Hillsborough increases deal to C$10 million; Aeroquest plans C$20 million; VisCorp settled C$10.23 million

By LLuvia Mares

New York, Jan. 17 - Hillsborough Resources Ltd. raised its deal to C$10 million - but said the increase actually restores it to the original offering amount.

"The deal was initially for $10 million," said Chris Haldane, CHF Investor Relations account manager. "However, there was a bit of a delay with the signing, but now it has been completed and the lawyers are happy with how everything turned out."

The company announced Thursday it increased a private placement of secured convertible debentures to C$10 million from C$7 million. The deal priced on Oct. 17, along with a C$3 million private placement of shares, which settled on Nov. 19

"At this point the company is fully financed, so they won't be looking into additional financing," he said. "They have received an offer but they are still working through the details."

The debentures mature in three years. They are convertible at C$0.60 per share.

The non-brokered placement of shares included 6 million common shares at C$0.50 apiece. Each share was accompanied by one half-share warrant with each whole warrant will be exercisable at C$0.60 for 18 months.

The company's stock (Toronto: HLB) closed at C$0.53 on Thursday, up C$0.01 from Wednesday's C$0.52 close.

MinQuest Capital Inc. is the investor for both deals.

Hillsborough is a coal mining company based in Vancouver, B.C.

Aeroquest plans C$20 million

In other news, Aeroquest International Ltd. negotiated a C$20 million private placement of common shares.

The company will sell 6,666,667 common shares at C$3.00 apiece on a bought-deal basis.

Jennings Capital Inc. will lead a syndicate of underwriters which includes J.F. Mackie and Co. Ltd. and National Bank Financial. The underwriters have a greenshoe for an additional 1 million shares, or C$3 million.

Aeroquest's stock (TSX Venture: AQL) closed at C$2.90 on Thursday, down C$0.25 from Wednesday's C$3.15 close.

Settlement is expected on Feb. 5.

Proceeds will be used to repay notes, for general working capital and to fund continued growth.

Based in Misissauga, Ont., Aeroquest focuses on airborne geophysical surveying platforms.

VisCorp settled C$10.23 million

VisCorp, Inc. completed a C$10.23 million private placement of units, which it will use toward its acquisition strategy. The company also said it is in discussions with two additional investors who may purchase between C$3 million and C$5 million of the units in a second closing on Jan. 31.

"The company issued convertible exchangeables because that is all that was available at that point for the company," said Mark Elenowitz, Tripoint Global Equities chief executive officer. "The company does have an acquisition strategy that it will be working on over the next 24 months and as for financing, we will look into that as it is needed.

"Right now the company has a 40% annual growth and 22 products currently on the market," he said. "Along with its strong management team it has been showing exceptional growth and with this capital it's going to have continued growth."

The company sold 102.25 units at C$100,000 per unit. Each unit consists of C$10,225,000 in 10% convertible exchangeable notes due on or before June 30, 2009, five-year class A warrants exercisable for 3,195,313 common shares at C$2.50 per share and seven-year class B warrants to purchase 3,195,313 common shares at C$3.00 per share.

The company's stock (OTCBB: VSCO) closed at $2.70 on Thursday, up C$2.25 from Wednesday's C$0.45 close.

Proceeds will be used to fund the expansion of Chengdu Tianyin Pharmaceutical Co., Ltd.'s manufacturing facility. Chengdu Tianyin is a subsidiary of Raygere Ltd., a corporation which VisCorp plans to acquire.

VisCorp is based in Canada.

Jayhawk sells $4 million

Jayhawk Energy, Inc. said it settled a $4 million private placement of units.

Proceeds will be used to finance the company's acquisition of the Candak property from Jed Oil (USA) Inc.

"This is the first of our strategic acquisitions," said Lindsay Gorrill, company president and chief executive officer, in a press release. "As we continue to fulfill our strategic plan in targeting light crude opportunities in addition to developing our Uniontown CBM play in Kansas."

The company sold 2,666,667 units at $1.50 apiece. Each unit consists of one common share and one warrant. The warrants are exercisable at $1.60 for one year.

Jayhawk's stock (OTCBB: JYHW) closed at $1.60 on Thursday, up $0.03 from Wednesday's $1.57 close.

Jayhawk Energy is an oil and gas company based in Broomfield, Colo.

Surfect pockets $3.9 million

Surfect Holdings, Inc. announced it completed a $3.9 million private placement of stock.

The company sold106.6 million shares and warrants to purchase an additional 110.7 million shares at $0.08 per share. The warrants expire in five years.

"This financing provides the growth capital necessary to help Surfect reach the next stage as developer of innovative technology and solutions for solar and smart power applications," said Steve Anderson, company chief executive officer, in a press release.

Westminster Securities Corporation was the placement agent.

Proceeds will be used for general corporate purposes.

The company's stock (OTCBB: SUFH) closed at $0.13 on Thursday, up $0.01 from Wednesday's $0.12 close.

Tempe, Ariz.-based Surfect develops automated electroplating tools and packaging technology for semiconductor industries.

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