Toro to issue stock; Century Mining plans to raise C$20 million; Arise gets equity facility

By Stephanie N. Rotondo

Portland, Ore., Sept. 15 - Toro Energy Ltd. brought a nearly A$40 million private placement to market Tuesday.

The company said it would sell shares in the financing in three tranches. In addition, existing shareholders will have an opportunity to participate in a share purchase plan at the same terms as the placement.

Meanwhile, Century Mining Corp. said it was looking to raise C$20 million. An agreement between the already-secured investors and the company also includes a C$4 million interim bridge loan.

Arise Technologies Corp. and MMR Information Systems Inc. both secured equity lines of credit, the respective companies announced. Arise will sell stock for up to C$10 million, while MMR will receive no more than $8 million.

Toro to privately issue stock

Toro Energy intends to privately place new ordinary shares in its effort to raise A$39.93 million, according to a press release.

The company will sell 83.4 million of the shares at A$0.15 apiece for total proceeds of A$12.51 million. Another 49.9 million shares will be issued upon receiving shareholder approval, for proceeds of A$7.5 million.

The remaining portion will include 132.9 million shares and will be sold to OZ Minerals. The segment will total A$19.94 million.

"We are very pleased with the strong support for the company from leading domestic and international institutions, and Australian professional investors," said Greg hall, Toro's managing director, in the release. "We are also very appreciative of the continued support from our major shareholder, OZ Minerals.

"Together, the gross proceeds of A$40 million will enable Toro to commit to and fully fund a bankable feasibility study and the approvals process for the Wiluna Uranium Project to commence in October 2009, with an anticipated development decision in 2011 and first production in 2012. It also provides the company with the opportunity to advance its other project and exploration work, along with consolidation opportunities."

In addition to the private placement, Toro is offering a share purchase plan for existing investors. The offering gives "eligible qualifying shareholders the opportunity to each subscribe for up to A$5,000 worth of new Toro ordinary shares at the same price as the placements."

"The Toro board is very mindful to offer our ongoing shareholders the opportunity to subscribe for new shares on the same terms as the placements, having not been able to participate in our rights issue of 2008 following the collapse of capital markets as a result of the global financial crisis," Hall added.

Toro's stock (Australia: TOE) closed at A$0.20.

Toro Energy is a Norwood, Australia-based uranium exploration and development company.

Century to raise C$20 million

Century Mining inked an indicative non-binding term sheet with Kirkland Intertrade Corp. and Gravity Ltd. for a C$20 million private placement of units.

Under the terms of the deal, Century will sell 100 million units at C$0.20 each. The units will contain one common share and one half-share warrant. Whole warrants are exercisable at C$0.30 for 18 months.

Upon completion of the financing, Kirkland and Gravity will have the right to participate in future financing offers in order to maintain their 19.9% equity interest in the company.

Also, the investors agreed to give Century a C$4 million 10% secured interim bridge loan. The loan will be repaid upon completion of the private placement.

Proceeds will be used for development and operation of the company's Lamaque Mine.

"Century's vision is to create a formidable mid-tier gold producer, and we believe that today's financing announcement...will help the company achieve its goals," stated Margaret Kent, president and chief executive officer, in a news release. "This funding allows us to immediately restart our flagship asset and aggressively pursue other production opportunities."

Century's equity (TSX Venture: CMM) gained 2 cents, or 10.53%, to C$0.21. Market capitalization is C$41.6 million.

Century Mining is a Blaine, Wash.-based gold mining company.

Arise gets equity facility

Arise Technologies secured a C$10 million equity line of credit from Haverstock Master Fund, the company announced.

The investor will purchase shares in C$500,000 tranches. The price per share will equal the five-day weighted average price of Arise's stock, minus a 6.5% discount.

Calls made to the company seeking comment went unreturned Tuesday.

Arise's shares (Toronto: APV) improved by a penny, or 3.13%, to C$0.33. Market capitalization is C$42.5 million.

Arise Technologies is a Waterloo, Ont.-based solar energy company.

MMR secures credit line

MMR Information Systems also arranged a credit line, according to a press release.

MMR signed a deal with Dutchess Private Equities Fund Ltd. in which Dutchess will provide an $8 million five-year equity line of credit. MMR will sell a maximum of 100 million shares to the investor.

"This financing gives the company access to additional capital which it plans on using to leverage its proprietary patented technologies and customer base of consumers, health care professionals, corporations, unions and affinity groups into increased shareholder value," said Robert H. Lorsch, chairman and CEO, in the release.

"This agreement is expected to help accelerate the company's ability to penetrate the multi-billion dollar health information technology marketplace and, in particular, help identify stimulus monies for and fund the launch of MMRPro."

MMR's shares (OTCBB: MMRF) closed unchanged at $0.09. Market capitalization is $11.5 million.

MMR Information Systems is a Los Angeles-based provider of web-based products that facilitate consumer access to medical records and vital documents, such as living will, birth certificates, insurance policies and financial records.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.