Ener1 pockets $32 million; Excelsior raises C$8.72 million at a premium; Moly Mines plans A$88 million

By LLuvia Mares

New York, Nov. 20 - Now that Ener1, Inc. has $32 million more in the bank after finalizing a private placement of stock, the company said the financing and partnership will strengthen its balance sheet.

"This vote of confidence from some of the largest financial investors in the world solidifies our balance sheet and puts Ener1 in the game to compete for contracts with the biggest players in the automotive market," said Charles Gassenheimer, company chairman, in a press release.

"In particular, this makes our EnerDel battery division more competitive to win major new hybrid, plug-in hybrid and electric vehicle (HEV, PHEV and EV) contracts."

The company sold 64 million shares to six major financial institutions and warrants to purchase 57.6 million additional shares at an exercise price of $0.75 per share. The warrants can be exercised for a period of 180 days following the closing.

If exercised, the warrants will provide an additional $43 million, for a total of $75 million of equity capital at an average price of $0.62 per share.

The company's stock (OTCBB: ENEI) closed at $0.68 on Tuesday, up $0.04 from Monday's $0.65close.

Proceeds will be used to continue to fund the development and commercialization of the company's alternative energy generation storage business.

Fort Lauderdale, Fla.-based Ener1 is an alternative energy technology company.

Excelsior sells C$8.72 million

Excelsior Energy Ltd. said raising C$8.72 million will help the company continue its exploration and development program.

"We issued flow-through shares as a way for us to raise money at a premium price to fulfill our drilling obligations at the two properties that we have in northern Alberta," said Mary Kennedy, company vice president of finance and chief.

"We believe we have very good quality reserves in the assets at both our properties, which we believe are going to allow us to move forward into a development and pilot project for production."

The company announced it entered into an agreement with a syndicate of agents led by Canaccord Capital Corp. and including Orion Securities Inc. and Blackmont Capital Inc. for a C$8.72 million private placement of shares. The deal priced on Nov. 20 for C$7 million and was upsized a few hours later.

Excelsior will sell 2,819,200 common shares at C$0.52 each for C$1,465,984 and up to 11,154,000 flow-through shares at C$0.65 apiece for C$7,250,100.

The company's stock (TSX Venture: ELE) closed at C$0.52 on Tuesday, down C$0.20 from Monday's C$0.54 close.

Looking for acquisitions

Kennedy also said the company will continue to look into any acquisitions that come across its table.

"We absolutely would always considering potential acquisitions to build value for our company and increase our land-base in northern Alberta. This would have to be funded with equity financing at this point because we are not producing properties yet," she said.

Proceeds will be used for exploration, development and general corporate purposes. Settlement is expected Dec. 12.

Calgary, Alta.-based Excelsior is active in oil sands exploration and appraisal.

Moly Mines to raise A$88 million

Leading news in the mining sector, Moly Mines Ltd. announced it plans to negotiate two private placements of shares to raise A$88 million.

The company will sell a total 22 million shares at A$4.00 per share. Of those, 17.1 million shares will be issued to Harbinger Capital Partners Master Fund I Ltd. and Harbinger Capital Partners Special Situations Funds, LP. The remaining 4.9 million shares will be sold to clients of BBY Ltd. and Paradigm Capital Inc. BBY was the lead manager of the deal.

Moly Mines' stock (Australia: MOL) closed at A$4.33 on Tuesday.

Following the placement, Harbinger will hold a 19.9% interest in the company.

Proceeds will be used for pre-construction activities.

Based in West Perth, Western Australia, Moly Mines is exploring and evaluating its molybdenum, gold and tantalum ground holdings.

Pan Terra announces C$10 million

In other mining sector news, Pan Terra Industries Inc. announced it will raise C$10 million in a non-brokered private placement of units.

The company will sell 10 million units at C$1.00 per unit. Each unit consists of one common share and one half-share warrant. Each whole warrant will be exercisable at C$1.50 for one year.

The company's stock (NEX Board: PNT.H) closed at C$0.495 on Nov. 19 and did not see any activity Tuesday.

Proceeds will be used for exploration, land acquisitions, to optimize the company's Sylvan Lake property and for general working capital.

Based in Calgary, Alta., Pan Terra develops or redevelops construction sites so that contractors may proceed with construction.

PhosCan sells C$17.66 million

In other news, PhosCan Chemical Corp. settled a C$17.65 million private placement of shares.

The deal priced for C$16,005,000 on Nov. 6 with a C$1.65 million greenshoe.

The company sold 16.05 million common shares at C$1.10 apiece. Of those, 1.5 million shares were part of the greenshoe.

PhosCan's stock (TSX Venture: FOS) closed at C$90, up C$0.02 from Monday's C$0.88 close.

The deal was conducted by a syndicate of underwriters led by Wellington West Capital Markets Inc. Wellington also was the bookrunner.

Proceeds will be used for advancement of the company's Martison Phosphate project, working capital and general corporate purposes.

Based in Toronto, Phoscan, formerly MCK Mining is a development stage mining company.

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