Endeavor Energy sets $24 million goal for year's end; Synova settles $3.3 million private placement

By LLuvia Mares

New York, Sept. 20 - What started out as a slump in the PIPEs market earlier this week, improved to slightly increased activity Thursday, including Endeavor Energy Corp.'s plan to raise up to $18 million in a private placement offering.

The offering will consist of a combination of common and flow-through shares with the option to increase the offering by $6 million, potentially expanding the proceeds to $24 million.

"We are going to spend some money in Canada and flow-through money is easier to raise," said a company insider. "The bulk of the money is going to Australia...we've got concessions on both sides of the continent."

Proceeds will be used to continue development and exploration of the company's oil and gas properties located in Canada and Australia.

The insider said he feels sure the company will raise the full $24 million by the end of the year.

"The original talks were on $12 to $18 million based on one Australian concession," he said. "But since then we bought a company that has off-shore [drilling sites] on the west coast plus on the continent too. So I think we will probably go for the $24 million."

Endeavor Energy Corp. is a Canadian-based emerging oil and gas development company focusing on the exploration, acquisition, and development of various oil and gas concessions around the world.

Research Capital Corp. was lead placement agent.

Synova settles $3.3 million

Synova Healthcare Group, Inc. (OTCBB: SNVH) settled a $3.3 million private placement of 6.5% senior convertible promissory notes and warrants.

The notes are due Sept. 19, 2012 and are convertible into the company's common stock at a conversion price of $1.00.

The buyers were a group of European and American investors.

The investors were also issued a warrant to purchase additional shares at $1.00 each. The warrants expire in five years and entitle the holder to purchase stock equal to 180% of the number of shares the holder could acquire upon conversion of the notes.

"Our company's growth strategy is to grow by product acquisitions and to grow our own brands," said a company insider.

The offer and sale of the notes requires the consent of Synova's existing 6.5% convertible notes due Jan. 12, 2012. The company and its subsidiaries agreed to grant the holders of the January notes a first lien on all of their assets.

Proceeds will be used to provide continued investment in the company's Today Sponge, to further expand its growing portfolio of women's health care products and for general corporate purposes.

Media, Pa.-based Synova Healthcare Group specializes in delivering innovative products that provide meaningful improvements in women's healthcare.

Celtic to drill with placement funds

Celtic Minerals Ltd. announced Wednesday it will raise C$6 million from a non-brokered private placement of stock.

"Right now we are looking to spruce up some of our activity. With a number of prospective opportunities on the ground right now, we are currently doing drilling on one of our properties," said Paul Lipoth, company spokesperson. "We also have two other projects that we will obviously have the monies to continue to drill."

The company will sell 4,800,000 flow-through common shares at C$1.25 apiece. There is a greenshoe of an additional 1,200,000 flow-through shares, which would raise an additional C$1.5 million.

Jennings Capital Inc. will be the agent for the deal.

Celtic "has a number of opportunities," Lipoth added. "We've been in the Voisey's Bay mine area since the inception of the Diamond Fields resources discovered sulfide mineralization back in 1993.

"We bought two properties just this year. We have a lot of leverage to the market and we are in a very good place."

The shares will have a four-month hold period.

Jennings Capital will be paid a 7% finder's fee and an option to receive warrants equal to 7% of the shares sold.

Proceeds will be used for exploration, drilling and geophysical and geological surveys.

Based in Calgary, Alta., Celtic is a mineral exploration company.

"I think we have a pretty modest market capitalization, our management team has extensive experience in the financial realm and are well connected. I think that management's component combined with the sheer [prospects] of some of our properties makes us a better player in the mining industry," Lipoth said.

"I think we have always shown that we are always willing to look at new projects and our prospecting properties as well as any companies out there."

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