Foundation Resources settles unit sale; Diamond Frank wraps tranche; Brand Neue seals offering

By Stephanie N. Rotondo

Portland, Ore., June 4 - There were few new deals in Friday's PIPE market, but several deals got done.

Foundation Resources Inc. said it completed a private placement of both flow-through and common share units, raising over C$2 million. However, the company had originally hoped to raise just over C$3 million.

Diamond Frank Exploration Inc. also settled a deal, or at least part of it. The company wrapped the first tranche of its private placement of units, taking in proceeds of C$1.03 million. A second tranche is expected to come "shortly," the company said in a press release.

And, Brand Neue Corp. pocketed $1.26 million from a private placement of equity. The funds will be used for working capital.

Foundation settles unit sale

Foundation Resources, a Vancouver, B.C.-based mineral exploration company, wrapped a private placement of units, taking in C$2.18 million.

The deal originally priced at C$3.02 million.

The company issued approximately 4.76 million flow-through units at C$0.42 each. The units consisted of one flow-through common share and one half-share warrant.

Also, Foundation sold 510,000 common share units at C$0.35 per unit. Each of the units held one common share and one warrant.

Whole warrants are exercisable at C$0.50 for 18 months.

Proceeds will be used for exploration and working capital.

Foundation's stock (TSX Venture: FDN) fell a cent, or 2.86%, to C$0.34. Market capitalization is C$3.83 million.

Diamond Frank settles tranche

Laval-Quebec-based Diamond Frank Exploration took in C$1.03 million in the first tranche of a private placement of units, according to a press release.

A second tranche is expected to close shortly.

The company sold the units at $1,000 each. The units hold 7,142 common shares and the same amount of warrants.

Each warrant is exercisable at C$0.25 for two years.

Proceeds will be used for exploration activities in Quebec, as well as for working capital.

Diamond Frank's stock (TSX Venture: DOD) increased half a cent, or 4%, to C$0.13. Market capitalization is C$2.59 million.

Brand Neue seals $1.26 million

Brand Neue settled a non-brokered private placement of stock, pocketing $1.26 million.

The Bentonville, Ark.-based company issued approximately 2.53 million common shares at $0.50 per share.

"We are extraordinarily pleased by the completion of this transaction, and also with the quality and enthusiasm of new investors in the company," said Bev Harrison, chief financial officer, in a press release.

"This capital will be used primarily for inventory purchases related to pending purchase orders, which should in turn create momentum and expedite a cash-flow positive position for the company."

Brand Neue's equity (OTCBB: BRNZ) closed steady at $0.55. Market capitalization is $13.4 million.

Brand Neue is a product innovation company.

© 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.