RINO to raise $100 million; Bridgeport gets financing; Rockwell plans placement, rights offer

By Stephanie N. Rotondo

Portland, Ore., Dec. 2 - RINO International Corp. announced one of Wednesday's largest financings, a $100 million registered direct offering of common stock.

The company intends to use the proceeds for working capital, specifically for its growth plans, according to a person familiar with the matter. The source said that the company has "been growing significantly" due to actions by the Chinese government.

Meanwhile, Bridgeport Ventures Inc. said it pocketed more than C$12.5 million from a private placement of units. The company said the response to the deal "exceeded our expectations."

Rockwell Diamonds Inc. will conduct a C$9.1 million private placement of equity, the company said in a press release. In addition, the company is also seeking another C$3.35 million via a rights offering. Both financings carry the same terms.

Also, Grubb & Ellis Co. said it had raised another $4.08 million by privately placing another tranche of its convertible preferred shares. The company previously announced the deal, which totals $90 million, plus a $10 million greenshoe.

Streetlight Intelligence Inc. wants to raise C$3 million via a private placement of units. Abcourt Mines Inc. is also planning a unit sale, for total proceeds of C$2 million.

RINO announces direct placement

RINO International brought a $100 million registered direct offering of common stock to market.

The Dalian, China-based company will sell approximately 3.25 million common shares at $30.75 per share.

In addition, investors will receive series A and B warrant. The series A warrants are exercisable for a total of 1.13 million shares at $34.50 per share until June 2, 2010. The series B warrants are meanwhile exercisable for the same amount of shares - and at the same strike price - until Dec. 3, 2010.

Proceeds will be used for working capital, according to Matt Hayden of HC International Inc. HCI handles investor relations for the China-based, US-listed company.

"They deemed it was a good time [to do the financing]," Hayden told Prospect News. "The company needs to facilitate its next leg of growth."

Settlement is expected by Dec. 7.

RINO's shares (Nasdaq: RINO) fell $2.60, or 7.82%, to $30.84. Market capitalization is $780 million.

RINO International is an environmental protection and remediation company.

Bridgeport completes financing

Bridgeport Ventures, a Toronto-based mineral exploration company, sealed C$12.59 million from a non-brokered private placement of equity units.

The deal originally priced at C$11 million on Nov. 11 and was upsized to C$12.8 million on Nov. 25.

The company issued 12.59 million units at C$1.00 per unit. Each unit consisted of one common share and one warrant. The warrants are exercisable at C$1.50 for three years.

Proceeds will be used for payments related to Bridgeport's acquisition of the Rosario and Tamara I properties, as well as for exploration on said sites, among other things.

"We exceeded our expectations and raised over C$12,000,000 to fund the continued gold-copper exploration and development of our Rosario property in Chile," said Hugh Snyder, chairman, in a press release. "Proceeds from this financing may also be earmarked to identify and prospect other high quality copper-gold properties in the Latin American region, and for general corporate purposes."

Bridgeport's shares (TSX Venture: BPV) gained 4 cents, or 3.05%, to C$1.35. Market capitalization is C$10.5 million.

Rockwell plans placement, rights offering

Rockwell Diamonds is planning a C$9.1 million private placement of equity and a subsequent C$3.35 million rights offering.

Under the terms of the private placement, the company will issue 140 million common shares at C$0.065 per share. Godia Capital Partners GP Ltd. has agreed to purchase C$3.09 million of the equity.

The rights offering will be conducted at the same terms as the private financing. A total of 67 million shares are included in the deal and, of those, Daboll Consultants Ltd. has agreed to purchase 47.5 million.

"We are pleased to be able to update our investors on the concrete steps achieved to ensure these financings are successfully completed," said John Bristow, president and chief executive officer, in a prepared statement. "These funds will be utilized to settle short term debt and strengthen the company's balance sheet, as well as modernizing and re-commissioning the Wouterspan operation and thereby adding diamond production and revenue in the short term.

"The chairman's letter to shareholders prior to our recent annual general meeting introduced a plan to add strategic investors to help facilitate the growth and expansion of the company," Bristow added. "This financing is consistent with that approach, and we welcome the commitments made to the company by Godia and Daboll. Through the combination of a steadily improving diamond market, the support of our new investors, and most importantly the long term support of our existing shareholders, Rockwell is ideally placed to resume growth."

Rockwell's stock (Toronto: RDI) held in at C$0.06. Market capitalization is C$13.1 million.

Rockwell Diamonds is a Vancouver, B.C.-based diamond exploration company.

Grubb & Ellis wrap preferred tranche

Grubb & Ellis said it raised another $4.08 million as part of its previously announced $90 million private placement of convertible preferred stock.

The tranche closed Nov. 25, according to a regulatory filing. The deal originally priced Oct. 23 and includes a $10 million greenshoe.

The company is selling 900,000 12% cumulative participating perpetual convertible preferred shares. In this tranche, 40,800 of the shares were issued.

Each preferred is convertible into 60.606 common shares at $1.65 per share.

Grubb's equity (NYSE: GBE) was unchanged at $1.48. Market capitalization is $99.3 million.

Grubb & Ellis is a Santa Ana, Calif.-based real estate services and investment company.

Streetlight to issue units

Streetlight Intelligence will conduct a C$3 million private placement of units, the company said in a press release.

The Victoria, B.C.-based company intends to sell 25 million units at C$0.12 per unit. The units will contain one common share and one half-share warrant. Whole warrants are exercisable at C$0.24 for one year.

Proceeds will be used for general working capital. Settlement is expected in January.

The company could not be reached for comment.

Streetlight's shares (TSX Venture: SLQ) finished steady at C$0.12. Market capitalization is C$8.85 million.

Streetlight Intelligence is a producer of technologies that remotely program streetlights.

Abcourt aims for C$2 million

Abcourt Mines is seeking C$2 million of exploration funds through a private placement of flow-through and common share units.

The company is looking to sell 5.9 million flow-through units at C$0.17 per unit. The units will hold one flow-though common share and one half-share warrant. Whole warrants are exercisable at C$0.19 for two years.

Also, Abcourt will sell 7.1 million common-share units at C40.13 per unit. Those units will contain one class B common share and one warrant. The warrants are exercisable at C$0.17 for two years.

Abcourt's equity (TSX Venture: ABI) dipped half a cent, or 2.94%, to C$0.165. Market capitalization is C$9.21 million.

Abcourt Mines is a Mont-St-Hilaire, Quebec-based mineral exploration company.

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