Saehan seals $60 million; Acorn Energy brings direct offering; U.S. Geothermal to place shares

By Stephanie N. Rotondo

Portland, Ore., March 9 - It was yet another busy day in the PIPE market, which continued to be dominated by the energy and mining and pharmaceutical sectors.

But it was a financial company - Saehan Bancorp - that placed the day's largest deal. The company announced it had completed a $60 million private placement of equity. The deal was oversubscribed, resulting in total proceeds of $60.6 million.

Meanwhile, Acorn Energy Inc. said it intended to raise $12.28 million via registered direct offering of equity. The company plans to use the proceeds to fund pending acquisitions.

U.S. Geothermal Inc. is hoping to pocket more than $8.5 million from a private placement of stock, the company said in a regulatory filing. Investors will also receive 50% warrant coverage.

Among other settled transactions, Candente Copper Corp. wrapped a C$6.23 million placement of units and special warrants. That deal, like Saehan's, was also oversubscribed.

Provectus Pharmaceuticals Inc. said it was seeking $5.3 million from a private placement of convertible preferred shares. And, Far East Energy Corp. announced a $5.01 million registered direct offering of common shares.

Saehan seals $60 million

Saehan Bancorp, the Los Angeles-based holding company for Saehan Bank, settled a $60.6 million private placement of common stock.

The deal originally priced at $60 million on Jan. 21.

As a result of the capital raise, the company achieved a Tier 1 capital leverage ratio in excess of 10%, as required by a Dec. 7 consent order with the Federal Deposit Insurance Corp. and the California Department of Financial Institutions.

Proceeds will be used as new capital to the bank.

Calls seeking comment were not returned Tuesday.

Saehan's shares (OTCBB: SAEB) gained 34 cents, or 28.10%, to $1.55. Market capitalization is $24.85 million.

Acorn brings direct offering

Acorn Energy orchestrated a $12.28 million direct placement of equity, according to a regulatory filing and subsequent press release.

The company will issue approximately 2.23 million common shares at $5.50 each in the registered direct offering.

Proceeds will be used for pending acquisitions, as well as potential future acquisitions. Settlement is expected by March 11.

The company did not respond to emails seeking further comment Tuesday.

Acorn's equity (Nasdaq: ACFN) fell $0.7325, or 10.85%, to $6.0175. Market capitalization is $70 million.

Acorn Energy is a Montchanin, Del.-based developer of clean energy technologies.

U.S. Geothermal to raise $8.62 million

U.S. Geothermal will raise $8.62 million from a private placement of common stock, the company said in a regulatory filing.

The Boise, Idaho-based company will issue approximately 8.20 million of the shares at $1.05 per share. Investors will also receive 50% warrants coverage and each warrant is exercisable at $1.25 for five years.

Proceeds will be used for the development of the company's Neal Hot Springs geothermal project, as well as for general working capital. Settlement is expected by March 12.

The company did not return calls seeking comment on Tuesday.

U.S. Geothermal's stock (Amex: HTM) dipped $0.1701, or 14.06%, to $1.0399. Market capitalization is $73.2 million.

Candente completes unit placement

Candente Copper wrapped its previously announced private placement of units and special warrants, taking in C$6.23 million.

The deal originally priced at C$5 million on Feb. 16 and was upsized to C$6 million on March 4. The deal was originally intended to only include the sale of units.

Candente issued approximately 12.94 million units and 4.87 million special warrants at C$0.35 each on a best-efforts basis. Theunits consisted of one common share and one half-share warrant. Whole warrants are exercisable at C$0.50 for three years.

The special warrants are exercisable for one unit at no additional cost.

"We are very pleased to have funding in place to resume significant exploration and development work on our copper projects in Peru," said Sean Waller, P. Eng., president, in a press release. "Since the release of our positive preliminary economic assessment report in 2008 we have identified a number of factors which we believe will improve the economics of the Canariaco Norte copper project. 2010 will be a very exciting year for Candente Copper."

Candente's shares (Toronto: DNT) closed unchanged at C$0.38. Market capitalization is C$31.2 million.

Candente Copper is a Vancouver, B.C.-based mineral exploration company.

Provectus to issue shares, warrants

Provectus Pharmaceuticals brought a $5.3 million private placement of convertible preferred stock to market.

The company will issue 7.1 million of the shares. Investors will also receive warrants equal to approximately 3.55 million common shares. The warrants are exercisable at $1.00.

Proceeds will be used for working capital. Settlement is expected by March 11.

The company was unavailable for comment Tuesday

Provectus' stock (OTCBB: PVCT) declined by 3 cents, or 2.17%, to $1.35. Market capitalization is $79.2 million.

Provectus Pharmaceuticals is a Knoxville, Tenn.-based developer of cancer treatments.

Far East plans stock sale

Far East Energy is seeking $5.01 million via a registered direct offering of common stock, the company said in a press release.

The Houston-based natural gas company will sell 11.66 million shares at $0.43 per share. Warrants for an additional 4.66 million shares will also be issued, exercisable at $0.80 for five years.

If fully exercised, the warrants would bring in an additional $3.73 million.

"We are very pleased to welcome new institutional investors to Far East," noted Michael R. McElwrath, chief executive officer, in the release. "The participation of major institutional investors in this offering highlights the confidence the investor community has put in our business strategy and our future growth. We look forward to closing this offering and having the capital we need to execute our business plan, including our Shouyang 1H Pilot Area drilling program."

Settlement is expected by March 11.

Far East's equity (OTCBB: FEEC) slipped a nickel, or 10.0%, to $0.45. Market capitalization is $69.8 million.

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