PrivateBancorp to raise $17.07 million; Cantronic plans C$5 million; ICP gets $3.3 million

By Devika Patel

Knoxville, Tenn., June 11 - PrivateBancorp, Inc. hopes to sell $17.07 million of its convertible preferreds in a PIPE intended to finance the company's growth, while Cantronic Systems Inc. announced a C$5 million units sale, which the company needs to finance an acquisition in China. ICP Solar Technologies Inc. raised $3.3 million in a convertible debentures' sale.

PrivateBancorp sells $17.07 million preferreds

In order to finance an aggressive growth strategy, PrivateBancorp announced Wednesday it plans to conduct a $17.07 million private placement of convertible preferreds.

The company will sell 522.963 shares of its series A convertible preferred stock to GTCR Golder Rauner, LLC.

The Chicago-based bank plans to use the proceeds to finance its strategic growth plan, which was implemented earlier this year. In April, the company relocated its headquarters to a larger building.

In an April 28 press release detailing the move, chief executive officer and president Larry D. Richman said of the growth plan: "We are aggressively pursuing our goal of building the premier middle market commercial, commercial real estate, private and wealth management bank in Chicago.

"In furthering that goal, we have experienced exceptional growth in our banking team resulting from our strategic growth plan and we need new headquarters space to accommodate the growth we expect to achieve in our franchise in the years ahead. The stature and presence of the (new) building, located in the heart of Chicago's vibrant financial district, is ideally suited to meet our unique needs.

"This move, early in the execution of our strategic growth plan, reflects the positive response we have received from the Chicago marketplace to our strategic growth plan. Since the plan was announced, we have added over 150 new hires, including 95 experienced managing directors and a multitude of new client relationships across the market segments we serve," Richman added.

The financial services provider's shares (Nasdaq: PVTB) slipped 0.97%, or $0.33, to close at $33.73 Wednesday.

Cantronic needs C$5 million for acquisition

Cantronic Systems plans to sell C$5 million of units in a private placement designed to finance the company's planned acquisition of a video surveillance technology company in China.

The acquisition was announced earlier this month in a June 2 news release. The company said in the release it had entered into a letter of intent to buy a 100% ownership of the target company in a cash and stock deal.

"This strategic acquisition marks Cantronic's first initiative in accessing the rapidly growing Chinese security and surveillance market through mergers and acquisitions of several carefully selected manufacturing companies. These companies with complementary products in the security and video surveillance sector will significantly broaden the company's existing product portfolio," Cantronic Systems' president and chief executive officer James Zahn said in the release.

"By leveraging its leading-edge infrared technology expertise and expanding its reach in China, Cantronic will have a distinct advantage over local competition. We are excited about the synergies that this transaction can create for us. The target [company]'s extensive experience in the video surveillance technology will further Cantronic's efforts in establishing the company as an industry leader in infrared vision and video surveillance technology."

Based in Coquitlam, B.C., Cantronic manufactures, distributes and provides training for thermal infrared imaging and condition monitoring, as well as for infrared night vision technology, specializing in passive and active infrared cameras, infrared illuminators, low light infrared sensitive charge-coupled device cameras and long-range night vision surveillance systems for various security applications.

Its shares (TSX Venture: CTS) dropped 7.5% Wednesday, or $0.03, to close at $0.37.

ICP pockets $3.3 million

ICP Solar Technologies said it took in $3.3 million through a private placement of 11% senior convertible debentures accompanied by warrants.

The investment was led by BridgePointe Master Fund Ltd. managed by Roswell Capital Partners and its proceeds will be used to continue to expand the company's proprietary portfolio.

"We have invested heavily in our infrastructure over the last year," ICP Solar's chairman and chief executive officer Sass Peress commented in a press release.

"We believe that our long-term results will bear out that these investments have increased our ability to provide our clients with the most innovative consumer solar products in the industry. This financing will also enable us to further broaden our business model by providing the resources to aggressively grow our residential power generation and OEM channels."

The Montreal-based company's shares (OTCBB: ICPR) were boosted 30.54%, or $0.16, to close at $0.68 on Wednesday. ICP develops solar cell-based products and building materials.

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