Emisphere issues $7.57 million; Valence sells $1 million in stock; Pegasus Oil negotiates C$12.01 million in shares

By LLuvia Mares

New York, Aug. 17 - Emisphere Technologies, Inc. announced Friday it entered into an agreement to sell $7.57 million in a registered direct sale of units.

In total, the units include 2 million shares of common stock and warrants for 400,000 additional shares. They were priced at $3.785 per unit.

"We constantly have a strong demand for stock," said a company insider.

The five-year warrants will be exercisable after six months from the issuance date at an exercise price of $3.945 each.

Emisphere will use the proceeds for general corporate purposes, including further development of its clinical programs. The transaction is expected to close Aug. 22.

Valence issues $1 million in stock

In other news, Valence Technology, Inc. said Friday it issued $1 million in common stock to Berg & Berg Enterprises, LLC.

The company sold 884,956 shares of stock at $1.13 each. The purchase price per share equaled the closing bid price of the company's common stock on Aug. 15.

The proceeds will be used to fund corporate operating needs and working capital.

Austin, Tex.-based Valence Technology specializes in commercial lithium phosphate rechargeable batteries.

Pegasus brings C$12.01 million

In the Canadian resource market, Pegasus Oil & Gas Inc. arranged a private placement of shares for C$12.012 million.

The company plans to sell 3.64 million flow-through class A shares at C$3.30 each.

FirstEnergy Capital Corp. will lead a syndicate of underwriters that also includes GMP Securiites LP, Blackmont Capital Inc. and Canaccord Capital Corp.

Proceeds will be used for exploration.

Pegasus is an oil and gas company based in Calgary, Alta.

Health Discovery stock on rollercoaster

Two days after Health Discovery Corp. closed a private placement of stock with warrants at its maximum size of $2.5 million, the company is seeing a rollercoaster effect.

Health Discovery's stock rose $0.01 cent Thursday but gave up that gain on Friday to end the day back where it was at Wednesday's close at $0.08 (OTCBB: HDVY).

The new shares were priced at $0.08.

In addition to the placement, $2,153,900 in outstanding debt was converted into stock.

Warrants were also issued for 116,347,492 shares at a fixed price of $0.19, each exercisable until September 2010.

Proceeds will be used to strength the company's balance sheet by eliminating debt as well as provide funding for business.

Health Discovery is a Savannah, Ga., biology-oriented biomarker discovery company providing all aspect of the first-phase biomarker discovery.

Progressive Gaming gains 3.31%

After closing at $4.84 Thursday, Progressive Gaming International Corp., which just days ago raised $31 million in a private placement saw its stock increase 3.31%, ending the day at $5.00 (Nasdaq: PGIC). It had been at $5.42 on Aug. 14 ahead of the placement.

Proceeds from the 6.9 million shares at $4.50 each will be used to repay debt and for capital purposes.

No warrants were issued in the financing.

Las Vegas-based Progressive Gaming is a supplier of integrated casino and jackpot management solutions for the gaming industry worldwide.

SyntheMed stock down $0.03 cents

After closing a $2.8 million private placement Tuesday, SyntheMed, Inc. saw a 3.33% decrease in its stock Friday, ending the day at $0.87.

The company sold 2.8 million shares of common stock at $1.00 to a consortium of accredited overseas investors.

An additional 3.2 million shares in private placement may also be sold by the company under the same terms. The final closing is expected Aug. 31.

The company will use proceeds toward funding the U.S. launch of REPEL-CV Adhesion Barrier.

The Iselin, N.J.-based biomaterials-company specializes in the development and commercialization of anti-adhesion and drug delivery products.

IWT Tesoro holds steady

Not much activity was seen Friday in IWT Tesoro Corp.'s stock, which remained the same, ending the day at $0.17.

IWT Tesoro offered a $10 million convertible cumulative preferred stock Thursday.

KMA Capital Partners, Inc. agreed to purchase up to 2,000,000 shares at $5.00. The conversion price is $0.625. The convertibles priced Wednesday.

Westport, Conn.-based Tesoro is a wholesale-driven tile distributor.

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