Searchlight pockets $15.1 million; EcoSystem settles preferred sale; Tiger completes placement

By Stephanie N. Rotondo

Portland, Ore., Nov. 13 - As the week came to an end, so did several private placements in Friday's market.

Searchlight Minerals Corp. wrapped a $15.1 million placement of units. Among the investors in the deal was Nanominerals Corp., a main shareholder of the company.

EcoSystem Corp. also completed a deal, taking in $13.18 million. The company issued preferred shares to raise the funding.

Tiger Resources Ltd. raised A$7.5 million by privately placing ordinary shares. The company intends to use the proceeds for its planned acquisition of a stake in Tiger Congo sprl from Group Orgaman.

Also, Midland Exploration Inc. pocketed C$2.8 million from a private placement of units and flow-through shares. Proceeds will be used for exploration.

And Atlanta Gold Inc.'s top executive said investors had reacted favorably to its C$3 million private placement of stock. The company said it closed its first tranche Friday, sealing C$2.6 million.

Searchlight pockets $15.1 million

Searchlight Minerals completed a $15.1 million private placement of equity units, according to a press release.

The company issued approximately 12.07 million of the units at $1.25 per unit. Each unit contained one common share and one half-share warrant. Whole warrants are exercisable at $1.85 for three years.

"We are very pleased to welcome those who have joined our family of stockholders as a result of this private placement, and we express our appreciation to certain existing stockholders who participated in the financing," stated Ian McNeil, chief executive officer, in the release. "We are also pleased to announce that Nanominerals Corp., one of our principal stockholders, was a participant in the private placement."

Proceeds will be used for general corporate purposes.

Searchlight's stock (OTCBB: SRCH) fell 6 cents, or 3.53%, to $1.64. Market capitalization is $160 million.

Searchlight Minerals is a Henderson, Nev.-based mineral exploration company.

EcoSystem settles preferred sale

EcoSystem wrapped a $13.18 million private placement of preferred shares, the company announced in a regulatory filing.

The deal settled Nov. 9. In a press release announcing the deal, EcoSystem said that three investment funds participated in the financing.

Investors were sold a total of 30,000 of the series E preferreds, along with three-year warrants equal to approximately 3.57 million common shares.

RND Co. Ltd., Rooftop Holdings Ltd. and Sequence Investments Ltd. were the investors.

"EcoSystem will use the investment proceeds to acquire distressed renewable fuel production facilities and other strategically-compatible assets, and to develop and integrate EcoSystem's Cellulosic Corn technologies into EcoSystem's planned production facilities," the company said in the release.

EcoSystem's shares (OTCBB: ESYM) were unchanged at $0.001. Market capitalization is $3.42 million.

EcoSystem is a New York-based developer of industrial-scale applications of bioreactor technology that are designed to resolve ecological challenges while producing carbon neutral products.

Tiger completes equity placement

Tiger Resources raised A$7.5 million via a private placement of ordinary shares, the company said in a press release.

Trafigura Beheer BV was the investor.

The Perth, Western Australia-based company sold 50 million of the shares at A$0.15 per share.

Proceeds will be used for the planned acquisition of a 15% interest in Tiger Congo sprl from Group Orgaman for $3 million. The funds will also be used for drilling programs at the company's Sase prospect and for working capital and general corporate purposes.

Tiger's equity (Australia: TGS) closed at A$0.165.

Midlands secures exploration funding

Midland Exploration sealed $2.8 million from a private placement of equity and units, the company announced.

The deal originally priced at C$2.3 million on Oct. 23 and was upsized on Nov. 5.

The company sold approximately 2.12 million units at C$1.20 each. The units consisted of one common share and one half-share warrant. Whole warrants are exercisable at C$1.75 for 18 months.

Additionally, Midland sold 166,700 flow-through shares at C$1.50 per share.

Proceeds will be used for exploration activities and working capital.

Calls seeking comment were not returned Friday.

Midland's equity (TSX Venture: MD) declined 2 cents, or 1.55%, to C$1.27. Market capitalization is C$27.9 million.

Midland Exploration is a Montreal-based mineral exploration company.

Atlanta wraps first tranche

Atlanta Gold closed on the first tranche of its C$3 million private placement of stock, taking in C$2.66 million.

The non-brokered deal originally priced Oct. 13 and included a 15% greenshoe.

All told, the company intends to issue 25 million common shares at C$0.12 per share. In the first tranche, approximately 22.13 million shares were sold.

Bill Baird, Atlanta's president and CEO, told Prospect News that investors had "responded favorably.

"We're pleased with the way it's going," he said. "It appears to be well-received by the investment community."

Baird said the company needed short-term funding as it went forward with its exploration program. The proceeds will help the company complete a pre-feasibility study and will also help the company in obtaining the necessary permits on its Atlanta gold property in the Sawtooth Mountains of Idaho.

Baird noted that the mine is scheduled to go into production in 2011.

In addition, the company is also looking at the "economic potential of tungsten products from the Atlanta gold mine."

The remainder of the deal is expected to close by the end of the month.

Atlanta's shares (Toronto: ATG) finished steady at C$0.13. Market capitalization is C$11 million.

Atlanta Gold is a Toronto-based gold exploration company.

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