Invicta increases deal to C$40 million; Cano plans $25 million; Gramercy negotiates $100 million

By LLuvia Mares

New York, Nov. 5 - The oil and gas sector continue to boom in the PIPEs market and, according to one market observer, interest in the sector will continue into the next year.

Invicta Oil & Gas Ltd. announced it has increased a non-brokered private placement of stock to C$40 million from C$35 million. The deal was announced as a C$35 million placement on Oct. 1 and priced on Nov. 1.

"There has been a demand for the product and I think it has even been over subscribed in terms of interest in the financing," said a company insider.

"If you take a look at where we are right now and the size of the asset we are in the process of acquiring you will see it is in the core of a hotspot."

The company now will sell around 71.43 million common shares at C$0.56 per share. It planned to sell 62.5 million shares when the deal priced.

The company's stock (TSX Venture: IGG) closed at C$0.65 on Monday, up C$0.02 from Friday's close of C$0.63.

As previously reported, settlement is expected on Nov. 16.

A portion of the proceeds will be used to finance the closing of a previously announced deal with Cheetah Oil & Gas Ltd., its subsidiary, Cheetah BC, and Kepis & Pobe Investments Inc. in which Invicta plans to acquire 90% of Cheetah BC's shares. The balance of the proceeds will be used for exploration and working capital.

Invicta Oil & Gas is an oil and gas company based in Vancouver, B.C.

Cano to raise $25 million

Another company looking to deepen its pockets is Cano Petroleum, which announced Friday it priced a $25 million private placement of stock.

"The company is in a waterflood program and we have a lot of momentum in our waterflood programs," said Sam Smith, company senior vice president and chief financial officer. "This capital raise will be used to support those types of projects."

The company said it will sell 3.5 million common shares at $7.15 per share.

Cano's stock (Amex: CFW) closed at $7.64 Monday, down $0.18 from Friday's $7.82 close.

Proceeds will be used to retire debt, provide working capital and for general corporate purposes.

No further details were released Monday pending a Securities and Exchange Commission filing this week.

Based in Fort Worth, Texas, Cano is an oil and gas exploration company.

Gramercy negotiates $100 million

In the real estate sector, Gramercy Capital Corp. arranged a $100 million private placement of stock with an affiliate of Morgan Stanley Real Estate Special Situations Fund III.

"The success of this issuance reflects Gramercy's standing as one of the real estate financing industry's strongest players," said Marc Holliday, company chief executive officer, in a press release.

"Investors have taken notice that the company's management team has consistently delivered on its objectives since inception through superior transaction execution - under both favorable and unfavorable market conditions."

The company sold 3,809,524 common shares at $26.25 each.

The company's stock (NYSE: GKK) closed at $24.25 on Monday, up $0.3 from Friday's $24.22 close.

Settlement is expected by Nov. 7.

Proceeds will be used for investments and future growth.

Gramercy, a commercial real estate finance company based in New York, announced Monday that it has agreed to acquire American Financial Realty Trust for $3.4 billion, including the assumption of debt.

Canadian Superior takes in C$23.5 million

Back in the oil and gas department, Canadian Superior Energy announced it completed an over-subscribed C$23.5 million private placement of stock. The deal priced Oct. 31 for C$21 million and was originally expected to close Nov. 16.

"Canadian Superior is very pleased with the strong support we have received from the capital markets in Canada and we look forward to using the proceeds of this offering to ramp up our Western Canadian operations," said Craig McKenzie, company chief executive officer, in a press release.

The company sold 6.73 million common shares at C$3.50 per share, which includes a greenshoe for 730,000 shares.

The company's stock (Toronto: SNG) closed at C$3.08 on Monday, down C$0.16 from the C$3.24 last close on Nov. 2.

The deal was conducted through an investment dealer group comprised of Acumen Capital Finance Partners Ltd., Jennings Capital Inc. and Maison Placements Canada Inc.

Based in Calgary, Alta., Canadian Superior Energy is an oil and gas exploration company with its primary emphasis on the exploration for, and production of, crude oil and natural gas in Western Canada, offshore Nova Scotia and offshore Trinidad and Tobago.

Advanced boosts private placement

In an effort to continue and widen its exploration efforst, Advanced Explorations increased a previously announced non-brokered private placement of units to C$9.622 million from C$6.792 million. The deal priced on Oct. 30.

"The interest to participate [in the financing] was there," said John Gingerich, company president and chief executive officer, regarding the increase in proceeds.

"A lot of good people wanted in and with the interest in the project we were receiving I thought it would be a good idea to expand the offering and take advantage of the interest and the number of quality investors."

The company will sell 3.4 million flow-through units, up from 2.4 million units, at C$2.83 each.

As previously reported, each unit consists of one flow-through common share and one half share warrant. Each whole warrant is exercisable for one non flow-through share at C$3.88 for two years.

Advanced Explorations' stock (TSX Venture: AXI) closed Monday at C$2.60, down C$0.5 from Friday's close of C$2.65.

The securities will have a four-month hold period.

"Everybody is predicting substantial increases in prices next year and there are few companies out there for investors to participate in," said Gingerich, regarding the iron market. "It's become an extremely hot commodity."

Advanced Explorations is a Toronto-based petroleum and mineral exploration company.

Altima plans C$2.68 million

In other news, Altima Resources Ltd. negotiated a C$2,675,000 private placement of units and stock.

The company will sell up to 8 million flow-through shares at C$0.25 per share and up to 3 million units at C$0.225 apiece. Each unit will consist of one non flow-through common share and one warrant, with each warrant exercisable at C$0.35 for one year.

The company's stock (TSX Venture: ARH) closed at C$0.23 Monday, up C$0.1 from Friday's C$0.22 close.

Proceeds will be used for exploration and development and general working capital purposes.

Based in Vancouver, B.C., Altima Resources is an exploration stage company, exploring its oil and gas properties. It has not yet determined whether the properties contain recoverable reserves.

Conolog wraps $1.3 million

In the technology sector, Conolog Corp. settled a $1.3 million private placement of shares.

"Even after the close the company is always looking for additional funding so they always leave that door open," said a company insider.

The company sold 953,000 restricted shares at $1.40 each and warrants to purchase 476,500 additional shares at an exercise price of $1.66 each. The warrants expire in five years.

Conolog's stock (CNLG) closed at $1.57 Monday, down $0.12 from Friday's $1.69 close.

The shares were issued to a group of seven international institutional investors.

Proceeds will be used for general corporate purposes.

Somerville, N.J.-based Conolog specializes in providing digital signal processing and digital security solutions to electric utilities.

Los Andes to pocket C$7.5 million

Los Andes Copper Ltd. plans a private placement of units to raise up to C$7.5 million.

"The results from the first phase drilling program have exceeded our expectations," said Roger Moss, company president and chief executive officer, in a press release. "We plan to move the project forward on an aggressive timeline that will include a pre-feasibility study in 2008."

The company will sell 12 million units at C$0.50 apiece for C$6 million. Each unit consists of one common share and one half-share warrant. Each whole warrant is exercisable at C$0.75 for one year.

Los Andes' stock (TSX Venture: LA) closed at C$0.55 on Monday, down C$0.1 from Friday's C$0.56 close.

Proceeds will be used to finance a drilling program on the company's Vizcachitas copper-molybdenum project in Chile and for general working capital purposes.

Vancouver, B.C.-based Los Andes is an exploration and development company focused on the acquisition, exploration and development of advanced stage copper deposits in Latin America.

Richview settles C$3.3 million

In the mining sector, Richview Resources wrapped a C$3.3 million private placement of units.

"We are very pleased to be entering into this relationship with the MineralFields Group," said Sol Prizant, company president and chief executive officer, in a press release. "This is an important milestone in the growth of Richview and we look forward to working with MineralFields Group as we continue to develop our properties."

The company sold 15 million flow-through units at C$0.22 apiece. Each unit consists of one flow-through common share and one non flow-through warrant. Each warrant is exercisable at C$0.35 for two years.

The units will have a four-month hold period.

Richview paid a C$165,000 finder's fee and issued 1.2 million compensation options. Each two-year option is exercisable at C$0.22 for one unit consisting of one non flow-through common share and one common share purchase warrant, which is exercisable at C$0.35.

The company's stock (Toronto: RVR) closed at C$0.225 on Friday and did not see any activity Monday.

Richview is based in Toronto, Canada and specializes in base metals and gold exploration.

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