ECOtality wraps tranche; GTX gets credit line; Fluid Music upsizes offering; Canaco lifts deal

By Stephanie N. Rotondo

Portland, Ore., Nov. 18 - ECOtality Inc. announced Wednesday it closed the second tranche of a previously announced private placement of stock, taking in $5 million.

The company already raised $15.5 million, bringing total proceeds thus far to $20.5 million.

Meanwhile, GTX Corp. said it had secured a $10 million credit line. The investor will purchase stock over the next three years.

Among upsized deals, Fluid Music Canada Inc. said it increased its private placement of stock to C$16.2 million from C$10 million. Canaco Resources Inc. also upped its private placement of units. The company now intends to raise C$5.35 million.

Strategic Oil & Gas Ltd. said it settled the first tranche of its private placement of units. The company took in more than C$11 million and plans to raise another C$3 million within a week.

ECOtality wraps second tranche

ECOtality has raised $20.5 million from a private placement of common stock, according to a regulatory filing.

The deal originally priced Nov. 4. At that time, the company raised $15.5 million. Another $5 million settled Nov. 16.

According to the terms of the deal, the Scottsdale, Ariz.-based company issued common shares at $0.12 per share. The deal also includes 100% warrant coverage, with warrants exercisable at $0.15 for five years.

Proceeds will be used "as working capital to support the initial requirements of the $99.8 million award from the Department of Energy and will provide the company with the necessary financial capabilities to meet its anticipated expansion as a leader in electric vehicle charging infrastructure," according to the Nov. 4 press release.

A person familiar with the deal said he was not sure if this tranche signaled the end of the equity raise or not.

"They haven't stated whether they intend to end their capital search," the source said, adding that he "expected one more round."

ECOtality's equity (OTCBB: ETLY) gained $0.006, or 4.27%, to $0.144. Market capitalization is $30.8 million.

ECOtality is a renewable energy company.

GTX gets credit line

Another Scottsdale-based company, GTX, also announced an equity financing during the day's session.

GTX said it secured a $10 million line of credit with Dutchess Opportunity Fund, II, LP. Dutchess will purchase common shares over a three-year period, according to the terms of the deal. The fund will buy the shares at a pre-negotiated discount.

"The completion of this facility, with an established financing partner such as Dutchess, is a clear indication of optimism returning to the capital markets and provides resources GTX Corp. may need to facilitate its business model," said Murray Williams, chief financial officer, in a press release.

"After giving consideration to the operating milestones planned for the next two years along with factoring in the flexibility of the terms and relatively low cost of capital Dutchess provides compared to others, we strongly believe this financing facility will be a beneficial complement to GTX Corp.'s ability to execute its business plan, and will enhance its long-term stockholder value, while avoiding unnecessary dilution."

GTX's shares (OTCBB: GTXO) improved by $0.009, or 5%, to $0.189. Market capitalization is $6.88 million.

GTX is a developer of raster editing and conversion software.

Fluid upsizes stock placement

Fluid Music Canada, a Toronto-based private label music distribution company, said it increased a previously announced private placement of common shares to C$16.2 million.

The deal originally priced at C$10 million on Nov. 11.

The company now intends to issue 9.26 million shares at C$1.75 per share on a best-efforts basis.

Fluid will use the proceeds for its previously announced takeover bid for Somerset Entertainment Income Fund, including possible debt repayments.

Calls seeking comment were not returned Wednesday.

Fluid's shares (Toronto: FMN) increased a penny, or 0.56%, to C$1.81. Market capitalization is C$94.5 million.

Canaco increases unit sale

Canaco Resources also upsized a deal, according to a press release.

The company is looking to raise C$5.35 million via a non-brokered private placement of units.

The deal originally priced at C$4.03 million on Nov. 11.

Canaco will issue approximately 15.28 million units at C$0.35 per unit. The units will consist of one common share and one half-share warrant. The whole two-year warrants are exercisable at C$0.45 in the first year and at C$0.75 in the second year.

Proceeds will be used for working capital, project generation and exploration costs.

Calls seeking comment were not returned Wednesday.

Canaco's equity (TSX Venture: CAN) moved up 5 cents, or 11.63%, to C$0.48. Market capitalization is C$43.2 million.

Canaco Resources is a Vancouver, B.C.-based mineral exploration company.

Strategic wraps first tranche

Strategic Oil & Gas took in C$11.49 million in the first tranche of a private placement of equity units.

Another C$3 million is expected to be raised on a non-brokered basis within the next week.

The company sold approximately 3.63 million flow-through share units at C$0.55 per unit. Each unit contained one common share and one half-share flow-through warrant. Whole warrants are exercisable at C$0.70 for one year.

Also, Strategic issued approximately 21.09 million common share units at C$0.45 per unit. Each unit contained one common share and one warrant. Warrants are exercisable at C$0.60 for one year.

Strategic intends to use the funds, in part, to pay for its Taber/Conrad acquisition. According to Arn Schoch, president and chief executive officer, about C$4 million will be used for that purpose. The remaining funds will be used for work programs at the company's southern Alberta property and its Maxhamish winter drill program.

Strategic's stock (TSX Venture: SOG) ended 3 cents, or 6.38%, better at C$0.50. Market capitalization is C$17.9 million.

Strategic Oil & gas is a Vancouver, B.C.-based oil and natural gas exploration company.

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