Stornoway plans stock sale; Functional upsizes deal; Blink Logic sells at discount; Landore closes offering

By Kenneth Lim

Boston, Nov. 4 - Stornoway Diamond Corp. plans to sell C$3 million of its common stock through a flow-through placement to fund exploration.

Functional Technologies Corp. upsized a sale of stock and warrant units to C$2 million after the deal was oversubscribed.

Blink Logic Inc. raised $1.5 million through a private placement of convertible debentures for working capital.

Landore Resources Ltd. completed a £3.11 million private placement of stock to a director and other investors to fund its exploration projects.

Stornoway plans stock deal

Stornoway Diamond announced a C$3 million non-brokered private placement of stock.

The company will offer 20 million flow-through common shares at C$0.15 apiece. Stornoway common stock (TSX: SWY) gained 3.57% or half a cent to close at C$0.145 Tuesday.

External investors as well as insiders are expected to take part in the offering, the company said in a statement.

Proceeds will be used for exploration in Stornoway's Renard diamond project in Quebec.

Stornoway, based in Vancouver, B.C., is a diamond exploration and development company.

Functional Tech expands deal

Functional Technologies increased its stock-and-warrant offering to C$2 million from C$1.8 million after the placement was oversubscribed.

The company is now selling about 3.33 million units of one common share and one warrant at C$0.60 per unit. The placement originally involved 3 million units.

Each whole warrant expires after two years and has a strike price at C$0.60.

Functional Technologies common stock (TSX: FEB) closed unchanged at C$0.60 Tuesday.

The placement replaced a planned rights offering that was canceled by the company, which cited market conditions. Proceeds will be used for general working capital purposes.

Vancouver, B.C-based Functional Technologies is a functional foods and biological health products company that develops and commercializes advanced yeast products, and other novel biological products, for the food and the health care industries.

Blink Logic raises $1.5 million

Blink Logic said it took in $1.5 million from a private placement of zero-coupon senior secured convertible debentures due Oct. 31, 2010.

The approximately $1.67 million of debentures were sold at a 90% discount to Enable Growth Partners LP.

The initial conversion price was set at $0.20 per share, a 60.7% discount to Blink Logic's Oct. 30 closing stock price. Blink Logic common stock (OTCBB: BLKL) closed at $0.69 on Tuesday, up by 35.29% or $0.18.

Enable, which already holds about $4.07 million of debentures by Blink Logic together with other Enable-related parties, also received warrants for about 6.25 million common shares, exercisable at $0.20 for five years. The new convertibles will be senior to the older debentures and will be guaranteed by a security interest and lien on all of Blink Logic's assets.

Proceeds will be used for working capital.

Blink Logic, based in Mill Valley, Calif., is a business intelligence solutions provider.

Landore wraps placement

Landore Resources said it sold about £3.11 million of ordinary shares through a private deal.

The placement comprised 31.1 million shares at 10p apiece. Landore common stock (LSE: LND) jumped 20.45% or 2.25p to close at 13.25p on Tuesday.

Landore also issued a warrant for 3 million ordinary shares, exercisable at 15p for three years.

The investors included Landore director William Humphries, who took 500,000 shares.

Proceeds will be used to finance working capital and continuing exploration expenditures.

Guernsey, United Kingdom-based Landore explores and develops a portfolio of precious and base metal properties in North America.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.