Lightbridge brings direct offering; Shear sets C$15 million; PetroLatina slates £5.59 million

By Stephanie N. Rotondo

Portland, Ore., July 23 - Lightbridge Corp. announced a registered direct offering of common stock on Friday.

The company is hoping to raise over $13.5 million from the financing. It will sell the stock at a discount to the July 22 closing share price.

Meanwhile, Shear Minerals Ltd. said it was looking to raise C$15 million from a private placement. The company is conducting the financing in connection with a planned acquisition.

PetroLatina Energy plc will pocket £5.59 million from a private placement of equity. The deal is already fully subscribed, and the funds will be used for work at the company's Colombian properties.

And, Eskay Mining Corp. wrapped the final tranche of a previously announced private placement. The company had hoped to raise a total of C$4 million, but instead took in just C$2.42 million.

Lightbridge brings direct offering

Lightbridge, a McLean, Va.-based nuclear energy consultant, announced a $13.66 million registered direct offering of equity.

The company intends to sell about 2.07 million common shares at $6.60 each, representing a 13.73% discount to the July 22 closing share price of $7.65.

Investors will also receive warrants equal to 1.03 million additional shares. The warrants are exercisable at $9.00 for seven years.

Proceeds will be used for research and development related to nuclear fuel designs and for working capital. Settlement is expected by July 28.

The company did not return calls seeking comment on Friday.

Lightbridge's stock (Nasdaq: LTBR) fell $1.23, or 16.08%, to $6.42 per share on Friday. Market capitalization is $65.28 million.

Shear C$15 million deal

Shear Minerals said it was planning a $15 million private placement of units and stock via agents RBC Capital Markets and Macquarie Capital Canada Ltd.

The units will contain one common share and one warrant. The company will also sell flow-through common shares.

Other terms of the deal were not disclosed, and the company did not return calls seeking further comment on Friday.

The financing comes as Shear Minerals looks to complete its previously announced acquisition of the Jericho diamond mine from Tahera Diamond Corp. and Benachee Resources Inc. The asset purchase was announced July 19.

Shear's shares (TSX Venture: SRM) gained 1½ cents, or 33.33%, to finish at C$0.06 apiece on Friday. Market capitalization is C$8.39 million.

Shear Minerals is an Edmonton, Alta.-based diamond exploration company.

PetroLatina to raise £5.59 million

PetroLatina Energy is seeking £5.59 million, or $8.5 million, via a private placement of ordinary shares.

The company is selling 14.87 million of the shares at 37.57p each. The price per share is 19.38% discount to the July 23 closing share price of 46.6p (London: PELE).

According to press release announcing the deal, Tribeca Oil & Gas Inc. has subscribed for $5 million of the shares, while a company affiliated with Juan Carlos Rodriguez, a director of PetroLatina, has subscribed for the remaining $3.5 million.

Proceeds will be used for ongoing work programs and exploration in Colombia and for working capital.

Market capitalization is £17.08 million.

PetroLatina Energy is a London-based oil and gas company focused on Latin America.

Eskay wraps final tranche

Eskay Mining settled the final tranche of its previously announced private placement of units, according to a press release.

The deal originally priced for C$4 million on June 4 and the company raised C$2.24 million on June 11. In this final tranche, the company pocketed C$180,000, bringing the total funds raised to C$2.42 million.

All told, the company issued 8.3 million flow-through units at C$0.25 each, generating proceeds of C$2.08 million. Eskay also sold roughly 1.74 million working capital units at C$0.20, for total proceeds of C$347,010.

The flow-through units held one flow-through common share and one half-share warrant. Whole warrants are exercisable at C$0.45 for two years.

The strike price represents an 80% premium over the June 4 closing share price of C$0.25.

The working capital unit meantime consisted of one common share and one warrant. The warrant is exercisable at C$0.40 for two years, representing a 60% premium to the June 4 closing share price.

"Our camp is now open at the SIB Property and drilling will commence shortly," stated Mac Balkam, chief executive officer, in the release.

"We are very pleased to have raised sufficient funds to undertake an extensive exploration and drilling program on the SIB/Lulu ground."

Eskay's equity (TSX Venture: ESK) improved by 4½ cents, or 22.5%, to C$0.245 per share on Friday. Market capitalization is C$21.0 million.

Eskay Mining is a Surrey, B.C.-based gold and precious metals exploration and development company.

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