technologies Worldwide Inc. announced a $20 million financing Wednesday, one of the day's largest deals.

The company intends to issue preferred shares to a single investor, according to the terms of the deal. Proceeds will be used for a new solar energy facility.

Meanwhile, Evolving Gold Corp. said it pocketed more than C$11 million from a private placement of equity units. And, Xebec Adsorption Inc. also settled a unit placement, taking in C$6.44 million.

Rockcliff Resources Inc. is hoping to raise C$2.5 million from a private placement of units. A company spokesperson said the financing has been well received by investors.

Quantum aims for $20 million

Quantum Fuel Systems is planning a $20 million private placement of preferred stock, according to a press release.

New Energy Systems LLC is the investor.

The Irvine, Calif.-based company intends to sell 2.5% series A convertible preferreds to raise the funds. Each share is convertible into common shares on a 1 for 1 basis.

Upon completion of the financing, NES will have a 34% ownership interest in the engineering company.

Proceeds will be used to create a "state of the art solar photovoltaic module manufacturing facility," the company said in the release.

"We are very excited about the investment by NES," said Alan P. Niedzwiecki, president and chief executive officer, in the statement. "Their timely investment allows us to quickly launch our solar electricity generation products, which will be utilized in solar energy projects developed by NES as well as Schneider Power.

"NES has an impressive pipeline of renewable energy projects in California," he continued. "We are seeing a jump in demand for high quality solar modules made in the USA, as customers and investors strive to ensure reliable long-term production of clean electricity, in many private and state-owned solar projects across the nation."

Quantum's equity (Nasdaq: QTWW) ended unchanged at $1.27. Market capitalization is $129 million.

Evolving Gold settles unit sale

Evolving Gold, a Vancouver, B.C.-based mineral exploration company, secured C$11.11 million from a private placement of units, the company announced.

The company issued approximately 12.34 million units at $0.90 per unit. Approximately 1.63 million were sold on a non-brokered basis and of those, Golden Predator Mines Inc. purchased approximately 1.23 million.

The units contained one common share and one half-share warrant. Whole warrants are exercisable at C$1.25 for two years.

"With this financing Evolving Gold is in a position to pursue an aggressive exploration program at our exciting Rattlesnake Hills project in Wyoming," stated Robert Barker, CEO, in a press release announcing the deal. "We have had an exciting two years and this financing puts Evolving Gold in a position to continue to explore and develop the full value of the Rattlesnake Hills gold discovery in 2010."

Evolving's shares (TSX Venture: EVG) gained 4 cents, or 3.25%, to C$1.27. Market capitalization is C$119 million.

Xebec raises over C$6 million

Among other settled financings, Xebec Adsorption said it raised C$6.44 million, also by privately placing equity units.

The deal originally priced at C$5 million with a 15% greenshoe on Nov. 4. It was later upsized to C$6 million on Nov. 17.

The Burnaby, B.C.-based company sold approximately 8.58 million of the units at C$0.75 per unit, with 585,400 of the units comprising the greenshoe.

Each unit consisted of one common share and one half-share warrant. Whole warrants are exercisable at C$1.10 for 18 months.

Proceeds will be used for working capital and corporate purposes.

Calls seeking comment were not returned Wednesday.

Xebec's equity (Toronto: XBC) improved by 2 cents, or 2.50%, to C$0.82. Market capitalization is C$21.5 million.

Xebec Adsorption makes gas purification and dehydration systems.

Rockcliff plans unit placement

Rockcliff Resources is seeking C$2.5 million from a private placement of units, the company announced.

Under the terms of the non-brokered financing, the company will sell 8 million flow-through units at C$0.25 per unit. The units will hold one flow-through common share and one half-share warrant.

Also, the company will issue 2.5 million working capital units at C$0.20 each. The units will contain one common share and one warrant.

Whole warrants are exercisable at C$0.40 for 18 months.

Ken Lapierre, president and CEO, told Prospect News the deal is expected to close "as soon as it is filled, probably around mid-December.

"It's getting filled quickly," he added.

Lapierre said the company was pleased with the terms, and reactions from investors had thus far been "very positive."

Lapierre said the funds would go toward drilling programs at the company's Snow lake property.

"It's all about wants and needs in life," he said. "If you want to continue drilling, you need the money to do it."

Rockcliff's stock (TSX Venture: RCR) fell 1½ cents, or 6.12%, to C$0.23. Market capitalization is C$6.99 million.

Rockcliff Resources is a Sudbury, Ont.-based mineral exploration company.

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