Ciref seeks funds to repay debt; Crowflight plans unit sale; Resverlogix closes second tranche

By Stephanie N. Rotondo

Portland, Ore., Jan. 28 - It was mainly foreign issuers - specifically Canadian - that dominated Thursday's PIPE market.

Ciref plc announced a £29.68 million private placement of stock. The proceeds will be used, in part, to repay outstanding debt.

Crowflight Minerals Inc. meantime said it wanted to raise C$15 million via a placement of shares. The company has already lined up at least one investor, who also expressed interest in purchasing one of the company's assets.

Elsewhere, Resverlogix Corp. settled the second tranche of a private placement of units. All told, the company has raised C$13 million.

TintinaGold Resources Inc. is seeking exploration funding from a C$5 million private placement of units. The units will be sold to a single investor.

Also, Opsens Inc. said it would conduct a private placement of units for up to C$4.5 million. PanTerra Resource Corp. also said it would privately sell units, as well as flow-through shares, for proceeds of C$4 million.

Ciref raises funds to repay debt

Ciref is planning a £29.68 million private placement of ordinary stock, according to a press release.

The company will issue 57.07 million of the shares at 52p per share.

Redefine Income Fund Ltd. was the investor.

"The funds raised from the placing, totaling approximately £30.0 million before expenses, will be used to repay the £15 million bridging loan, which carries interest at market rates, and restore the company's cash resources, both of which were used to finance the acquisition of the company's stake in the Cromwell Group," the company said in the release.

Ciref's stock (London: CRF) closed at 54p. Market capitalization is £96.9 million.

Ciref is a Jersey, England-based property investment and development company.

Crowflight plans unit placement

Crowflight Minerals intends to raise C$15 million from a private placement of common equity.

The Toronto-based company will sell 93.75 million shares at C$0.16 per share.

Pala Investments Holdings Ltd. has committed to purchasing approximately 21.35 million shares for proceeds of C$3.42 million. Pala has also expressed interest in purchasing Crowflight's Bucko Mine assets.

The company was unavailable for comment Thursday.

Crowflight's shares (CML) gained 1 cent, or 6.45%, to C$0.165. Market capitalization is C$86.6 million.

Resverlogix closes second tranche

Resverlogix settled the second tranche of a previously announced private placement of units, raising a total of C$13 million.

The deal originally priced on Dec. 23. At that time, C$5 million was pocketed, with the remaining C$8 million coming Jan. 27.

According to the terms of the deal, the Calgary-based company sold units at C$2.50 per share. The units contained one common share and one quarter-share warrant. Whole warrants are exercisable at C$2.50 until Dec. 18, 2011.

Theresa Kennedy, vice president of corporate communications, told Prospect News that the company elected to do the deal in two tranches as they felt it could not be completed at the original time of pricing, due to the holidays.

Kennedy also said that proceeds would be used for research and development, specifically on its phase 2 clinical trials for its current lead drug candidate.

"It's still difficult times for the biotech industry [in terms of] raising financing," she said. But Resverlogix saw a window of opportunity and took it.

As a result, investors have been very pleased, she said, given the unsteady financial environment.

Resverlogix's equity (Toronto: RVX) fell 3 cents, or 1.10%, to C$2.70. Market capitalization is $106 million.

Resverlogix is a Calgary, Alta-based biotechnology company focused on therapies for cardiovascular disease.

Tintina seeks exploration funds

TintinaGold Resources will pocket C$5 million from a private placement of units, the company announced.

Electrum Strategic Metals LLC is the sole investor in the non-brokered deal.

Tintina will sell 12.5 million units at C$0.40 each. The units will hold one common share and one warrant, which is exercisable at C$0.65 for four years.

"TintinaGold's portfolio of early stage exploration targets is one of the most prospective we have encountered," commented William Natbony, chief executive officer of Electrum, in a press release. "We are strong supporters of management's strategy to take these assets along the value chain for the benefit of all shareholders."

"We are delighted to further strengthen our partnership with the Electrum group of companies, one of the most successful precious metals explorers and developers in the business," added Raj Chowdhry, president of TintinaGold. "The exploration and project development programs planned for 2010 will remain focused on building upon our track record of discovering significant precious metals deposits in geo-politically safe jurisdictions."

Proceeds from the financing will be used for exploration on its properties - primarily the Colorado Creek and the Kugruk properties in Alaska - and for general working capital and other corporate purposes.

Tintina's stock (TSX Venture: TAU) improved by 1½ cents, or 3.90%, to C$0.40. Market capitalization is C$27.5 million.

TintinaGold Resources is a Vancouver, B.C.-based precious and base metals exploration company.

Opsens to raise up to C$4.5 million

Opsens, a Quebec City-based developer of technologies used in the oil and natural gas sectors, brought a private placement of units to market, for proceeds of C$3.5 million to C$4.5 million.

The company will sell between 4.11 million and 5.29 million units to raise the funds. Each unit will sell at C$0.85 and will include one common share and one half-share warrant. Whole warrants are exercisable at C$1.15 for two years.

Proceeds will be used for potential acquisitions, as well as marketing expenses and working capital.

Opsens' equity (TSX Venture: OPS) increased 5 cents, or 5.56%, to C$0.95. Market capitalization is C$40.1 million.

Panterra wants drill dollars

PanTerra Resource announced a C$4 million private placement of equity units and stock.

The company will issue approximately 4.54 million flow-through common shares at C$0.55 each for total proceeds of C$2.5 million. The company will also sell approximately 3.33 million units at C$0.45 for proceeds of C$1.5 million.

The units will consist of one common share and one half-share warrant. Whole warrants are exercisable at C$0.60 for 18 months.

"The proceeds of the offering will be mainly used for drilling and development activities on the corporation's 100% held Cardium properties located at Carrot Creek, Alberta and for drilling and development activities on the corporation's other properties at Tomahawk and Gadsby, as well as for general working capita," the company said in a news release.

"While the corporation anticipates that it will spend the funds available to it as set forth above, there may be circumstances where, for sound business reasons, a reallocation of the net proceeds may be necessary."

PanTerra's shares (TSX Venture: PRC) ended 1½ cents, or 4.17%, higher at C$0.375. Market capitalization is C$47 million.

PanTerra Resources is a Calgary, Alta.-based oil and gas company.

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