Claude Resources upsizes offering; GetFugu releases deal details; Triton to raise C$10 million

By Stephanie N. Rotondo

Portland, Ore., Dec. 15 - Claude Resources Inc. said Tuesday it had increased a private placement of special warrants.

The deal priced on Monday and was upsized due to "strong investor demand."

Meanwhile, GetFugu Inc. released firm details of a $10 million private placement, also originally announced Monday. The company will sell 10% convertible debentures to a single investor to raise the funds.

Triton Energy Corp. is looking to raise C$10 million via a private placement of equity and units. The deal comes as the company is in process of merging with Waldron Energy Corp.

Also, Golden Band Resources Inc. is planning a C$9 million private placement of units, both of the flow-through and common share varieties. Though the company would have liked a higher share price, a spokesperson noted that financings are "always within the context of the market."

And, UEX Corp. announced a C$5.06 million private placement of equity. Cameco Corp. is one of the deal's investors.

Claude upsizes warrant offering

Claude Resources lifted a previously announced private placement of special warrants to C$13.8 million.

The deal originally priced at C$10 million on Dec. 14. The increase in the financing was due to "strong investor demand," according to a press release.

The company intends to sell 12 million of the warrants at C$1.15 each. The warrants are convertible into units containing one common share and one half-share warrant. Whole warrants are exercisable at C$1.75 for two years.

Proceeds will be used for exploration activities at the Madsen mine, as well as for general corporate purposes. Settlement is expected by Dec. 30.

Calls seeking comment were not returned Tuesday.

Claude's stock (Toronto: CRJ) declined 11 cents, or 8.59%, to C$1.17. Market capitalization is C$152 million.

Claude Resources is a Saskatoon, Sask.-based gold exploration and mining company.

GetFugu deal details released

GetFugu gave new details regarding a private placement announced on Monday.

The company said in a press release issued Monday that it had arranged a $10 million deal with Hutton International Investments Ltd., adding that it would either sell convertible preferred shares or convertible debentures.

In a regulatory filing Tuesday, GetFugu gave firm details of the deal, in which it will sell 10% convertible redeemable subordinated debentures. The funds can be drawn down in tranches.

The notes are convertible into common or preferred shares, according to the 8-K filing, dependant on a number of conditions.

"Our ability to obtain a significant capital commitment on favorable terms during a tough economy is a testament to the quality of our product and service offering and the strength of our team," stated Michael Jay Solomon, chairman of GetFugu, in Monday's release.

"We are excited about our cross-platform launch, and confident GetFugu will transform the mobile search space. We look forward to helping consumers and content providers fully realize the advantages of our application."

GetFugu's equity (OTCBB: GFGU) dropped $0.036, or 15.19%, to $0.201. Market capitalization is $35.6 million.

GetFugu is a Rowayton, Conn.-based developer of next generation mobile search tools.

Triton to raise C$10 million

Triton Energy is also seeking C$10 million via a private placement.

The company will sell units and common shares in the non-brokered deal.

Triton will issue up to 30.76 million units at C$0.26 each and up to 23.07 million common shares at C$0.13 each. The units will consist of one common share, one flow-through common share and two warrants.

The warrants are exercisable at C$0.17 for five years.

Triton is also planning a rights offering for existing shareholders at C$0.13 per share.

Additionally, Triton said that it was acquiring assets from Waldron Energy Corp. Following completion of the deal, Waldron's company will take over management of triton.

According to Michael S. Zuber, president and chief executive officer of Triton, the merger will result in a stronger company going forward.

"At the end of the day, the two companies together going forward will have a much greater growth spurt," he told Prospect News.

Proceeds from the private financing will be used to repay bank debt and for working capital.

Triton's shares (TSX Venture: TEZ) gained 8½ cents, or 50%, to C$0.255. Market capitalization is C$6.86 million.

Triton Energy is a Calgary, Alta.-based oil and natural gas company.

Golden Band plans unit sale

Golden Band Resources will raise C$9 million via a private placement of units, according to a press release.

The Saskatoon, Saskatchewan-based gold explorer will sell approximately 23.33 million flow-through units and 8 million common share units on a best-efforts basis.

The flow-through units will be issued at C$0.30 each and will contain one flow-through common share and one half-share warrant. The common units will be sold at C40.25 each and will hold one common share and one half-share warrant.

Whole warrants are exercisable at C$0.45 for two years.

"Any financing is always within the context of the market," Rodney Orr, vice president, told Prospect News. And though Orr "believes we are distinctly undervalued by the market," he also sees that the current state of things requires companies to be "more creative" when seeking project funds.

"Everybody is having to deal with it for the last year," he said.

Orr also noted that the company expects to launch another capital raise in early 2010, though that financing will likely be a debt financing for C$10 million to C$15 million.

Golden's stock (TSX Venture: GBN) slipped 2 cents, or 7.41%, to C$0.25. Market capitalization is C$41.2 million.

UEX to sell stock

UEX, a Vancouver, B.C.-based uranium company, brought a C$5.06 million private placement of equity to market.

The company will sell approximately 3.62 million flow-through shares at C$1.12 per share. In addition, UEX will issue 975,000 common shares at C$1.02 per share.

Cameco Corp. has subscribed for the entire common share portion.

Proceeds will be used for exploration and development, as well as for general corporate purposes. Settlement is expected by Dec. 17.

Calls seeking comment were not returned Tuesday.

UEX's equity (Toronto: UEX) improved by 3 cents, or 3.13%, to C$0.99. Market capitalization is C$185 million.

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