BluePhoenix plans $35 million; Canadian Superior wraps C$22.65 million; Syntroleum gets $12 million agreement

By LLuvia Mares

New York, Nov. 19 - BluePhoenix Solutions expects to position itself better for growth once it completes a $35 million private placement of stock.

"We are pleased with the high level of interest in the company shown in connection with this offering," said Arik Kilman, company chief executive officer, in a press release. "We expect that this round of financing will enable us to more effectively pursue our growth strategy and better position us to tap the growing market for legacy modernization."

The company sold 2 million shares to a group of institutional investors at $17.50 per share, and warrants to purchase 800,000 additional shares at an exercise price of $21.88. The warrants expire in five years.

The company's stock (Nasdaq: BPHX) closed at $ on Monday, $ from Friday's $18.78 close.

The deal is expected to close Nov. 26.

Proceeds will be used to strengthen the company's balance sheet, repay debt, for working capital and potential acquisitions.

Herzliya, Israel-based BluePhoenix provides legacy modernization products that are used to manage IT systems and resources.

Canadian Superior wraps C$22.65 million

Canadian Superior Energy Inc. will pocketed C$22.65 million from an over-subscribed private placement of stock. The deal priced for C$21 million on Oct. 31.

The company sold 6,472,500 flow-through common shares at C$3.50 per share.

Canadian Superior's stock (Toronto: SNG) closed at C$2.75, down C$0.18 from Friday's C$2.93 close.

Acumen Capital Finance Partners Ltd., Jennings Capital Inc. and Maison Placements Canada Inc. were the agents.

Proceeds will be used to ramp up the company's Western Canadian operations.

Based in Calgary, Alta., Canadian Superior Energy is a crude oil and natural gas exploration and production company with an emphasis on exploring for and producing crude oil and natural gas in Western Canada, Nova Scotia and Trinidad and Tobago.

Syntroleum gets $12 million agreement

In other news, Syntroleum Corp. announced it secured a $12 million equity purchase agreement with an affiliate of Fletcher Asset Management.

"We are pleased to have a firm with the reputation of Fletcher Asset Management supporting our efforts to construct our first renewable synthetic fuels facility," said Ron Stinebaugh, company senior vice president, in a press release.

"If our share price rises over the next 24 months, we will have secured the first $12 million of funding at lower dilution levels than if we had raised an equivalent amount of capital at our current share price."

Under the two-year agreement, Fletcher will buy $3 million of stock within the next six months at $0.60 above the market price of the stock.

In the seventh through 24 months, Fletcher will buy an additional $9 million of stock at the prevailing price minus $0.20.

Warrants will be issued for half of the shares purchased in the later investments. The strike price will be equal to the share price of the first later investment plus $0.40.

Syntroleum's stock (Nasdaq: SYNM) closed at $ on Monday, $ from Friday's $1.49 close.

Wm Smith & Co. is the placement agent.

Based in Tulsa, Okla., Syntroleum is focused on constructing a plan the produces diesel and jet fuel from low-grade fats and greases.

Lero Gold prices C$2.5 million private placement of stock

Lero Gold Corp. said its private placement will allow it to expand exploration; the company announced an agreement with Canaccord Adams Ltd. for a C$2.5 million private placement of shares.

"This is a very positive move for Lero and its shareholders," said Nick Clarke, company president and chief executive officer, in a press release.

"With no single controlling investor, the company's directors are free to actively pursue its advanced exploration activities within the Kazakhstan and Kyrgyzstan-based licenses, while the C$2.5 million placement provides sufficient cash resources to do so."

The company will sell 10 million common shares at C$0.25 each.

The company's stock (TSX Venture: LER) closed at C$0.34 on Monday, C$0.06 from Friday's C$0.28 close.

Proceeds will be used for general corporate purposes.

Vancouver, B.C.-based Lero Gold, formerly ELE Capital Corp., is a new base and precious metals exploration company.

Yukon Gold sells C$1.65 million

Yukon Gold Corp., Inc. said it is looking to exploit high metal prices after closing the C$1.65 million final tranche of a C$2.8 million private placement of units and flow-through shares.

"Yukon Gold Corporation is a promising mining company with two prospective multi-metal properties," said Jason Suttmeier, company analyst, in a press release.

"The company has published encouraging exploration data and benefits from an experienced team and long history of successful mining activities in the adjacent Keno Hill area. Current metal prices are at high levels and hey are expected to remain strong in the short-to-medium term and are not expected to fall significantly in the long term."

The deal priced for C$2 million with a C$500,000 greenshoe on June 20 and was upsized on July 24. The first tranche settled on Aug. 17 for C$1,145,180.

As previously reported, the non flow-through units were sold at C$0.45 apiece; the flow-through units were sold at C$0.52 apiece.

Each non flow-through unit consists of one non flow-through share and one half-share non flow-through warrant with whole warrant exercisable at C$0.60 for two years.

Each flow-through unit consists of one flow-through share and one half-share non flow-through warrant with each whole warrant exercisable at C$0.70 for two years.

The company's stock (Toronto: YK) closed at C$0.32 on Monday, down C$0.03 from Friday's C$0.35 close.

Proceeds will be used for exploration and development and for working capital.

Yukon Gold is a Toronto-based mineral exploration and development company.

American Bonanza negotiates C$2 million

Another company also looking to strike gold is American Bonanza Gold Corp., which announced its plan to raise a C$2 million private placement of units.

The company will sell 5 million units at C$0.40 per unit. Each unit will consist of one flow-through share, one common share and one half-share warrant. Each whole warrant will be exercisable at C$0.30 for 18 months.

Dundee Securities Corp. will be the agent.

The company's stock (Toronto: BZA) closed at C$0.1950 on Monday, down C$0.0100 from Friday's C$0.205 close.

Proceeds will be used for exploration and general working capital.

Vancouver, B.C.-based American Bonanza is a gold exploration company.

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