National Automation gets equity commitment from Ascendiant; PharmAthene plans direct sale

By Susanna Moon

Chicago, April 8 - The PIPE market Thursday saw a smattering of U.S. deals for financing high-tech companies while Canadian companies sought funding for exploration and mining projects.

Industrial automation company National Automation Services, Inc. led the U.S. deals with a $5 million equity financing commitment from Ascendiant Capital Group, LLC to sell common shares for 24 months.

Bio-defense company PharmAthene Inc., meanwhile, said it secured a $2.5 million registered direct offering of shares with an institutional investor. Proceeds will be used for general corporate purposes.

Transdel Pharmaceuticals, Inc. said it issued a 7.5% two-year senior convertible promissory note for $1 million.

"This financing provides us with additional resources to continue planning the second phase 3 clinical study for our lead topical pain drug, Ketotransdel, as well as continue our ongoing partner discussions for Ketotransdel with U.S. and foreign-based companies," John Lomoro, acting chief executive officer and chief financial officer of the specialty pharmaceutical company, said in a news release.

"During 2010, we plan to raise additional funding through either partnership arrangements or further equity or debt financings to complete the phase 3 clinical program for Ketotransdel."

On the Canadian side, mining companies Takara Resources Inc. and North Country Gold Corp. said they are planning multimillion-dollar deals for exploration.

Takara said it plans to raise between C$1.2 million and C$3 million from a private placement of units, and North Country Gold said it plans to sell up to C$5 million of flow-through common shares.

National Automation secures $5 million

National Automation Services announced a $5 million equity financing commitment from Ascendiant Capital Group, LLC and affiliate Ascendiant Equity Partners, LLC.

Under the agreement, the company may sell common shares during a 24-month term.

National Automation Services will determine the timing and amount of any sales of its stock.

The company said it will release details in an 8-K filing with the Securities and Exchange Commission.

Based in Henderson, Nev., the company specializes in industrial automation, project specific engineered control panels and system integration.

The company's shares (OTCBB: NASV) closed up 9.09% on Thursday to end the day at $0.120.

PharmAthene plans direct financing

PharmAthene said it plans to raise $2.5 million from a registered direct offering of shares with an institutional investor.

The company will sell 1,666,668 common shares at $1.50 per share with five-year warrants exercisable for 500,000 shares at $1.89.

Proceeds will be used for general corporate purposes.

The deal is expected to close on April 13.

Roth Capital Partners, LLC was the agent.

PharmAthene is an Annapolis, Md., bio-defense company.

PharmAthene's shares (Amex: PIP) finished lower at $1.64, or down 4.71%, on Thursday.

Transdel wraps $1 million financing

Transdel Pharmaceuticals said it completed a private debt financing of $1 million on Monday.

The company issued a 7.5% two-year senior convertible promissory note.

The note may be repaid at any time and is convertible into common shares at a price of $1.00 per share.

Transdel is a La Jolla, Calif.-based specialty pharmaceutical company developing topically delivered products.

The company's shares (OTCBB: TDLP) closed unchanged at $1.00 on Thursday.

Takara seeks C$3 million

Takara Resources said it plans a financing for between C$1.2 million and C$3 million from a private placement of units.

Takara will sell units of one common share and one whole non-transferable warrant at C$0.14 per unit. Each warrant is exercisable at C$0.20 for 12 months.

Versant Partners Inc. is the agent.

Proceeds will be used for the acquisition of the Guyana Gold Projects from Victoria Gold Corp., for working capital and for the work program on Takara's Guyana Gold Projects.

Settlement is expected to occur around April 19.

Takara is a Toronto-based gold development company focused on the exploration and development of the Tassawini Gold Project and the BRL Venture with Newmont in Guyana.

The company's stock (Canada: TKK) rose 8.33% to $0.065.

North Country Gold to sell stock

North Country Gold said it plans to place up to C$5 million of flow-through common shares.

The company will sell the shares at C$0.25 each through Canaccord Financial Ltd. on a commercially reasonable efforts basis.

The over-allotment option is for an additional 4 million shares.

The offering is expected to close by April 30.

Proceeds will be used to conduct exploration on its Committee Bay Project in Nunavut.

North Country Gold is a member of the Discovery Group of Cos. and is based in Edmonton, Alta.

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