Noveko wraps first tranche; BluePhoenix to issue stock; OXIS sells 0% convertibles debentures

By Stephanie N. Rotondo

Portland, Ore., Oct. 12 - Noveko International Inc. said it settled the first tranche of a previously announced private placement of units on Monday.

The company raised C$11.7 million of the planned C$13.5 million financing. Proceeds will be used to fund the company's growth strategy.

Meanwhile, BluePhoenix Solutions Ltd. brought a $4.2 million placement of stock and warrants to market. The company will use the funds to repay debt, among other things.

OXIS International Inc. said it took in $2 million from the private issuance of 0% convertible debentures. The financing will allow the company to execute its plan to enter the consumer products marketplace.

Also, Cyan Holdings plc said it arranged a £2 million private placement. The company hopes the funds will help it return to profitability.

Noveko wraps first tranche

Noveko International settled the first tranche of its C$13.5 million private placement of units.

The deal originally priced on Sept. 29. The company raised C$11.7 million in this tranche.

The units - consisting of one class A common share and one half-share warrant for class A shares - were issued at C$2.20 each. Whole warrants are exercisable at C$3.00 for 36 months.

Proceeds from the financing will be used to "pursue the company's global growth objectives, namely, fund the expansion of its international distribution networks, develop its current IP portfolio, develop new innovative applications, expand its production capacity and for working capital purposes," the company said in a statement.

The second and final tranche is expected to close by Oct. 30.

Noveko's shares (Toronto: EKO) gained 2 cents, or 0.91%, to C$2.21. Market capitalization is C$150.2 million.

Noveko International is a Montreal-based company specializing in the development, manufacturing and marketing of derivative products from its patented antimicrobial filtration technology, and the development, manufacturing and marketing of medical equipment, primarily portable real-time ultrasound scanners for use in human and veterinary medicine.

BluePhoenix to sell stock, warrants

BluePhoenix Solutions will raise $4.2 million in a private placement of stock and warrants, the company announced.

The company will sell shares of common stock at $3.05 each. Investors will also receive a total of 818,744 series A warrants, approximately 1.36 million series B warrants and 818,744 series C warrants.

The series A warrants are exercisable at $3.95 for five years, while the series B warrants carry a strike price of $3.05 for 4½ months. The series C warrants are exercisable into a number of shares equal to 60% of the series B warrants ultimately exercised at $3.95 per share for five years.

Proceeds will be used to repay debt, for potential acquisitions and general working capital. Settlement is expected by Oct. 15.

BluePhoenix's stock (Nasdaq: BPHX) fell 48 cents, or 13.37%, to $3.11. Market capitalization is $64.72 million.

BluePhoenix is a Herzliya, Israel-based provider of value-driven legacy IT modernization solutions.

OXIS sells 0% convertibles

OXIS International took in $2 million from a private placement of 0% convertible debentures, according to a press release.

The convertible notes can be converted into common shares at $0.05 per share. Investors also received series A and B warrants, allowing participants to purchase additional shares equal to 50% of the principal amount invested. The warrants are exercisable at $0.0625 and $0.075, respectively, for five years.

If all the warrants are exercised, it would result in an additional 40 million shares being issued.

"OXIS has long been known for its unique and patented science," remarked Tony Cataldo, chairman and chief executive officer, in the release.

"We are now beginning our transition from a company with strong Intellectual Property to a company with multiple products in selective channels. This new financing from strategic investors, led by Theorem Capital, LLC, will allow us to begin our transition into the consumer products marketplace. Our efforts will be focused on high quality products taking advantage of the IP that Oxis has developed during its 45 year life."

OXIS' stock (Pink Sheets: OXIS) improved by $0.005, or 3.13%, to $0.165. Market capitalization is $8.43 million.

OXIS International is a Beverly Hills, Calif.-based nutraceutical company.

Cyan to issue ordinary stock

Cyan Holdings, a Cambridge, England-based fabless seminconductor company, said it would conduct a £2 million private placement of ordinary shares.

Cenkos Securities plc is leading the placement.

The company will sell approximately 95.23 million shares at 2.1p per share. The price represents a 10.7% discount to the closing mid-market stock price of 2.33p.

Proceeds "will provide the company with the resources to execute its strategy and to take it through to profitability," the company said.

Cyan's equity (London: CYAN) ended at 2.3p. Market capitalization is £12.63 million

© 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.