First Uranium eyes C$150 million; Apoquindo adds non-brokered deal; Trelawney plans stock sale

By Stephanie N. Rotondo

Portland, Ore., March 12 - Canadian Resources companies clearly dominated Friday's PIPE market.

First Uranium Corp. said it will raise up to C$150 million via a private placement of convertible notes. Two investors have already been lined up, for proceeds of about C$60 million. The remaining funds will come from institutional investors.

Also, Apoquindo Minerals Inc. added on a non-brokered financing to its previously announced brokered financing. The company will sell units in both deals, with C$10.5 million being raised in the non-brokered portion. All told, the company is looking to raise about C$33 million.

Trelawney Mining and Exploration Inc. will sell common shares in an effort to raise C$8 million. Proceeds will be used for work at the company's Chester Property.

Meanwhile, Provectus Pharmaceuticals Inc. - one of the few non-Canadian, non-resource companies seen during Friday's session - said it had taken in nearly $7.5 million from a private sale of preferred units.

Americas Petrogas Inc. brought a C$7 million bought-deal financing to market. The deal also includes an over-allotment option, allowing the company to raise a total of C$10 million.

And, Kiska Metals Corp. completed a previously announced private placement of units, for proceeds just over C$6 million.

First Uranium seeks C$150 million

First Uranium will pocket between C$125 million and C$150 million via a private placement of senior secured convertible notes, according to a press release.

Simmer and Jack Mines Ltd. and Gold Wheaton Corp. are among the participating investors. Simmer will purchase C$40 million of the notes, while Gold Wheaton will invest C$20 million.

And, Gold Wheaton may reduce its investment if the placement agent - RBC Capital Markets Inc. - raises more than C$65 million.

The notes matured March 31, 2013 and are convertible into common shares at an initial conversion price of C$1.30. The conversion price represents a 13% discount to the five-day volume weighted average price of the stock.

The notes will be sold in increments of C$1,000 and each increment is convertible into 769.2307 common shares.

Settlement is expected by March 31 and no sooner than March 26.

Calls seeking further comment were not returned Friday.

First Uranium's equity (Toronto: FIU) jumped 18 cents, or 12.08%, to C$1.67. Market capitalization is C$275 million.

First Uranium is a Vancouver, B.C.-based gold and uranium exploration company.

Apoquindo adds non-brokered deal

Apoquindo Minerals, a Vancouer, B.C.-based junior natural resources company, announced a C$10.5 million non-brokered private placement of units.

The deal is being done concurrently with a C$20 million brokered placement, which was announced Feb. 26. The brokered portion also has a C$3 million greenshoe.

Both deals carry the same terms.

"The non-brokered private placement is being carried out due to the demand from current shareholders and management to participate in the company's current financing efforts," the company said in a press release.

In the non-brokered tranche, Apoquindo will issue approximately 12.35 million units at C$0.85. The company will sell approximately 23.53 million units in the brokered offering.

Each unit will hold one common share and one half-share warrant. Whole warrants are exercisable at C$1.00 for four years.

Proceeds will be used to advance the Zafranal porphyry Copper Gold Project and for working capital purposes. Settlement on both transactions is expected by March 17.

The company did not respond to calls seeking comment on Friday.

Apoquindo's stock (TSX Venture: AQM) fell a penny, or 1.19%, to C$0.83. Market capitalization is C$38 million.

Trelawney to privately place equity

Trelawney Mining & Exploration is seeking C$8 million from a private placement of equity.

The bought-deal also includes a C$1.2 million over-allotment option.

Trelawney will sell approximately 7.62 million common shares at C$1.05 per share.

Proceeds from the financing will be used for exploration and development of the company's Chester Property, as well as for general working capital.

The company did not return calls or emails seeking comment Friday.

Trelawney's shares (TSX Venture: TRR) dropped 13 cents, or 10.16%, to C$1.15. Market capitalization is C$46.8 million.

Trelawney Mining is a Toronto-based gold exploration company.

Provectus completes preferred-unit sale

Provectus Pharmaceuticals wrapped a $7.49 million private placement of preferred units, the company said in regulatory filing and subsequent press release.

The deal originally priced at $5.1 million on March 9 and settled March 11.

In an email to Prospect News, Peter Culpeper, chief financial and operating officer, said that the deal was not oversubscribed, but that "they had not limited it to the $5 million. Certain investors wanted to announce what had been executed even though additional investors were still in process of executing."

All told, Provectus issued approximately 9.97 million units at $0.75 each. The units consisted of one 8% convertible preferred and one half-share warrant. Whole warrants are exercisable at $1.00.

"I'm pleased with the outcome because we have institutional ownership now and are able to fund a phase 3 melanoma study if it is required," Culpeper added in his email.

"The company will use the net proceeds of the private placement for working capital, FDA trials, securing licensing partnerships and general corporate purposes," according to the regulatory filing.

Provectus' stock (OTCBB: PVCT) improved by 2 cents, or 1.5%, to $1.35. Market capitalization is $85.7 million.

Provectus Pharmaceuticals is a Knoxville, Tenn.-based pharmaceutical company focused on developing cancer treatments.

Americas announces bought-deal

Americas Petrogas will sell common shares in a bought-deal private placement to raise C$7 million.

There is a C$3 million greenshoe.

The company will issue a total of 8.64 million shares at C$0.81 each.

Proceeds will go toward ongoing exploration and development of the Calgary, Alta.-based company oil and gas properties, to advance its potash project and for general corporate purposes. Settlement is expected by March 29.

Americas' equity (TSX Venture: BOE) declined by 3 cents, or 3.37%, to C$0.86. Market capitalization is C$83.3 million.

Kiska settles final tranche

Kiska Metals completed the second and final tranche of its private placement of units, taking in C$1.57 million.

The deal originally priced for C$5.94 million on Feb. 22. The first tranche of C$4.44 million settled March 3.

The Toronto-based company 6.72 million units in the first tranche and 2.37 million in the second. Each unit - consisting of one common share and one half-share warrant - was sold at C$0.66.

Whole warrants are exercisable at C$0.92 until March 11, 2011.

Proceeds will be used for exploration at the Whistler Project in Alaska, as well as for general corporate purposes.

Calls seeking comment were not returned Friday.

Kiska's shares (TSX Venture: KSK) increased by 4 cents, or 5.00%, to C$0.84. Market capitalization is C$45.3 million.

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