Wave Systems offers stock; Electro-Optical plans direct offering; GGL Diamond to issue units

By Stephanie N. Rotondo

Portland, Ore., July 17 - The private placement market hit a lull Friday and many small-sized deals - in the neighborhood of $3 million or less - entered the marketplace.

Wave Systems Corp., for one, announced a $3.17 million registered direct offering of equity. Electro-optical Sciences Inc. also announced a direct placement, for $15 million. That was one of the day's biggest deals.

Meanwhile, GGL Diamond Corp. said it hoped to raise C$1.4 million by issuing both flow-through and common share units. Fellow Canadian mineral explorer First Bauxite Corp. also announced a unit sale, for proceeds of C$1.4 million.

Ucore Uranium Inc. increased the size of a private placement of units originally announced July 3. The company now plans to issue up to 18.5 million units, instead of the original 15 million.

Wave Systems offers stock

Lee, Mass.-based Wave Systems, a manufacturer of hardware- and software-based digital security systems for computers, will conduct a $3.17 million registered direct offering of shares, according to a regulatory filing.

Under the terms of the deal, approximately 3.45 million class A common shares will be sold at $0.92 per share. Five-year warrants equal to approximately 1.72 million additional shares are also included, at a strike price of $1.155.

Proceeds will be used for ongoing operations.

Calls made to the company seeking comment went unreturned Friday.

Wave's stock (Nasdaq: WAVX) declined 20 cents, or 18.18%, to $0.90. Market capitalization is $59.6 million.

Electro-Optical plans direct offering

Electro-Optical Sciences will take in $15 million from a registered direct offering of equity, the company announced.

The company plans to sell 2.4 million common shares at $6.25 per share.

Proceeds will be used to advance the company's MelaFind product line. MelaFind is a non-invasive computer vision system that helps in the early detection of melanoma.

Settlement is expected by July 22.

Electro-Optical's stock (Nasdaq: MELA) fell 81 cents, or 10.83%, to $6.67. Market capitalization is $120 million.

Electro-Optical Sciences is an Irvington, N.Y.-based developer of medical devices used to detect melanoma.

GGL Diamond to issue units

Among some of the day's other smaller-sized deals, GGL Diamond announced a C$1.4 million private placement of equity units.

The Vancouver, B.C.-based company will issue flow-through share units at C$0.08 per unit. Each unit will hold one flow-through common share and one half-share warrant. Whole warrants are exercisable at C$0.10 for one year.

Also, the company will sell common share units at C$0.06 per unit. Those units will contain one common share and one half-share warrant. The three-year whole warrants are exercisable at C$0.10 in the first year, at C$0.20 in the second and C$0.30 thereafter.

Funds raised in the financing will go toward trenching, sampling and drilling of the PGB gold assets, as well as for general corporate purposes.

GGL's equity (TSX Venture: GGL) ended unchanged at C$0.075. Market capitalization is C$10.1 million.

First Bauxite to raise C$1.14 million

First Bauxite is also planning a smaller financing. The company hopes to raise C$1.14 million by selling common share units in a non-brokered private placement.

Approximately 1.38 million units will be sold at C$0.83 per unit. The units will contain one common share and one half-share warrant, exercisable at $1.00 in the first year and at C$1.10 thereafter.

Proceeds will be used for exploration and development at the company's Guyana properties.

First Bauxite's shares (TSX Venture: FBX) improved by a penny, or 1.03%, to C$0.98. Market capitalization is C$39.4 million.

First Bauxite is a Vancouver, B.C.-based explorer and developer of bauxite deposits.

Ucore increases unit placement

Ucore Uranium upsized its non-brokered private placement of units, according to a press release.

The company said it would sell 18.5 million units at C$0.20 per unit, for total proceeds of C$3.7 million. The deal originally priced for 15 million units at C$0.20, for proceeds of C$3 million.

Each unit will contain one common share and one half-share warrant, exercisable at C$0.30 for two years.

Proceeds will be used to "advance exploration on the company's properties, focusing on the company's Bokan Mountain property, and for general working capital," the release said.

The expected settlement date was also extended to July 22 from July 17.

Ucore's equity (TSX Venture: UCU) gained C40.005, or 1.45%, to C$0.35.

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