Bank of Ireland seeks £500 million from unit placement; First Uranium seals C$150 million deal

By Stephanie N. Rotondo

Portland, Ore., April 26 - The PIPE market was active Monday, with many resource companies - particularly those in the oil and gas sector - seeking funds. There were also a few financial companies entering the mix as well.

Bank of Ireland, for instance, announced a £500 million private placement of units. The company is selling the units at a discount and will use the funds for day-to-day operations.

In the mining arena, First Uranium Corp. said it completed a C$150 million private placement of convertible notes. Simmer and Jack Mines Ltd. and Gold Wheaton Gold Corp. were among participating investors.

Capital Bancorp, another financial institution, brought a $7.5 million registered direct offering to market. The company will sell stock to raise the funds and will also issue warrants.

Elsewhere, Grid Petroleum Corp. inked an agreement with an investor for a committed equity financing facility. The facility is currently set at $5 million but may be increased to $7.5 million.

Crown Point Ventures Ltd. wants to raise C$6 million to pay for its upcoming drill program. As such, the company announced a private placement of units.

And ChromaDex Corp. is seeking more than $3.5 million from a private placement of stock. The Frost Group LLC is among the participating investor group.

Bank of Ireland seeks £500 million

Bank of Ireland has planned a £500 million private placement of units, according to a press release by the Dublin-based commercial bank.

The private financing is being done at the same time as a €3.42 billion rights issue and state placing.

In the private transaction, the bank will sell approximately 326.79 million units at 153p per unit. The price per share is a 15% discount to the closing price on April 23.

Proceeds will be used for day-to-day operations, as well as to help fund a debt-for-equity offer.

Bank of Ireland's equity (London: BKIR) closed at 190p.

First Uranium seals C$150 million

Among completed deals, First Uranium took in C$150 million from a private placement of senior secured convertible notes, the company announced.

The deal originally priced March 12.

The notes mature 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 shares.

Simmer and Jack Mines Ltd. purchased C$40 million South African rand-denominated notes. The notes were sold in increments of ZAR 1,000 and are convertible into 107.36 shares.

Gold Wheaton Gold Corp. meantime purchased C$20 million of the notes. The notes will be sold in increments of C$1,000 and each note can be converted into 769.2307 shares.

Accredited investors subscribed for the remaining C$90 million.

In connection with the financing, Simmer and Jack exchanged C$22.1 million principal amount plus accrued interest in loans for an equivalent value in rand notes. Gold Wheaton settled in a part a $42 million completion penalty payment due to its gold stream transaction for 14 million common shares, along with a commitment to complete the third gold plant module at Mine Waste Solutions, which is owned by First Uranium.

Proceeds will be used for capital expenditures at Mine Waste Solutions and for general corporate purposes.

First Uranium's shares (Toronto: FIU) inched up 3 cents, or 2.24%, to C$1.37. Market capitalization is C$229 million.

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

Capital brings direct placement

Capital Bancorp, a Lansing, Mich.-based financial services provider, announced a $7.5 million registered direct offering of common shares.

The company will sell 2.5 million shares at $3.00 per share. Investors will also receive warrants on a 1 for 1 basis. The warrants are exercisable at $3.50 until April 23, 2013.

"This transaction will further support our strategic initiatives to enhance capital resources and support balance sheet strength," Joseph D. Reid, chairman and chief executive officer, said in a press release.

"The ability to opportunistically access outside capital effectively augments our existing select affiliate divestiture program that is serving to deleverage consolidated assets while providing for the efficient allocation of equity across our multi-state network."

Proceeds will be used for working capital. Settlement is expected by April 28.

Capital's stock (NYSE: CBC) fell 70 cents, or 20.11%, to $2.78. Market capitalization is $50 million.

Grid arranges equity facility

Grid Petroleum secured a $5 million committed equity financing facility with a European institutional investor, the company said in a press release.

The funding could be increased to $7.5 million, according to the terms of the agreement.

London-based Grid will sell common stock to the investor at the higher of $0.75 of 90% of the volume-weighted average share price for the five banking days preceding the draw request.

For each share issued, the investor will also receive one warrant. The warrants are exercisable at 150% of the share price for two years.

"This equity financing has come at a time when Grid is preparing to undertake exploration on one of the richest natural gas sites in North America," Paul Watts, CEO of Grid Petroleum, said in a press release.

"Thanks to this agreement, we're able to fully undertake this exploration with the best resources available. We firmly believe it opens up the full potential of the leases' future productivity, while allowing us to protect our investors through the absence of debt."

Grid's equity (OTCBB: GRPR) gained 11 cents, or 8.21%, to $1.45.

Grid Petroleum is an oil and gas exploration company.

Crown Point wants drilling dollars

Crown Point Ventures is seeking C$6 million from a private placement of units.

The company will issue 8 million units in the non-brokered placement at C$0.75 each. The units will consist of one common share and one half-share series A warrant. Whole warrants are exercisable at C$1.00 for two years.

Proceeds will be used to fund the company's 2010 drilling program.

Crown Point's stock (TSX Venture: CWV) improved by 3 cents, or 3.53%, to C$0.88. Market capitalization is C$20.4 million.

Crown Point Ventures is a Calgary, Alta.-based oil and gas company.

ChromaDex to sell stock, warrants

ChromaDex plans to raise $3.68 million from a private placement of equity, according to a regulatory filing and subsequent press release.

The Irvine, Calif.-based company will sell approximately 26.25 million shares at $0.14 each. Additionally, the company will issue warrants equal to another 26.25 million shares.

The warrants are exercisable at $0.21 for three years.

The Frost Group LLC has agreed to participate in the financing.

ChromaDex's shares (OTCBB: CDXC) increased 19 cents, or 15.20%, to $1.44. Market capitalization is $41.8 million.

ChromaDex is a natural products chemistry company, which provides novel and innovative ingredients to the dietary supplement, food, beverage and cosmetic markets.

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