PhotoMedex sells $18 million convertible debt; Ozone Man wraps $5 million stock, preferreds sale

By Stephanie N. Rotondo

Portland, Ore., March 2 - PhotoMedex Inc. announced Monday that it had completed an $18 million convertible debt sale.

The new financing was used, in part, to fund the company's recent acquisition of Photo Therapeutics Ltd.

Meanwhile, Ozone Man Inc. also said it wrapped a private placement of stock and preferred shares. The company raised $5 million through the transaction.

Northern Oil & Gas Inc. arranged a $25 million revolving credit facility, according to a regulatory filing. The company plans to use proceeds from the deal to fund drilling activities.

Timmins Gold Corp. is looking to raise C$10 million through the sale of stock and warrants in a non-brokered placement, the company announced. Proceeds will be used to further explore the company's San Francisco Gold Mine.

Ceramic Fuel Cells Ltd. is also looking to raise some cash through a stock sale. In total, the company said it would raise £9 million in the deal.

PhotoMedex sells $18 million convertible

PhotoMedex placed $18 million of convertible debt with an investment fund managed by Perseus LLC, the company said Monday.

Funds from the transaction were used to partly finance the company's $13 million acquisition of Photo Therapeutics Ltd. The remainder of the proceeds will be used for working capital, according to a press release.

"We are very excited about completing this acquisition which further solidifies our dermatological franchise," said Jeff O'Donnell, PhotoMedex's president and chief executive officer. "In addition, we are very encouraged with the future growth prospects of Photo Therapeutics' products. We believe having Perseus' support as our financial partner will allow us to focus on continuing to build market share in both the medical and consumer dermatology space."

The company's equity (Nasdaq: PHMD) closed 19 cents, or 9.05%, weaker to $1.91.

PhotoMedex is a Montgomeryville, Pa.-based developer of laser and fiber optic systems used to treat skin conditions.

Ozone wraps $5 million sale

Ozone Man, a Beverly Hills, Calif.-based home and air inspection company, announced that has completed a $5 million placement of common stock and preferred shares.

The company issued 350,000 common shares along with 3,250 preferred shares. The preferreds are convertible into 650,000 common shares.

Proceeds from the sale will be used for expansion and branding opportunities.

"We are thrilled to be able to raise such a significant amount of money in this current economic climate," Dr. Halden Shane, Ozone Man's CEO and chairman, said in a press release. "The funding will enable us to more effectively promote our services and to reinforce our mission of becoming the nation's professional green indoor air pollution solution."

Ozone's equity (OTCBB: OZOM) was at $8.49 as of Feb. 24.

Northern Oil arranges $25 million facility

Northern Oil & Gas closed on a $25 million revolving credit facility, according to a regulatory filing.

The Libor plus 550 basis points credit facility was arranged with CIT Capital USA Inc. on Feb. 27, according to the 8-K filed with the Securities and Exchange Commission. The deal has a three-year maturity and an initial borrowing base of $11 million.

Also, CIT received warrants good for 300,000 common shares at $5.00 until Feb. 27, 2010.

"We are very pleased to have closed on this facility that will provide non-dilutive funding for our developmental Bakken drilling activities for the foreseeable future," Michael Reger, chief executive officer, said in a statement. "This facility, along with our forecasted cash flow from producing wells, will enable Northern Oil to fund its anticipated development plans with a high degree of certainty at a very competitive cost of capital. We believe the closing of this transaction in the current credit market environment further validates the value, consistency and future opportunity contained in our substantial Bakken drilling inventory despite a challenging crude oil market."

Northern's stock (Amex: NOG) dropped 22.9 cents, or 8.67%, to $2.411. Market capitalization is $86.1 million.

Northern Oil and Gas is a Wayzata, Minn.-based exploration and production company.

Timmins to sell C$10 million stock, warrants

Timmins Gold is raising C$10 million through the sale of stock and warrant units, according to a press release.

Each unit will consist of one common share and one half-warrant. The units will sell at C$0.50 and the warrants are exercisable at C$0.75 for one year.

Proceeds from the deal will be used to complete construction at the company's San Francisco Gold Mine, as well as for general working capital.

Timmins stock (TSX: TMM) lost 4.5 cents, or 10.11%, to close at 40 cents.

Timmins Gold is a Vancouver, B.C.-based resource exploration company.

Ceramic Fuel to raise £9 million

Ceramic Fuel Cells is planning to raise £9 million through a private placement of stock, the company announced Monday.

The Victoria, Australia-based company will issue 409 million shares of its common stock at 2.2p per share. Nomura Code Securities Ltd. underwrote nearly 208 million of those shares, for a total of £4.58 million.

Funds from the transaction will be used to strengthen the company's balance sheet and for working capital.

The company's stock (London: CFU) closed $1.50 lower, or 30.77%, at $3.38.

Ceramic Fuel Cells produces technology used for stationary power generation.

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