Painted Pony Petroleum prices C$38.28 million of stock; Starfield Resources prices C$20 million

By Laura Lutz

Des Moines, April 10 - Canadian resource companies were prominent in Thursday's PIPE news, led by Painted Pony Petroleum Ltd. with a C$38.28 million private placement of stock.

Starfield Resources Inc. and Aldridge Minerals Inc. also arranged private placements of stock, for C$20 million and C$7 million, respectively.

Transeuro Energy Corp. plans to raise C$4 million from a private placement of convertible debentures.

Down in the United States, Jesup & Lamont, Inc. said it priced a $5 million private placement of stock.

Painted Pony to sell shares

Painted Pony Petroleum plans to sell 8.8 million class A common shares at C$4.35 apiece.

The shares will be sold on a bought-deal basis through a syndicate of underwriters led by FirstEnergy Capital Corp. and including Blackmont Capital Inc., Cormark Securities Inc., Thomas Weisel Canada Partners Inc. and CIBC World Markets.

Settlement is expected on April 30.

Based in Calgary, Alta., Painted Pony intends to participate in oil and natural gas exploration, development and production in the Western Canadian Sedimentary Basin.

The company said it will use the proceeds for exploration and development and for general corporate purposes.

Its shares closed unchanged at C$4.60 on Thursday (TSX Venture: PPY.A).

Starfield seeks C$20 million

Starfield Resources said it will conduct a C$20 million private placement of stock.

The company plans to sell 15 million flow-through shares at C$1.00 apiece and 5,555,556 non flow-through shares at C$0.90 apiece.

GMP Securities LP is leading a syndicate of agents that includes Dundee Securities Corp., Thomas Weisel Partners and National Bank Financial Inc.

The agents have a greenshoe for 833,333 common shares, or C$750,000.

Settlement is expected May 6.

Vancouver, B.C.-based Starfield is focused on a nickel-copper-platinum-palladium-cobalt property in Nunavut, Canada.

The company said it will use the proceeds for exploration and working capital.

Proceeds will be used for general exploration expenditures and general working capital purposes.

Starfield's shares lost C$0.01, or 1.05%, to close at C$0.94 on Thursday (Toronto: SRU).

Aldridge offers units

Aldridge Mineral announced that it has engaged Evergreen Capital Partners Inc. to complete a C$7 million private placement of units.

The offering will consist of units of one share and one half-share warrant for C$3.10 per unit.

Each whole warrant will be exercisable at C$4.00 for two years.

Settlement is expected April 30.

Aldridge is a gold and base metals exploration company based in Vancouver, B.C.

Proceeds from the placement will be used for exploration and drill programs on the company's mineral properties in Turkey and for general working capital purposes.

The company's shares closed at C$3.50 on Wednesday, the day of the last trade (TSX Venture: AGM).

Transeuro arranges convertibles

Transeuro Energy plans to sell C$4 million of convertible debentures in units.

The company plans to sell 4,000 units at $1,000 per unit, with each unit consisting of a $1,000 secured convertible debenture and 5,250 warrants.

The notes mature on April 25, 2009 and bear interest at12% per year.

Interest will be payable semi-annually in arrears.

The interest rate will be reduced to 10% per annum if the debentures are repaid within six months.

They are convertible into common shares at any time after six months with an initial conversion price of $0.20.

Transeuro may prepay the notes at any time without a penalty.

Each warrant is exercisable at C$0.20 for two years.

Vancouver, B.C.-based Transeuro is focused on acquisition of petroleum and natural gas rights and exploration, development and production of crude oil, condensate and natural gas.

It said it will use the proceeds for general corporate purposes.

The company's shares jumped C$0.08, or 53.33%, to close at C$0.23 on Wednesday (TSX Venture: TSU).

Jesup & Lamont prices stock

Jesup & Lamont said it negotiated a $5 million private placement of stock on Wednesday.

The offering will consist of common shares at $0.646 apiece.

Formerly known as Empire Financial Holding Co., Jesup & Lamont is a Longwood, Fla.-based provider of securities brokerage, asset management and market making services.

"This financing will provide needed working capital and represents the first step in a series of initiatives which will expand our foot print institutionally to add fixed income, additional equity and investment banking capabilities while allowing us to consolidate our two wholly owned broker dealer subsidiaries under the Jesup & Lamont brand," Donald A. Wojnowski, Jr., Jesup & Lamont president and chief executive officer, said in a news release.

"These initiatives when coupled with recently adopted cost cutting measures will further position Jesup & Lamont as a premier boutique investment banking and brokerage firm serving middle market issuers, select growth industries and high net worth clients," he continued.

Its stock fell 8 cents, or 11.76%, to close Thursday at $0.57 before regaining 1 cent in after-hours trading (Amex: JLI).

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