LTC brings $48.5 million direct offering; Themac aims for C$15 million; 600 Group secures loan

By Stephanie N. Rotondo

Portland, Ore., Aug. 3 - LTC Properties Inc. brought a registered direct offering of stock to market on Tuesday.

The company is raising more than $48.5 million in the placement and intends to use the proceeds to redeem outstanding preferred shares.

Meanwhile, Themac Resources Group Ltd. is hoping to raise between C$7 million and C$15 million via a private placement of equity. The deal also includes an over-allotment option.

600 Group plc publicized its new £2.5 million loan from Haddeo Partners LLP. The company said the funds will allow it to focus on its growth plans.

And, MegaWest Energy Corp. announced a private placement of convertible notes. The company is seeking C$2.5 million from the financing, which will be used, in part, for MegaWest's capital expenditure program.

LTC brings direct placement

LTC Properties will raise $48.66 million via a registered direct offering of stock, according to a regulatory filing and subsequent press release.

The company will issue 1.97 million common shares at $24.70 per share to a single institutional investor.

The price per share is a 2.22% discount to the Aug. 2 closing share price of $25.26.

The company intends to use the proceeds to redeem, in whole or in part, its series E and F preferred stock. The funds may also be used for general corporate purposes.

The company did not return calls seeking comment on Tuesday.

LTC's stock (NYSE: LTC) gained 30 cents, or 1.19%, to $25.26. Market capitalization is $608.17 million.

LTC Properties is a Malibu, Calif.-based real estate investment trust focused on the purchase of long-term care and other healthcare facilities.

Themac aims for C$15 million

Themac Resources Group, a Vancouver, B.C.-based natural resource explorer, announced a private placement of equity for proceeds up to C$15 million.

The deal also includes a C$5 million greenshoe.

Themac is selling common shares at C$0.50 per share, representing a 42.86% premium over the C$0.35 closing share price on Aug. 2.

Proceeds will be used to acquire and develop the Copper Flat project and for working capital.

The company did not return calls seeking comment on Tuesday.

Themac's equity (TSX Venture: MAC.H) slipped 2 cents, or 5.71%, to C$0.33. Market capitalization is C$2.82 million.

600 Group gets loan

London-based 600 Group secured a £2.5 million loan from Haddeo Partners LLP, according to a press release.

The five-year loan bears an 8% coupon, which is calculated on a non-compound basis.

The investor will also receive warrants equal to 12.5 million ordinary shares. The warrants are exercisable at 20p - a 25% premium over the Aug. 3 closing share price of 16p (London: SIXH) - for five years.

The oil and gas company will use the funds to grow its business and to increase its manufacturing capacity in Europe.

Market capitalization is £10.23 million.

MegaWest to issue converts

MegaWest Energy publicized its plan to raise $2.5 million via a private placement of senior secured convertible notes.

The 18-month notes are convertible into common shares at $0.05 per share, representing a 37.5% discount to the Aug. 2 closing share price of $0.08. And, the notes can be redeemed for cash at any time, with a 5% premium.

The coupon is 8% in cash and 12% in kind.

The investors will also receive one warrant for every $0.05 in notes. The warrants are exercisable at $0.05 for three years.

In addition to the financing, MegaWest also said it had converted its series A preferred shares into junior secured convertible notes and that it had reacquired a 10% working interest in its Marmaton River and Grassy Creek heavy oil projects in exchange for a 2.75% overriding royalty interest on the properties.

Proceeds from the financing will be used for capital expenditures and for operating expenses.

MegaWest's shares (OTCBB: MGWSF) fell 2 cents, or 18.75%, to $0.07.

MegaWest Energy is a Calgary, Alta.-based energy company.

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