PrivateBancorp plans $200 million; Advanced pockets C$2.83 million; Southern Pacific raises C$63 million

By LLuvia Mares

New York, Nov. 27 - PrivateBancorp, Inc. is looking to expand - and to support that goal the company announced Tuesday a $200 million private placement of stock.

"We are pleased that such a large number of business leaders have contacted us and expressed their support for PrivateBancorp and our efforts to become the preeminent middle market commercial and private bank in Chicago and all the markets we serve," said Larry D. Richman, company president and chief executive officer, in a press release.

"This private placement gives us the capital we need to support the continued expansion of our client relationships and substantially grow our loan portfolio. We are grateful to have received the financial support of GTCR Golder Rauner, one of the nation's leading private-equity firms.

"GTCR has a long and successful track record of partnering with management teams to build industry-leading companies," he said. "We are also pleased with the commitment of Mesirow Financial, Edgewater Funds, Baird Financial Corp. and other Chicago businesses and individuals that are participating in this private placement."

The company will issue 5,581,680 shares and 1,428,074 shares of convertible preferred series A stock. No warrants were included.

Both the preferreds and the shares are priced at $28.71per share, the company's closing bid price on Nov. 23.

The shares are subject to a two-year lock-up agreement. The deal is expected to close on Dec. 11.

Lead investor GTCR Golder Rauner, LLC, agreed to buy $100 million, followed by Mesirow Financial Holdings, Inc., with $40 million and the remaining $60 million was invested by a number of institutional and individual investors.

The company's stock (Nasdaq: PVTB) closed at $28.28 on Tuesday, up $1.04 from Monday's $27.24 close.

Chicago-based PrivateBancorp provides financial services to middle and large-sizes entrepreneurial businesses.

Advanced pockets C$2.83 million

After recently closing its first tranche, Advanced Explorations Inc. wrapped its deal at C$2.83 million with the second and final tranche of a non-brokered private placement of units.

"The completion on Monday of the second flow through financing adds to the company's strong balance sheet," said John Gingerich, company president and chief executive officer, in a press release.

"We continue to enjoy a high level of investor confidence in the management team's ability to move the Roche Bay magnetite iron ore project forward. Our current business development strategy is to enhance the project economics while reducing project risk. We hope to see benefits of these business development efforts in the near future."

The deal priced for C$6.79 million on Oct. 30 and was increased to C$9,622,000 on Nov. 5. The first tranche settled on Nov. 22 for C$6,792,000.

In this tranche, the company sold 1 million flow-through units at C$2.83 each. In the first tranche, it sold units at that price. In total, Advanced Explorations sold 3.4 million units.

As previously reported, each unit consists of one flow-through common share and one half share warrant. Each whole warrant is exercisable for one non flow-through share at C$3.88 for two years.

The company's stock (TSX Venture: AXI) closed at C$2.49, down C$0.07 from Monday's C$2.56 close.

Advanced Explorations is a Toronto-based petroleum and mineral exploration company.

Southern Pacific raises C$63 million

With C$63 million in spending cash, Southern Pacific Resource Corp. said it plans to use the money for further exploration and development.

The company settled a private placement of stock on Tuesday, raising C$63 million. The deal priced for $60 million with a C$5 million greenshoe on Nov. 7.

The company sold 27,323,000 common shares at C$1.83 per share for C$50 million and 5,882,000 flow-through common shares at C$2.21 apiece for C$12,999,220. Of those, 1,357,000 flow-through shares were sold as part of the greenshoe.

Southern Pacific's stock (TSX Venture: STP) closed at C$1.26 on Tuesday, down C$0.08 from Monday's C$1.34 close.

The deal was conducted by a syndicate of underwriters consisting of Canaccord Corp., Orion Securities Inc. and Genuity Capital Markets.

Proceeds will be used for exploration, development and general corporate purposes.

Southern Pacific is a mineral exploration company based in Calgary, Alta.

Ascot to sell C$23.13 million

Ascot Resources Ltd. announced Tuesday a C$23,125,000 private placement of units and stock.

The company will sell up to 1.5 million flow-through shares at C$2.00 per share for C$3 million and up to 11.5 million units at C$1.75 apiece for C$20,125,000. Each unit will consist of one common share and one half-share warrant, with each whole warrant exercisable at C$2.25 for two years.

The warrants may expire sooner if the daily volume weighted average price of the company's common shares is higher than C$3.00 for 20 consecutive trading days. In that case, the warrants will expire on the 30th day after Ascot notifies holders.

The deal is being conducted by a syndicate of agents led by Dundee Securities Corp. and including PI Financial Corp. The agents have a C$3 million greenshoe for 1.72 million units.

Ascot's stock (TSX Venture: AOT) closed at C$1.75 on Tuesday, down C$0.09 from Monday's C$1.84 close.

Proceeds will be used to develop the company's Swamp Point sand and gravel deposit, to explore the company's Dilworth project and for working capital.

Ascot is a junior mineral exploration company based in Vancouver, B.C.

Empire Minerals negotiates C$4 million

In the technology sector, Empire Minerals Corp. priced a C$4 million private placement of subscription receipts.

The company will sell 4 million subscription receipts at C$1.00 apiece.

Each subscription receipt consists of one common share and one half-share warrant. Each whole warrant is exercisable at C$1.25 for two years.

The deal has a C$3 million greenshoe.

The company's stock (Pink Sheets: EMPL) closed at $1.75 on Tuesday, down $0.24 from Monday's $1.99 close.

Proceeds will be used for exploration and development as well as for working capital and general corporate purposes.

Empire Minerals, based in Fort Lee, N.J., provides internet-connected, advertising-supported, interactive retail kiosks.

Southern Arc gets C$12 million

Also in the mining sector, Southern Arc Minerals Inc. plans to use its recently obtained C$12 million proceeds for more exploration.

The company will sell 10 million units at C$1.20 apiece. Each unit will consist of one common share and one half-share warrant, with each whole two-year warrant exercisable at C$1.75.

Southern Arc's stock (TSX Venture: SA) closed at C$1.20 on Tuesday, down C$0.11 from Monday's C$1.31 close.

Haywood Securities (UK) Ltd. will be the co-lead agent with Canaccord Capital Corp.

Proceeds will be used for exploration and development on the company's mineral properties in Indonesia and for general working capital.

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

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