Result Energy wraps C$4.45 million; Deep Down secures $3 million; Bearclaw negotiates C$2.9 million

By LLuvia Mares

New York, Oct. 4 - Considering the Thanksgiving holiday around the corner in Canada, the PIPEs market saw a number of Canadian private placement deals over the span of the day. Result Energy Inc. radiated the sector with the closing of its C$4.45 million non-brokered private placement of flow-through common shares.

"We were looking to raise money to fund exploration programs," said a company source. "We are similar to any other junior exploration company in Canada, there is potential for upside if we make any exploration discoveries - it's a high risk, high return type business."

The company sold 7.25 million shares at C$0.60 each.

The company's stock (TSX Venture: RTE) closed at C$0.50 Friday, up C$0.03 from the previous day's C$0.47 close.

Proceeds will be used for exploration and general corporate purposes.

Based in Calgary, Alta., Result is an oil and natural gas exploration company.

Deep Down completes $3 million

Deep Down, Inc. managed to dig into some pockets after reaching an agreement on Oct. 2 with Ironman Energy Capital, LP to close a $3 million private placement of shares, according to a company press release.

The company sold 3,125,000 shares at $0.96 apiece.

Its stock (OTCBB: DPDW) closed at $1.36 Friday, up $0.6 from Thursday's $1.30 close.

Closing is expected Oct. 12.

"Proceeds of this private placement will be used for working capital and general corporate purposes, which may include, but not be limited to capital expenditures, acquisitions, and other strategic uses," said Eugene L. Butler, company's chief financial officer.

"This transaction reinforces our continuing effort to strengthen our financial position as we prepare ourselves for further growth in accordance with our business plan."

Deep Down, based in Channelview, Texas, is a pipe installation engineering and management company.

Bearclaw negotiates C$2.9 million

Bearclaw Capital Corp. said it plans to acquire four prospective uranium properties in the James Bay region in Quebec and will conduct a private placement of units to raise up to C$2.9 million to finance the purchase.

"This James Bay acquisition added to our recently acquired Wakeham Basin project and to our 10 Copper-VMS projects in British Columbia reinforces Bearclaw's position as a significant pan-Canadian exploration company," said Christian de Saint-Rome, the company's president and chief executive officer.

The company will sell up to 4,833,333 non flow-through units of one common share and one half-share warrant at C$0.60 per unit. Each whole warrant is exercisable at C$0.89 for two years.

Bearclaw's stock (TSX Venture: BRL) closed at C$0.74, up C$0.71 from Thursday's close at C$0.71.

Bearclaw is a resource exploration company based in Vancouver, B.C.

Thunderbird plans $50 million credit facility

Thunderbird Energy Corp. announced that it has signed a commitment letter with Macquarie Bank Ltd. for a $50 million five-year credit facility.

"We are very pleased to be working with Macquarie Bank," said Cameron White, company president.

"This facility provides Thunderbird with the opportunity to systematically execute our development and growth plans, while minimizing shareholder dilution. It will also allow us the opportunity to accelerate development of our projects and to move quickly when new opportunities arise."

The facility will operate as a revolving credit line for the first three years and bear interest at Libor plus 350 basis points. Advance limits under the facility will be determined based on a ratio of Thunderbird's proven reserves, and will increase as the company's reserves grow. The initial advance limit specified in the commitment letter is $10.5 million.

Macquarie will get five-year warrants exercisable for up to 13 million shares depending on the amount drawn under the facility at between $0.50 and $1.00 per share. The warrants will have exercise restrictions for the first year and partial restrictions for the second year.

The company's stock (TSX Venture: TBD) closed at C$0.46 Friday, up C$0.45 from Thursday's C$0.415 close.

Proceeds will be used for the development of Thunderbird's existing oil and natural gas projects and to fund future acquisitions.

In order to allow Thunderbird to launch its fall exploration program immediately, Macquarie has agreed to provide Thunderbird with a $2 million demand loan as well.

Thunderbird is an oil and natural gas company based in Vancouver, B.C.

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