1st NRG closes unit placement; Ryland, Biolife upsize offerings; Oriental Financial cancels stock sale

By Kenneth Lim

Boston, Oct. 24 -1st NRG Corp. said it completed a placement of stock and warrant units with five investors.

Ryland Oil Corp. upsized a planned stock placement by half Thursday to raise flow-through capital for drilling.

Biolife Solutions, Inc. also increased its planned placement of promissory notes with two investors.

Oriental Financial Group Inc., however, canceled a planned private placement of stock, citing market conditions and the potential availability of federal funding.

1st NRG raises $5 million

1st NRG said it completed a private placement of units to five accredited institutional investors for a total of $5 million.

The company sold 500 units of 12,998 common shares and warrants for 21,682 shares at $10,000.00 per unit. The warrants are exercisable at $1.24 for 30 months.

1st NRG is a mineral exploration and development company based in Bellingham, Wash. Its stock (OTCBB: FNRC) was not traded Friday, but last closed at $0.75.

Ryland boosts deal

Ryland said it now plans to raise C$15 million through a private placement of stock, a 50% increase from the original C$10 million amount.

The company is now offering about 33.34 million flow-through common shares at C$0.45 apiece on a best-efforts basis. The original offering comprised about 22.22 million shares.

Ryland common stock (TSX: RYD) fell 7.5% or C$0.03 to close at C$0.37 on Friday.

Proceeds will be used for drilling.

Ryland is a Vancouver, B.C.-based petroleum and natural gas exploration company.

Biolife increases offering

Biolife Solutions is now placing $4.5 million of 7% promissory notes with investors Thomas Girshweiler and Walter Villager in an enlarged placement.

The deal originally priced for $1 million on Sept. 4, 2007, and was increased to $2.5 million before the latest amendment.

Biolife common stock (OTCBB: BLFS) closed at $0.03 on Friday, down by 25% or a penny.

Girschweiler is a director and stockholder of the company and Villager is an affiliate of the company.

If Biolife completes an equity financing for at least $1 million, the investors may convert the notes into common stock at the per-share or per-unit price of the securities in the financing.

Based in Bothell, Wash., Biolife makes hypothermic storage and cryopreservation media for cells, tissues and organs.

Oriental pulls placement

Oriental Financial said it is no longer going ahead with a planned placement of common stock.

The San Juan, Puerto Rico-based financial holding company said in a statement that it "began exploring such private placement before the recent stock market turmoil with the principal objective of being in a position to take advantage of strategic opportunities that may arise in Puerto Rico."

Oriental Financial said it had gone as far as presenting road shows for potential investors, but decided to pull out "current stock market volatility and its effect on market valuations."

The company now plans to apply for capital through the U.S. TARP capital purchase program for eligible financial institutions.

Oriental Financial common stock (NYSE: OFG) closed at $13.03 on Friday, down by 5.99% or $0.83.

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