AMG to sell units; CombiMatrix plans $8.25 million direct offering; LAB gets C$7.5 million loan

By Stephanie N. Rotondo

Portland, Ore., April 29 - AMG Oil Ltd. announced plans to raise at least $2 million in connection with its merger with Adira Energy Corp.

The company will sell units to raise the funds, according to a press release.

Meanwhile, CombiMatrix Corp. is planning a registered direct offering of shares. The company hopes to take in $8.25 million from the financing. Also, LAB Research Inc. said it secured a C$7.5 million loan.

Among other private placements, Cogenco International Inc. said in a regulatory filing that it is planning to raise $2.6 million via a stock sale. Zenergy Power plc announced that it wrapped a £9.5 million placement.

AMG to sell units

AMG Oil will raise at least $2 million via a private placement of units in connection with its planned merger with Adira Energy Corp.

Under the terms of the placement, AMG will issue 8 million units containing one common share and one half-share warrant. The units will sell at $0.25 per unit and each whole warrant is exercisable at C$0.50 for two years.

The merger is expected to be completed by June 30.

AMG's shares (OTCBB: AMGOF) gained 3 cents, or 13.64%, to $0.25. Market capitalization is $5.8 million.

AMG Oil is a Vancouver, B.C.-based oil and natural gas exploration company. Adira Energy is a natural gas exploration company with interests in Israel.

CombiMatrix plans direct offering

Biotechnology company CombiMatrix plans to raise $8.25 million in a registered direct offering of units.

The company will issue approximately 1.1 million units containing one common share and one warrant. Each unit will sell for $7.50 per unit and each warrant is exercisable at $9.00 for five years.

"We are pleased that, despite a difficult financing environment, there is sufficient interest in our company from investors," said Amit Kumar, president and chief executive officer, in a statement.

"This financing strengthens our balance sheet and should enable us to continue expanding our leading portfolio of array based diagnostic tests as well as our growing sales and marketing activities. We also hope to further strengthen our balance sheet upon receipt of the $36 million judgment from National Union in the future," Kumar said.

CombiMatrix's equity (OTCBB: CBMX) fell 89 cents, or 10.95%, to $7.24. Market capitalization is $46.8 million.

CombiMatrix is based in Mukilteo, Wash.

Among other biotech-related names, LAB Research said it negotiated a C$7.5 million loan from Investissement Québec.

The company will receive the funds from the floating-rate loan in tranches before the end of May.

Also, Investissement Québec received three-year warrants good for 897,290 common shares.

"We are pleased to have received this loan from Investissement Québec," said Luc Mainville, president and chief executive officer, in a press release. "It allows us to immediately strengthen our working capital which was partly used to finance our last Canadian expansion. This marginally dilutive financing will also help negotiations aimed at solving the covenant breaches on the loans granted by our Canadian bank.

"Since the beginning of 2009, we have focused our attention on solving each and every corporate issues negatively impacting our company," he continued. "Our liquidity situation having been addressed successfully, we are now concentrating our efforts on improving each of our site's performance. We look forward to report on the progress made to date when disclosing our first quarter of 2009 results scheduled to be released early May 2009 and we remain more than ever solely committed to the continuous improvement of our financial performance and profitability over the coming quarters."

LAB's stock (Toronto: LRI) jumped 12 cents, or 44.44%, to C$0.39. Market capitalization is C$7.05 million.

LAB Research is a Laval, Quebec-based provider of non-clinical research services.

PIPE pieces

Cogenco International will issue new equity in its effort to raise $2.6 million.

The Englewood, Colo.-based engineering firm will sell 520,000 common shares at $5.00 per share. One European investor is purchasing the shares, according to a regulatory filing.

Part of the proceeds from the deal will be loaned to Genesis Capital Management Ltd. to repay a promissory note held by Cogenco.

Cogenco's shares (Pink Sheets: CGNN) last traded on March 26 at $0.0001.

Elsewhere, Zenergy Power raised £9.5 million though a private placement of stock, the company announced.

The London-based company sold approximately 7.9 million ordinary shares at 120p per share.

Zenergy's stock (London: ZEN) closed at 134p. Market capitalization is £57.2 million.

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