Dart Energy to raise A$36.23 million; OPEL wraps unit placement; New Standard plans stock sale

By Stephanie N. Rotondo

Portland, Ore., July 22 - Dart Energy Ltd. arranged a private placement of stock, the company said in a press release on Thursday.

The company intends to raise more than A$36 million from the financing. The funds will allow the company to further its business development plans.

Meanwhile, OPEL International Inc. said it had taken in more than C$7.5 million from a private placement of units. The proceeds will help the company build its inventory and to address its backlog.

New Standard Energy Ltd. plans to raise A$4.5 million from a private placement of stock. The placement is part of the company's larger financing effort in which it will raise A$6.5 million. The remaining A$2 million will come from a proposed share purchase plan.

Also, Newstrike Capital Inc. completed the first closing of its planned private placement of units, raising C$3.66 million. All told, the company is seeking C$5 million.

And, Castillian Resources Corp. wrapped a private placement of units and equity, pocketing C$2.86 million. A company spokesperson said the successful completion of the deal was "a big step forward" for Castillian.

Dart to raise A$36.23 million

Brisbane, Australia-based energy company Dart Energy announced a private placement of ordinary shares for proceeds of A$36.23 million.

The company will issue 52.5 million of the shares at A$0.69 per share. The price per share represents an 11.54% discount to the July 22 closing share price of (Australia: DTE) A$0.78.

"The strong support shown from institutional investors is an endorsement of Dart Energy's business and growth plans," said Simon Potter, chief executive officer, in a press release.

"This capital raising will provide Dart with the funds to accelerate activity in current key growth regions and expand new business development activity. The capital raising will also increase free float and liquidity in Dart Energy's shares upon quotation."

Proceeds will be used to fund incremental expenditure and new business expenditure including funding exploration, tenement acquisition costs and joint venture and farm-in costs.

Settlement is expected July 29.

OPEL closes unit placement

OPEL International, a Toronto-based developer of concentrating photovoltaic panels, said it had completed a private placement of units, raising C$7.55 million.

The company sold approximately 25.16 million units at C$0.30 each. The units held one common share and one half-share warrant.

Whole warrants are exercisable at C$0.50 until July 21, 2012. The strike price represents a 49.25% premium over the July 21 closing share price of C$0.335.

"We are very pleased with the performance of IBK Capital Corp. [the placement agent] and its sales team, who in these tough economic times were successful in exceeding the C$7 million target," said Leon M. Pierhal, CEO, in a press release. "This capital raise ensures the company's ability to build out the necessary inventory to timely supply its forecasted solar project backlog."

"The OPEL team is enthusiastic to get under way to fulfill the requirements of the projects which our relationships with some of the largest EPC (engineering, procurement and construction) partners have yielded," Pierhal added.

"The investors in OPEL have clearly affirmed their belief in our ability to deliver solar energy at the utility scale level and to make a difference in the world's choice for solar energy using OPEL's advanced panel and tracker system technology."

Proceeds will be used to purchase key components of the solar panels, for research and development and for working capital.

OPEL's stock (TSX Venture: OPL) gained 1½ cents, or 4.48%, to C$0.35. Market capitalization is C$19.94 million.

New Standard plans stock sale

New Standard Energy is seeking A$4.5 million from a private placement of equity, according to a press release.

The company is also looking to raise another A$2 million via a share purchase plan.

In the private placement, New Standard will issue 31 million ordinary shares at A$0.145 each.

The price per share represents a 6.45% discount to the July 22 closing share price of A$0.155 (Australia: NSE).

The deal is expected to come in two tranches.

"We are appreciative of the very strong support for this placement and welcome a number of new shareholders to the New Standard share register," remarked Sam Willis, managing director, in the release.

"This capital raising significantly strengthens our balance sheet and leaves us well funded for further exploration and development in the United States and greatly enhances our ability to progress our shale gas projects in the onshore Canning and Carnarvon Basins, Australia."

Proceeds will be used for ongoing exploration at the company's Australian shale gas projects, for drilling costs associated with the U.S.-Colorado County project and for working capital.

Newstrike wraps first tranche

Newstrike settled the first tranche of a previously announced private placement of units, taking in C$3.66 million.

The company aims to raise a total of C$5 million in the non-brokered transaction. The deal originally priced June 23.

Vancouver, B.C.-based Newstrike is selling a total of 12.5 million units at C$0.40 each. Of the units, approximately 9.15 million were sold in the first closing.

The units contain one common share and one half-share warrant. Whole warrants are exercisable at C$0.80 for 18 months. The strike price represents a 90.48% premium over the June 22 closing share price of C$0.42.

Proceeds will be used for exploration work at the Aurea Norte project in the State of Guerrero, Mexico, and for working capital.

The second tranche is expected by close by Aug. 6.

The company did not return calls seeking comment on Thursday.

Newstrike's shares (TSX Venture: NES.H) closed unchanged at C$0.40. Market capitalization is C$26.81 million.

Castillian seals C$2.86 million

Castillian Resources raised C$2.86 million via a private placement of units and stock, the company said in a press release.

The non-brokered financing originally priced at C$1.5 million on April 28. The deal was increased to C$3.1 million on June 8.

Castillian issued approximately 22.45 million flow-through shares at C$0.07 each, for total proceeds of C$1.7 million.

The company also sold approximately 21.5 million units at C$0.06 each for proceeds of C$1.29 million. The units consisted of one common share and one half-share warrant. Whole warrants are exercisable at C$0.10 until July 16, 2012.

The strike price represents a 10% premium to the April 27 closing share price of C$0.09.

Proceeds will be used for exploration and development of the Hope Brook Gold project in Newfoundland.

According to Bill Pearson, president and CEO of Casillian, the Hope project was a past producer that generated a high level of gold back in the 80s and 90s. However, "it really hasn't had any exploration on it since the late-80s, early-90s," he said. Therefore, a bulk of the funding will go toward the project, as the company has been collecting and analyzing new and old data on the property.

"It's an excellent project," he said, adding that Castillian intends to be a "very aggressive program" as soon as possible.

Additionally, Pearson said he was "very pleased" with the fundraising, "especially since it hasn't been the most junior-friendly market.

"This is a big step forward," he said. "We're pleased to have the support of our investors."

Pearson said the company had no "immediate" plans to look for more funding, but that it could come back to the market at a later point.

"If there's an opportunity to raise more funds, then we'll take it," he said.

Castillian's equity (TSX Venture: CT) improved by 1½ cents, or 33.33%, to C$0.06. Market capitalization is C$8.24 million.

Castillian Resources is a Toronto-based mineral exploration company.

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