Evercore to get $120 million; International Stem Cell to raise $3 million, Selwyn C$3.26 million

By Devika Patel

Knoxville, Tenn., Aug. 21 - Evercore Partners Inc. announced Thursday plans to raise $120 million through a private placement of senior notes with investor Mizuho Corporate Bank, Ltd.

Separately, International Stem Cell Corp. said it will conduct a $3 million offering of series C preferred stock, and Selwyn Resources Ltd. intends to raise C$3.26 million in a private placement of units with Resource Capital Fund IV LP.

Evercore: $120 million

Evercore Partners said it has negotiated a $120 million sale of 5.2% senior unsecured notes due 2020 with Mizuho Corporate Bank.

The bank also will receive warrants for 5,454,545 class A common shares, exercisable at $22.00 per share.

Proceeds will be used to provide New York-based Evercore with capital to fund a number of specific investment management opportunities, several of which Evercore expects to announce before the end of the year, as well as a general build-out of its Investment Management and Strategic Advisory businesses, including geographic expansion.

"We have enjoyed a strong alliance with Mizuho, and this broader relationship enables both our advisory and investment management businesses to partner with a truly leading Japanese institution," the company's chairman and chief executive officer, Roger C. Altman, said in a press release.

"Moreover, Evercore has regularly stressed its two overriding strategic objectives," Altman continued, "namely, better balancing our businesses between the advising and investing functions and further globalizing the firm. These agreements advance both goals simultaneously."

The investment banking boutique and investment firm's shares (NYSE: EVR) rose 4.6% Thursday, or 59 cents, closing at $13.43.

International Stem Cell

International Stem Cell negotiated a $3 million private placement of series C convertible preferreds.

The Oceanside, Calif.-based company will sell 3 million preferreds at $1.00 apiece. Each preferred is convertible into common stock at $0.25 per share.

The placement will settle in three tranches. The first, for $700,000, closed Aug. 20. The second closing for $1.3 million is scheduled for Sept. 23, and the final closing of $1 million is scheduled for Dec. 15.

Proceeds will support work toward pre-clinical trials using parthenogenetic stem cells for retinal and liver disease and diabetes; to advance the construction of therapeutic cell manufacturing facilities and to support operations.

"These funds will go a long way toward insuring that ISCO continues to move forward without interruption in its quest to provide the cells needed to make regenerative medicine therapies available to millions of people throughout the world," chief executive officer Kenneth Aldrich said in a news release.

The company's shares (OTCBB: ISCO) increases 2.94%, or 1 cent, closing at $0.35 Thursday.

Selwyn to see C$3.26 million

Vancouver, B.C.-based Selwyn has secured C$3.26 million through a private placement of units it negotiated with investor Resource Capital Fund IV LP on Thursday.

The resource exploration company will sell 21.7 million units of one common share and one half-share warrant at C$0.15 per unit. Each whole warrant is exercisable at C$0.20 for five years.

Proceeds will be used for general working capital and the continued advancement of the Selwyn Project.

As part of the transaction, Russell L. Cranswick, a partner at Resource Capital Fund, will join Selwyn's board upon settlement.

"On behalf of the board of Selwyn Resources, we welcome Mr. Cranswick to the board and Resource Capital Fund's participation in the continued development of our Selwyn Project," Selwyn president and chief executive officer Harlan Meade said in a news release.

"Resource Capital Fund is a well-regarded and knowledgeable institutional investor and brings significant technical and financial experience to the board. Resource Capital Fund shares Selwyn's longer term view that the project has an excellent opportunity to expand high grade resources and rebrand the Selwyn Project as being very large but also with substantial high grade," Meade added.

The company's shares (TSX Venture: SWN) remained unchanged at C$0.10 Thursday.

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