Islamic Bank seeks £20 million from stock sale; Cyplasin, USA Technologies secure equity lines

By Stephanie N. Rotondo

Portland, Ore., July 27 - Islamic Bank of Britain plc secured a £20 million investment from Qatar International Islamic Bank via a private placement, the company said Tuesday.

The retail bank sold stock to the investor at a 42.55% discount. The funds will be used to provide regulatory capital.

Meanwhile, Cyplasin Biomedical Ltd. and USA Technologies Inc. both announced new credit lines. Cyplasin inked a $10 million equity line of credit, while USA Technologies arranged a $5 million facility.

Batero Gold Corp. said it had pocketed C$3.3 million from a private placement of units. The private equity raise was part of a C$5.3 million financing effort done in conjunction with a planned asset sale. After the company announced the successful completion of the financing, its stock jumped more than 350% by the end of business.

Islamic Bank seeks £20 million

Islamic Bank of Britain announced a £20 million private placement of ordinary stock.

Qatar International Islamic Bank is the investor.

The Birmingham, England-based company intends to sell 2 billion ordinary shares at 1p per share to the investor. The price per share represents a 42.55% discount to the July 27 closing share price of 2.35p (London: IBB).

"Qatar International Islamic Bank was instrumental in establishing Islamic Bank of Britain as one of the first Islamic banks in the West and this capital injection demonstrates its continuing commitment," said Gerry Deegan, managing director, in a statement. "This is very good news for Islamic Bank of Britain's shareholders, staff and customers as well as for the Islamic banking sector in the U.K."

The funds raised in the transaction will provide the company with "sufficient regulatory capital to manage and grow its business," the company said in the press release.

Market capitalization is £17.76 million.

Cyplasin arranges equity facility

Cyplasin Biomedical secured a $10 million two-year line of credit with Tangiers Investors, LP, according to a press release.

Under the terms of the facility, Cyplasin will sell common shares to the investors at 85% of the lowest volume-weighted average price of common stock during the pricing period. Tangiers is only obligated to purchase $250,000 of the shares per each draw request.

"We are pleased to have secured this [equity line of credit] arrangement with Tangiers, as it puts into place a component of our overall financing strategy and will work in combination with other financing plans currently under discussion," remarked Garry Likes, chief executive officer, in the release.

"We have the option without any obligation to draw on this credit facility as we may need in the future and we believe this to be a great vote of confidence in our current and future prospects by a well-established investment firm.

"We look forward in working closely with them as we continue to grow, and execute on our previously announced C-Virin and C-Pegferon therapeutic product development program," Likes continued. "The ELOC in combination our loan agreement with Minapharm will allow us to move quickly in getting these two products to market while we also focus on our HEP C vaccine technology program (C- Vaxin)."

Cyplasin's stock (OTCBB: CYPL) was steady at $0.0103.

Cyplasin Biomedical is an Edmonton, Alta.-based specialty pharmaceutical company.

USA Tech gets credit line

USA Technologies also inked a deal for an equity line of credit. The Malvern, Pa.-based company provides services and technology for wireless non-cash transactions and energy management.

Lincoln Park Capital Fund LLC is providing the $5 million facility, according to a press release.

The company will issue common shares to the investor over a 25-month term. The shares have no fixed discount and each tranche will consist of up to 150,000 shares.

USA Technologies' equity (Nasdaq: USAT) gained 3 cents, or 5.17%, to $0.61. Market capitalization is $13.87 million.

Batero raises funds for purchase

Batero Gold took in C$3.3 million via private placement of units.

Of the proceeds, C$2.3 million was raised through a brokered placement and the remaining C$1 million through a non-brokered placement.

All told, the company issued 6.6 million of the units at C$0.50 each. The units held one common share and one half-share warrant.

Whole warrants are exercisable at C$0.75 for two years. The strike price is a 25% premium over the July 26 closing share price of C$0.60.

The financing was done in connection with Batero's planned acquisition of Bahia Bonita Properties SA. Bahia is the indirect owner of a mineral property located in the municipality of Quinchia, department of Risaralda, Republic of Colombia.

The company also raised C$2 million via a short-term offering document.

"I am pleased to announce the closing of the Bahia-Batero qualifying transaction, together with the $5.3 million equity raise," said Brandon Rook, president and CEO, in a press release. "We at Batero are highly motivated to translate the potential of the project recognized to date into significant shareholder returns."

Batero's shares (TSX Venture: BAT) surged 59 cents, or 368.75%, to C$0.75. Market capitalization is C$22.69 million.

Batero Gold is a Vancouver, B.C.-based precious and base metals exploration company.

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