InterOil wraps $10 million; EPIX negotiates $16.3 million; St Andrew plans C$20 million

By LLuvia Mares

New York, Nov. 12 - InterOil Corp. decided to go the tranche route for its private placement of stock so that it could raise money now for drilling while waiting for the approval needed to complete the whole financing.

InterOil closed $10 million in the first tranche Monday, which is one of two parts of a $25 million private placement of stock.

"This financing gives us the necessary flexibility that we needed for drilling the next foreseeable wells," said a company spokesperson.

In total, InterOil plans to sell 1,078,516 shares at $23.18 each. The first tranche included 431,406 shares.

Settlement of the rest of the placement is still waiting on regulatory approvals.

The company's stock (Amex: IOC) closed at $20.30 on Monday, down $0.37 from the $20.67 close on Friday.

Proceeds will be used for appraisal and development of the company's Elk and Antelope structures, including contracting a second drill rig.

InterOil is an oil and gas company with headquarters in The Woodlands, Texas.

EPIX negotiates $16.3 million

In the pharma sector, EPIX Pharmaceuticals announced Monday it plans to raise $16.3 million in a private placement of stock.

The company will sell 5.2 million shares at $3.10 per share to a group of institutional investors. No warrants were attached in the deal.

EPIX's stock (Nasdaq: EPIX) closed at $3.53 on Monday, down $0.20 from the $3.75 close on Friday.

The transaction is expected to close Nov. 15.

Proceeds will be used to finance ongoing clinical trials, advance research and development activities and for general corporate purposes.

Lexington, Mass.-based EPIX is a biopharmaceutical company.

St Andrew plans C$20 million

On Monday, St Andrew Goldfields Ltd. announced it plans to pocket up to C$20 million from a private placement of stock.

The company plans to sell up to 33,333,333 shares at C$0.60 each.

St Andrew Goldfields' stock (Toronto: SAS) closed at C$0.57 on Monday, down C$0.04 from the C$0.61 close on Friday.

Managed accounts of Trapeze Asset Management Inc. and of Trapeze Capital Corp., both insiders of the company, are expected to subscribe for about C$11.4 million on a non-brokered basis. That portion of the deal is expected to close on Nov. 15.

The remainder of the placement will be brokered and is expected to close on Dec. 12.

Proceeds will be used for exploration at St Andrew's Nixon Fork property, development and drilling, working capital and general corporate purposes.

St Andrew is a gold mining and exploration company based in Oakville, Ont.

Alter to raise C$10 million

In the energy department, Alter Nrg Corp. announced it entered into an agreement with investor Coghill Capital Management, LLC for a C$10 million private placement of units.

The company will sell 4,405,286 units at C$2.27 apiece. Each unit will consist of one share and one half-share warrant. The whole warrants will be exercisable at C$2.27 until Dec. 3.

Alter Nrg's stock (TSX Venture: NRG) closed at C$2.15 on Monday, up C$0.05 from Friday's C$2.10 close.

The proceeds will be used to fund ongoing project development and for working capital. Closing is expected Nov.16.

Alter Nrg, a Calgary, Alta.-based development-stage company, is pursuing alternative energy solutions to meet the demand for environmentally responsible energy in world markets.

Gryphon OKs C$3.84 million

In the mining sector, Gryphon Gold Corp. made news after announcing its board of directors' approval for a private placement of units for C$3.84 million. The deal was announced on July 13 for a maximum of C$4 million.

The company will sell up to 4.8 million units at C$0.80 apiece. It originally intended to sell up to 5 million units at that price.

As previously reported, each unit will consist of one share and one two-year warrant. The warrants will have strike prices of C$1.00, if exercised within the first year and C$1.25 if exercised in the second year.

The company's stock (Toronto: GGN) closed at C$0.85 on Monday, up C$0.03 from Friday's $0.80 close.

The proceeds will be used for exploration and development programs.

Gryphon is a Vancouver, B.C.-based gold exploration company.

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