Sea Dragon seeks C$10 million; Adventrx wraps placement; UraniumSA plans two-tranche deal

By Stephanie N. Rotondo

Portland, Ore., Oct. 9 - Sea Dragon Energy Inc. brought a C$10 million underwritten private placement of units to market Friday.

The deal also includes a C$5 million greenshoe. Proceeds will be used for a planned acquisition.

Meanwhile, Adventrx Pharmaceuticals Inc. said it completed its $11.3 million private placement of convertible preferred stock. The company will use the funds to advance its drug candidates.

UraniumSA plans to raise A$4 million from a private placement of equity. The deal will come in two tranches and is contingent upon shareholder approval.

Also, Gulfside Minerals Ltd. said it downsized a previously announced private placement of common-share units. The reduction of the financing came as the company renegotiated payment terms related to its Oniuul coal project.

Sea Dragon seeks C$10 million

Sea Dragon Energy negotiated an underwritten C$10 million private placement of units, the company said Friday.

The company will issue 40 million units containing one common share and one half-share warrant. The units will sell at C$0.25 each, and each whole warrant is exercisable at C$0.50 for three years.

The deal also includes an over-allotment option for 20 million units, or C$5 million.

Proceeds from the financing will be used to fund Sea Dragon's acquisition of Premier Egypt (NW Gemsa) BV and for general corporate purposes.

Settlement is expected by Nov. 5.

The company did not return calls seeking comment on Friday.

Sea Dragon's equity (TSX Venture: SDX) fell 2.5 cents, or 8.33%, to C$0.275. Market capitalization is C$36.24 million.

Sea Dragon Energy is a Calgary, Alta.-based exploration and development company focused on the Middle East.

Adventrx closes preferred placement

Adventrx Pharmaceuticals closed on its $11.3 million private placement of series D convertible preferred stock, the company said in a news release.

The deal originally priced Tuesday.

The preferred shares are convertible into common shares at $0.18805 per share and carry an interest rate of 4.2566%. Dividends are paid through Oct. 9, 2020.

Investors also received warrants for about 19.8 million additional common shares. The warrants are exercisable at $0.1468 for five years.

Proceeds from the financing will be used to fund operations while the company awaits FDA approval on its ANX-530 New Drug Application, as well as for continued development of its ANX-514 drug candidate.

Adventrx's stock (Amex: ANX) dropped $0.0064, or 4.69%, to $0.1302. Market capitalization is $16.26 million.

Adventrx is a San Diego-based biopharmaceutical company focused on cancer treatments.

UraniumSA plans two-tranche deal

UraniumSA will raise A$4 million via a two-tranche private placement of equity, according to a press release.

The company will sell 20 million ordinary shares at A$0.20 per share. UraniumSA said it expects to settle the first tranche of 5 million shares in the next few days, while the remainder will be completed upon securing shareholder approval.

"UraniumSA is continuing its active exploration program at Mullaquana, scheduling work at the Blackbush prospect to move portions of its estimated Inferred Mineral Resource of U3O8 into more advanced JORC classifications, and to follow up recently announced intersection to the south of Blackbush with pattern drilling," the company said in the release.

"The funds raised by the placement will enable the company to move forward strongly and with confidence in planning these works, in letting contracts for jobs which require specialised equipment or expertise, and in continuing to expand its own operating capacity."

UranimuSA's shares (Australia: USA) ended at A$0.26. Market capitalization is A$21.9 million.

UraniumSA is a Norwood, South Australia-based uranium exploration company.

Gulfside downsizes financing

Gulfside Minerals announced it had reduced the size of a previously announced private placement of units to C$3 million from C$8.34 million.

The deal originally priced Aug. 10.

Each unit will hold one common share and one warrant. The units will sell at $1.05 each, and the warrants are exercisable at C$1.25 for one year.

The reduction of the financing came as the company renegotiated payment terms with two private Mongolian companies who are the vendors of three mining exploration licenses. The first payment of US$3.7 million was reduced to US$1 million. Another US$900,000 will be paid upon completion of the drilling program. The terms also increased the number of shares to be given to the vendors.

"We are very pleased with the support of the vendors of the property by reducing the initial payments and the increase in common shares," said Robert Card, president and CEO, in a press release. "The increase in common shares demonstrates their confidence and commitment to the Onjuul coal project and we look forward to working together to make the project a success."

"We are excited about the upcoming drill program and advancing the Onjuul project," he added. "After the completion of the drill program we expect to be visiting institutional investors in Europe to discuss the next phase of financing."

Gulfside's shares (TSX Venture: GMG) declined a penny, or 1.02%, to C$0.97. Market capitalization is C$32.39 million.

Gulfside Minerals is a Vancouver, B.C.-based natural gas, coal and uranium exploration company.

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