Ithaca Energy wraps £48.22 million deal; Africa Oil seeks funds; Crowflight plans equity raise

By Stephanie N. Rotondo

Portland, Ore., July 9 - Ithaca Energy Inc. announced Friday that it had raised £48.22 million via a private placement of stock.

The total raise was just under its initial intent to take in £48.26 million. The company is also planning a public offering, and combined proceeds will be used for property development.

Meanwhile, Africa Oil Corp. said it wanted to raise C$20 million to continue work programs at its East African properties. As such, the company will launch a private placement of equity.

Crowflight Minerals Inc. is also seeking funding via the PIPE market, announcing a C$12 million private placement of common shares.

Among other completed deals, Sylogist Ltd. pocketed nearly C$7 million from a private placement of stock. And, Full Metal Minerals Ltd. raised just over C$3 million from a private placement of units.

Ithaca Energy deal done

Ithaca Energy wrapped a private placement of common stock, raising £48.22 million.

The deal originally priced at £48.26 million on July 7.

The company issued approximately 45.06 million of the shares at 107p per share.

Additionally, Ithaca said it was planning a C$81 million bought deal public offering of stock at C$1.70 per share.

"The combination of the proceeds from the placing and the bought deal (in total, approximately $150 million gross), together with debt made available from the recently announced Bank of Scotland facility and anticipated cash flows, means that all of the company's projects are anticipated to be fully funded through to first production," the company said in a press release.

Proceeds will be used to developer the Greater Stella Area, which includes the Stella, Harrier and Hurricane discoveries, as well as for general corporate purposes.

Ithaca's stock (TSX Venture: IAE) fell 2 cents, or 1.18%, to C$1.67. Market capitalization is C$271.87 million.

Ithaca Energy is a Calgary, Alta.-based oil and natural gas exploration and development company.

Africa Oil seeks C$20 million

Africa Oil, a Vancouver, B.C.-based oil and gas company, said it was planning a C$20 million private placement of stock.

The company will sell 20 million common shares in the non-brokered deal at C$1.00 per share. The price per share represents a 12.28% discount to the July 8 closing share price of C$1.14.

Proceeds will be used for continued work at the company's East African properties, as well as for general corporate purposes.

The company did not return calls seeking comment on Friday.

Africa Oil's equity (TSX Venture: AOI) slid 3 cents, or 2.63%, to C$1.11. Market capitalization is C$78.38 million.

Crowflight plans equity raise

Crowflight Mineral has arranged a C$12 million private placement of stock, the company said in a press release.

The Toronto-based company will sell approximately 85.71 million common shares at C$0.14 each. The price per share is a 3.7% premium to the July 8 closing share price of C$0.135.

Proceeds will be used for capital expenditures at the Bucko Lake Mine, as well as for general corporate and working capital purposes.

Crowflight's equity (Toronto: CML) declined a cent, or 7.41%, to C$0.125. Market capitalization is C$72.92 million.

Sylogist wraps stock sale

Sylogist took in C$6.91 million from a private placement of equity, according to a press release.

The deal originally priced at C$5 million with a C$2.5 million greenshoe on June 15.

The Calgary, Alta.-based company sold approximately 3.29 million common shares at C$2.10 each. The price per share represents an 8.69% discount to the June 14 closing share price of C$2.30.

Of the shares issues, 907,000 were sold as part of the greenshoe.

Proceeds will be used for general corporate purposes.

The company did not return calls seeking comment on Friday.

Sylogist's shares (TSX Venture: SYZ) dropped a cent, or 0.48%, to C$2.08. Market capitalization is C$3.47 million.

Sylogist is a provider of information management and technology services for government and industry.

Full Metal raises C$3.13 million

Full Metal Minerals settled a private placement of units, pocketing C$3.13 million.

The deal originally priced at C$3 million with a C$1 million greenshoe on May 13. The greenshoe was later increased to C$1.01 million, while the straight placement was decreased to C$3.02 million.

The Vancouver, B.C.-based company sold approximately 17.36 million units at C$0.18 each. The units held one common share and one half-share warrant.

Whole warrants are exercisable at C$0.25 for two years. The strike price represents a 13.63% premium over the May 13 closing share price of C$0.22.

Proceeds will be used for exploration and working capital.

The company did not return calls seeking comment on Friday.

Full Metal's stock (TSX Venture: FMM) slipped half a cent, or 2.70%, to C$0.18. Market capitalization is C$15.19 million.

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