European Minerals sets C$22.4 million; GridSense to raise C$1.74 million; Northern pockets C$7.15 million

By LLuvia Mares

New York, Dec. 4 - Leading news in the mining sector, European Minerals Corp. said once its C$22.4 million private placement of stock is complete, it will be focusing on moving into production.

The company announced Tuesday it set the size of a previously announced private placement of stock.

"We have been running a little tight on money and needed to raise a bit of dough to get this project up and on its way into production," said Fred Leigh, company investor relations director.

"At this moment we are strictly concentrating on getting into production before Christmas time. Once they do that we might start looking at some other plans for future company financing and acquisitions."

The deal priced for up to C$25 million on Dec. 3. The company said Tuesday the size has been set at C$22,396,000.

The company will sell 17,496,875 common shares at C$1.28 per share.

European Minerals' stock (Toronto: EPM) closed at C$1.28 on Tuesday, down C$0.05 from Monday's C$1.33 close.

Proceeds will be used for advancement of the company's mineral projects and general corporate purposes. The deal is expected to settle on Dec. 18

Based in London, European Minerals is a mineral exploration and development company focused on identifying, acquiring and developing resource projects.

GridSense negotiates C$1.74 million

In other news, GridSense Systems Inc. expects business to speed up after the company secures a C$1.74 million private placement of units.

"Having delivered positive results for its recently completed fiscal year, GridSense looks to profitably accelerate growth in key strategic areas of the business including intelligent grid monitoring and demand side control," said Lindon Shiao, company chief executive officer, in press release.

"With the completion of this private placement, the company will be able to execute its plan faster and more effectively with the participation of strategic investors like Acorn Factor."

The company will sell up to 24,825,714 units at C$0.07 each. The units consist of one share and one warrant with each warrant exercisable at C$0.10 for six months. Acorn Factor will buy C$1.1 million of the units.

The company's stock (TSX Venture: GSN) closed at C$0.05 on Tuesday, down C$0.01from Monday's C$0.06 close.

Proceeds will be used for product enhancements, commercializing of new products, sales and support, expansion into the China marketplace and general working capital.

Based in Vancouver, B.C., GridSense Systems designs and markets monitoring systems to electric utilities.

Northern gets C$7.15 million

Northern Freegold Resources Ltd. announced it has raised C$7,147,960.25 in a non-brokered private placement of units. The deal priced for C$6.75 million on Nov. 16.

The company sold 9,883,947 units, up from its planned sale of 9 million units, at C$0.75 per unit. Each unit consists of one common share and one warrant. Each two-year warrant will be exercisable at C$1.00 for the first year and at C$1.25 thereafter.

The company paid 364,500 units in finder's fees and finder's options exercisable for 364,500 common shares at C$1.25 per share for one year.

Northern Freegold's stock (TSX Venture: NFR) C$0.69 on Monday and did not see any activity on Tuesday.

Proceeds will be used for exploration and general working capital.

Northern Freegold is a resource exploration and development company based in Vancouver, B.C.

RAMTelecom arranges C$2 million

In the technology sector, RAMTelecom Inc. plans to expand its business after conducting a C$2 million private placement of units.

"We definitely needed to raise the cash for some events for our company, to upgrade our network so we can handle more customers, for working capital and to hire more people," said R. A. (Ralph) Misener, company president and chief executive officer.

"So it's all good news, if you look at the reasons why we are raising this money."

The company will sell up to 7,407,407 units at C$0.27 each. The units consist of one common share and one warrant with each warrant exercisable at C$0.37 for two years.

Misner said that after the deal has settled the company plans to begin looking into additional financing for future acquisitions.

"I think we can get it because investors know about our superior product - we have the best satellite service around," he said.

The company's stock (TSX Venture: RTC) closed at C$0.69 on Monday and did not see any activity on Tuesday.

Regenesis Capital Management Inc. will be the agent.

Proceeds will be used for upgrades to the company's Canadian Satellite Gateway, to offer new solutions to RAMTelecom's customer base, hire additional sales and technical staff, fund sales and marketing initiatives and increase RAMTelecom's working capital.

RAMTelecom is a satellite information services provider based in Ottawa.

Tri-County wraps $6.55 million

Tri-County Financial Corp. ended the day a little richer Tuesday after completing a $6.55 million private placement. The deal priced for $6.5 million on July 9.

The company sold 249,371 shares at $26.25 each.

The company's stock (OTCBB: TCFC) closed at $24.25 on Monday and did not see any significant change on Tuesday.

Based in Waldorf, Md., Tri-County Financial, the holding company for Community Bank of Tri-County, is a financial institution.

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