SouthGobi to get C$31.5 million; Tequilla raises C$2.04 million

By LLuvia Mares

New York, Jan. 18 - In the mining sector, SouthGobi Energy Resources Ltd. said it conducted a second private placement of shares to raise C$31.5 million as a way to create a partnership with a second investor.

"I think it was just another opportunity to gather additional capital to carry the company through the project's final stages," said a company insider. "This was second investors who wanted to participate and this how we accommodated them."

SouthGobi will sell 3.5 million common shares at C$9.00 apiece.

The company said on Jan. 7 it planned to sell 10 million common shares at C$8.00 each for C$80 million.

The company's stock (TSX Venture: SGQ) closed at C$10.60 on Thursday and was unchanged Friday.

Proceeds from both deals will be used to finance initial development of an open-pit coal mine at SouthGobi's Ovoot Tolgoi coal project in southern Mongolia, for exploration, development, general corporate and administrative purposes.

Based in Vancouver, B.C., SouthGobi Energy Resources explores and develops its Permian-age metallurgical and thermal coal deposits in Mongolia's South Gobi region to supply coal products and electricity to markets in Mongolia and China.

Tequila Minerals to get C$2.04 million

Tequila Minerals Corp. said raising C$2.04 million in a non-brokered private placement of units will help the company generate working capial.

"We decide to do this private placement to generate some working capital to begin exploration activities," said Doug Brett, company chief financial officer. "The company will continue to look into additional finance and acquisitions as they see necessary."

The company will sell 3.4 million units at C$0.60 apiece. Each unit consists of one common share and one half-share warrant. The whole warrants are exercisable at C$0.80 for one year.

Tequila Minerals' stock (TSX Venture: TQ.P) closed at C$0.60 on Thursday and was unchanged Friday.

The company also said it plans to acquire the Lobos Property in Mexico from Minera Gama SA de CV.

Proceeds from the placement will be used to fund the Lobos exploration program, complete other property acquisitions and provide general working capital.

Vancouver, B.C.-based Tequila Minerals is a capital pool company.

Industrial negotiates $1.5 million

In the technology sector, Industrial Enterprises of America, Inc. arranged a $1.5 million private placement of promissory notes and stock.

Black Nickel Vision Fund, LLC will buy the notes in two equal tranches.

Along with the first tranche, Black Nickel will receive 2 million common shares and warrants for 75,000 shares. The warrants will have a stock price equal to 110% of the closing price of the company's stock on Jan. 17.

Industrial's stock (OTCBB: IEAM) closed at $0.48 on Friday, up $0.04 from Thursday's $0.44 close.

The notes mature on July 15, 2008 and bear interest at 10% per year.

New York-based Industrial Enterprises is a specialty automotive after-market supplier.

Nighthawk pockets £14 million

Nighthawk Energy plc completed a £14 million in a private placement of shares.

"We are delighted to have received such a positive response from both existing and new institutional investors," said David Bramhill, company managing director, in a press release.

"Nighthawk now has the financial resources in place to cover comfortably the extended development of Jolly Ranch which has the potential to transform the company into a mid-tier hydrocarbon company in a relatively short timeframe. In addition, the development of our other projects is proceeding in accordance with our plans."

The company sold shares at 46p apiece.

Hanson Westhouse Ltd. was the broker.

The company's stock (London: HAWK) closed at 51.46p on Friday, up 0.46p from Thursday's 51.00p close.

Proceeds will be used for the development of the company's Jolly Ranch project in Colorado.

Nighthawk Energy is a Bristol, England-based company which produces, explores for and invests in hydrocarbons.

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