Ambient yields controlling interest in $8 million deal; Uracan wraps unit sale; Supercart taps shareholder

By Kenneth Lim

Boston, Nov. 24 - Ambient Corp. took in an additional $8 million through an amended private placement that will turn investor Vicis Capital Master Fund into the controlling shareholder.

Uracan Resources Ltd. wrapped an upsized C$5.69 million sale of stock and warrant units, giving the company flow-through financing for its exploration projects.

Supercart plc plans to raise £1 million through a private stock placement to its largest shareholder to raise working capital.

Ambient expands Vicis deal

Ambient placed an additional $8 million of three-year 8% senior secured convertible promissory notes with Vicis Capital.

The deal brings the total placement amount to $20.5 million, including $7.5 million raised in July 2007, $2.5 million in November 2007 and $2.5 million in January 2008.

The initial conversion price of the notes was reduced to $0.015 per share from $0.035. Ambient common stock (OTCBB: ABTG) closed at $0.025 on Monday, up by 25% or $0.005.

Vicis has also received warrants for 150 million shares. Of the warrants, 50 million are exercisable at $0.06 each and 100 million at $0.075 each. The original sale agreement was amended to lift all conversion caps from the warrants issued in this deal.

Proceeds from the latest financing will be used to fund current and future business activities through 2009.

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

Vicis is expected to exercise all of its warrants that will give the investor a 65% sake in Ambient and net about $242,142 for Ambient.

"In completing this latest round of investment into Ambient and exercising our warrants, Vicis has taken a controlling ownership position in a company that has continuously met development goals and successfully positioned itself to capitalize on the progressive movements within the smart grid space," said Vicis Capital, LLC partner Shad Stastney in a statement.

"Our investments into Ambient reflect our belief and support of its initiatives focusing on wide-scale grid efficiency gains through the deployment of such advanced technologies."

Ambient president and chief executive John J. Joyce added: "We are at a defining moment, both as a company and as a nation. The incoming administration in Washington has stated that the new clean energy economy is a top priority. Along with our partners and the continued support of Vicis, we are enabling energy efficiencies and technologies that will help the country drive towards energy independence by offering utilities communications solutions for the future by modernizing the distribution infrastructure.

"Ambient wholeheartedly supports the emerging national awareness, as we believe the most effective energy solution available to combat future increase in energy demand is to more efficiently use the energy already generated."

Uracan raises C$5.69 million

Uracan sold C$5.69 million of stock and warrant units in an upsized non-brokered private placement.

The deal originally priced for C$4.81 million.

The company sold 1.25 million units at C$0.20 apiece for C$250,000. Each unit comprises on share and one half-share warrant, with each whole warrant exercisable at C$0.40 for 18 months.

Uracan also sold $5.44 million in flow-through units at C$0.25 apiece. Each unit consists of one share and one half-share warrant, with each whole warrant exercisable at C$0.50 for 18 months.

Uracan common stock (TSX: URC) closed unchanged at C$0.17 on Monday.

Proceeds will be used for exploration and working capital.

Vancouver, B.C.-based Uracan is a natural resource company.

Supercart to sell stock

Supercart plans to sell £1 million of its common stock through a private placement to Venture Holdings, the company's largest shareholder and long term manufacturing partner.

The placement comprises 5 million ordinary shares at 20p per share. Supercart common stock (LSE: SC) slipped 10% or 1p to finish at 9p on Monday.

Proceeds will be used as working capital to fund the company's growth plans.

Supercart is a Sevenoaks, England, producer of shopping carts.

Following the transaction, Venture will control about 37.16% of Supercart's share capital. The company is seeking shareholder approval to waive Venture's obligation to make a general offer for shares it does not already own if the deal is given the green light.

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