InfoSonics gears up to wrap $14.41 million PIPE; Focus Enhancements raises $10 million in notes

By Sheri Kasprzak

New York, Jan. 30 - InfoSonics Corp.'s stock got knocked down almost 12.4% Monday after the company announced the pending completion of a $14.41 million private placement of stock.

The stock dipped $1.98 to end the day at $14.00 after the deal was announced Monday morning (Amex: IFO).

InfoSonics intends to sell 1.1 million shares at $13.10 each. The price per share is an 18% discount to the company's closing stock price of $15.98 on Jan. 27.

The company had 5,332,000 outstanding shares as of Nov. 14.

The investors will receive warrants for 330,000 shares, exercisable at $18.38 each.

SG Cowen & Co., LLC was the placement agent.

Proceeds will be used for expansion both geographically and opportunistically. The rest will be used for debt repayment and working capital.

Jeffrey Klausner, InfoSonics' chief financial officer, did not immediately return requests for comment on the deal by press time Monday.

Looking to the company's earnings, InfoSonics' reported net income of $1,173,693 for the quarter ended Sept. 30, 2005, compared with a net loss of $459,987 for the corresponding quarter of 2004.

San Diego-based InfoSonics distributes wireless handsets and other accessories used with wireless devices.

Elsewhere in PIPEs, Focus Enhancements, Inc. concluded a $10 million offering of 10% senior secured convertible notes. The notes are due Jan. 1, 2011 and are convertible at $1.00 each.

Also on Monday, Focus announced that its revenue for the fourth quarter ended Dec. 31, 2005 is expected to be about $6 million, below its previous fourth-quarter outlook of $7.5 million. The company expects that it will report a fourth-quarter loss of $0.05 per share, smaller than its projected loss per share of $0.06 to $0.07.

The complete earnings report will be released in March.

"This convertible note financing significantly strengthens our working capital position as we begin 2006 and near the completion of a key strategic product development in commercializing our Talaria Ultra Wideband technology," said Brett Moyer, the company's chief executive officer, in a statement.

"At present, we expect this financing will enable us to complete our UWB development effort and fund general operating requirements to support our expected revenue growth of over 30% in 2006. This growth will be driven by the introduction of multiple new products as well as new and expanding customer relationships in our semiconductor and systems businesses."

The stock ended the day off 1 cent at $0.71 (Nasdaq Capital: FCSE).

Focus Enhancements, based in Campbell, Calif., develops personal computer-to-television video scan and networking products.

Tasker raises $9.34 million

Tasker Capital Corp.'s stock advanced by more than 4% after the company announced its completion of a $9,335,150 private placement of units.

The stock closed up 4.65%, or 4 cents, to settle at $0.90 Monday (OTCBB: TKER).

Tasker issued 13,335,925 units at $0.70 each. The units include one share and one warrant. The warrants are exercisable at $1.00 each.

Emerging Growth Equities, Ltd. was the placement agent.

Proceeds will be used for the development and commercialization of the company's products.

Also on Monday, Tasker announced that Richard Falcone was named its president and chief executive officer.

The Danbury, Conn.-based company manufactures and markets consumer products like breath fresheners.

Universal Uranium leads Canadian deals

In light Canadian PIPE activity Monday, Universal Uranium Ltd. priced a C$5.025 million unit offering as oil prices advanced and gold prices also made gains, potentially improving the volume picture for the week, at least according to one sellside source.

"Gold is looking pretty good; oil's up again," he said. "I predict it will be a reasonably active week assuming metals [and] oil remain strong."

Oil prices moved up $0.59 Monday to end the day at $68.35 per barrel.

Gold prices gained $7.40 to close at $565.90 per ounce.

Back to the Universal Uranium offering, the company intends to sell up to 6.7 million units at C$0.75 apiece. The units include one share and one half-share warrant, the whole of which is exercisable at C$1.00 each for two years.

Placement agent Haywood Securities Inc. has an over-allotment option for up to 2.7 million units.

Proceeds will be used for exploration expenses, working capital and general corporate purposes.

On June 29, 2005, Universal priced a similar offering for C$1 million. In that deal, the company sold 2 million units of one share and one half-share warrant. The whole warrants had been exercisable at C$0.65 each for one year.

On Monday, the company's stock lost 1 cent to close at C$0.85 (TSX Venture: UUL).

Based in Vancouver, B.C., Universal Uranium is a uranium exploration, acquisition and development company.

Stifel stock slips

Stifel Financial Corp.'s stock settled down slightly on Monday after the company wrapped a $26,305,500 private placement of stock on Friday.

Stifel's stock lost 27 cents, or 0.69%, to close at $38.85 Monday (NYSE: SF).

On Friday, when the company completed the financing, the company's stock ended down 2.2%.

In the placement, Stifel sold to associates of its recently acquired Legg Mason Capital Markets shares of its stock at $25.00 each.

The price per share was a 37.5% discount to the company's closing stock price of $40.00 on Jan. 26.

Legg Mason's capital markets group was purchased by Stifel from Citigroup Inc. late last year.

Based in St. Louis, Stifel provides investment advisory and financial services to individual investors, professional money managers, businesses and governments.

Biomira stock gains a penny

Shares of Biomira Inc. advanced a touch on Monday.

The company's stock moved up a penny, or 0.67%, to close at $1.50. And in after-hours trading, the stock gained another 3 cents (Nasdaq: BIOM).

On Friday, Biomira priced a $16,069,999 direct placement of units at $1.52 each.

The shares underlying the units and the warrants will be sold under the company's shelf registration.

The deal is slated to close in the coming days.

Based in Edmonton, Alta., Biomira is a biotechnology company focused on cancer therapies.

Petrohawk stock edges up

Petrohawk Energy Corp.'s stock continued to make gains on Monday after the company priced a $188.5 million stock deal late last week.

On Monday, the stock gained 7 cents, or 0.44%, to close at $16.08 (Nasdaq: HAWK). In after-hours trading Monday, the company's stock lost 5 cents.

The company's stock gained 3.09% on Friday.

In the private placement, Petrohawk agreed to sell 13 million shares at $14.50 each on Feb. 1.

After the deal was announced Thursday morning, Petrohawk's stock gained 2.17%.

Based in Houston, Petrohawk is an oil and natural gas exploration company.

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