Urbanfund to raise C$10 million; Answers negotiates $8.5 million; Sunovia wraps $4.2 million

By LLuvia Mares

New York, Jan. 16 - Urbanfund Corp. plans to start working on its growth strategy as soon as it closes a negotiated C$10 million private placement of common shares.

"After the close we will immediately start looking into additional financing," said Mitchell Cohen, company president and chief executive officer. "Our growth strategy is to get back to the market in the next couple of months.

"We felt a [private placement] was the best structure available to us at this time and would allow us numerous future opportunities," he said.

The company will sell the stock at C$0.30 per share.

The company's stock (TSX Venture: UFC) closed at C$0.255 on Wednesday, unchanged from Tuesday's C$0.255 close.

Blackmont Capital Inc. will lead a syndicate of agents that also includes M Partners Inc. and Dundee Securities Corp.

Settlement is expected Feb. 6.

Proceeds will be used to acquire North Fort Centre in Belleville, Ont., and Wonderland Plaza in London, Ont., and for working capital and general corporate purposes.

Urbanfund is a Toronto-based real estate development and operating company.

Answers negotiates $8.5 million

Answers Corp. announced an $8.5 million private placement of 8% senior secured convertible notes with one institutional investor.

Under the agreement, Answers may choose to sell $8.5 million of 8% senior secured convertible notes due Dec. 31, 2010.

The notes would be convertible into common stock at the lesser of $9.00 and 110% of the price at which the company's shares will be sold in a follow-on public offering. The interest rate on the notes will drop to 7% when the company meets certain conditions.

If the company decides to forgo the placement, it will be required to pay the investor a termination fee of either $365,000 or $425,000, depending on the circumstances.

Answers' stock (Nasdaq: ANSW) closed at $5.67 on Wednesday, down $1.02 from Tuesday's $6.69 close.

Settlement of the placement depends on conditions including completion of Answers' acquisition of Lexico Publishing Group, LLC. The proceeds of the placement will be used for that acquisition.

Thomas Weisel Partners LLC and Canaccord Adams Inc. are the placement agents.

New York-based Answers operates Answers.com, a reference website.

Sunovia completes $4.2 million

In other news, Sunovia Energy Technologies, Inc. settled a $4.3 million private placement of shares.

"We did a private placement in 2006 and raised about $5 million," said Craig Hall, company business advisor. "We knew these were high net-worth individuals and we wanted to stay with them. We didn't need the help because we could have raised the proceeds internally."

"We are looking at several different new partnerships right now," he said. "We feel like the partnerships, the company has put together has put us in a place where we can capture a good market."

The company sold 42 million shares at $0.10 per share.

The company's stock (OTCBB: SUNV) closed at $0.56 on Wednesday, down $0.43 from Tuesday's $0.99 close.

Proceeds will be used for working capital and research.

Sunovia Energy Technologies is a Sarasota, Fla.-based renewable energy company.

Ambient raises another $2.5 million

Ambient Corp. plans to use the $2.5 million raised in the final tranche of a private placement of senior secured convertible promissory notes with Vicis Capital Master Fund, raising the total proceeds of the deal to $12.5 million.

"Having the support of an investor who shares and supports our long-term commercial vision is essential for Ambient's success," said John J. Joyce, company president and chief executive officer, in a press release. "Ambient is on track to continue with our initiatives, and reach important milestones we have set for the next phase of our growth."

The company raised $7.5 million on July 31 and another $2.5 million on Nov. 2.

The 8% notes mature in three years. They are convertible into common shares at $0.075 each.

Vicis received warrants for 150 million shares in connection with the first tranche.

Of the warrants from the first tranche, 50 million are exercisable at $0.06 each and 100 million at $0.075 each. The warrants are exercisable beginning the earlier of the first anniversary of issuance and the effectiveness of the registration statement through July 31, 2012.

The company's stock (OTCBB: ABTG) closed at $0.0380 on Wednesday, up $0.0001 from Tuesday's $0.038 close.

Proceeds will be used to repay debt.

Located in Newton, Mass, Ambient develops broadband-over-power-lines technologies and services.

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