Evolving Gold prices C$10 million; Regal plans £86.44 million; Simtrol settles $1.5 million

By LLuvia Mares

New York, Jan. 24 - In the mining sector, Evolving Gold Corp. announced it plans to conduct a C$10 million private placement of units. It also said it was transferring its North Carlin Area properties into a new company.

The company will sell 10 million units at C$1.00 each. The units consist of one share and one half-share warrant with each whole warrant exercisable at C$1.50 for two years.

Evolving Gold's stock (TSX Venture: EVG) closed at C$1.15 on Thursday, C$0.02 from Wednesday's C$1.13 close.

Proceeds will be used for exploration and to provide initial funding for the new company.

Evolving Gold is an exploration and development company based in Vancouver, B.C.

Regal plans £86.44 million

Also in the natural resources sector, Regal Petroleum plc said it will raise £84.66 million in a private placement of shares.

The company will sell 56.44 million shares at 150p each through broker Mirabaud Securities Ltd.

"I am delighted with the response of investors to our proposed placing," said David J Greer, company chairman and chief executive officer. "To have received commitments considerably in excess of our requirements in current market conditions is a testament to the quality of our asset base and the strategy in place to exploit it. I look forward to reporting back to shareholders on our progress in the coming months."

Regal's stock (London: RPT) closed at 149p on Thursday, up 1.50p from Wednesday's 147.5p close.

Proceeds will be used to fund the exploitation and development of the company's Ukrainian assets and provide additional working capital.

Regal is a London-based oil and gas exploration and production company.

Simtrol settles $1.5 million

Simtrol, Inc. expects to use proceeds from a $1.5 million private placement of unsecured convertible promissory notes for working capital and other general purposes.

"This financing allows us to accelerate our sales and marketing efforts in key vertical markets such as security, healthcare, education, retail, hospitality, business and government," said Rick Egan, company chief executive officer, in a press release.

The notes mature in six months and bear interest at 12% per year.

Simtrol may prepay the notes without penalty.

If Simtrol completes a future financing for at least $2 million - including any amount outstanding under the current note plus accrued interest - with a price per share that is not greater than $0.75, the note will be automatically converted into the securities in the new financing. The conversion price will be equal to the price in that financing.

Along with the notes, investors received five-year warrants for 500,000 shares with an exercise price of $0.75 per share.

The company's stock (OTCBB: SMRL) closed at $0.75 on Jan. 22, the last time it traded.

Proceeds will be used for working capital and general corporate purposes.

Simtrol is an Atlanta-based software company focused on device management.

Puget Ventures arranges C$1.5 million

Back to the mining sector, Puget Ventures Inc. plans a C$1.5 million private placement of units and shares it hopes to use for continual exploration purposes.

The company will sell 1.5 million units of one common share and one half-share warrant at C$0.50 apiece for C$750,000. Each whole warrant will be exercisable at C$0.75 for 18 months.

Puget also will sell 1.25 million flow-through shares at C$0.60 for C$750,000.

Puget's stock (TSX Venture: PVS.P) closed at C$0.60 on Wednesday and saw no change on Thursday.

Proceeds will be used for exploration and general working capital.

Puget Ventures, based in Vancouver, B.C., is a capital pool company.

SmarTire wraps $392,000 tranche of $1.15 million

In other news, SmarTire Systems Inc. raised another $392,000 from its $1.15 million private placement of secured convertible debentures.

Xentenial Holdings Ltd. is the investor.

This tranche brings the total deal size to $814,000. The first tranche, which settled on Nov. 30, consisted of a $422,000 debenture.

SmarTire also raised the annual interest rate on the debenture from the first tranche to 12% from 10%. The debenture issued in the second tranche also bears interest at 12% per year.

Both debentures mature three years after issuance. They are convertible into common stock at the lesser of $0.0573 and 80% of the lowest volume weighted average price of the stock over the 30 trading days before conversion.

Along with the notes, Xentenial received 453 million warrants - 225 million in the first tranche and 228 million in the second tranche. The warrants are exercisable at $0.0298 for five years.

SmarTire's stock (OTCBB: SMTR) closed at $0.0007 on Wednesday and saw no change on Thursday.

Under the agreement, SmarTire may sell up to $336,000 more convertibles and up to 195 million more warrants until May 30.

Based in Richmond, B.C., SmarTire develops wireless sensing and control systems used in tire monitoring.

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