Ireland plans two offerings totaling $13 million; Advanced BioEnergy wraps $10 million placement

By Sheri Kasprzak

New York, April 26 - PIPE volume remained relatively light on Thursday, despite the Dow Jones Industrial Average closing at an all-time high for the second straight session. Even so, some market insiders said the record-high levels of the Dow may indicate more offerings going forward.

"It tends to be slower than this at this time of year; so, I would say it's actually busier than usual," said one market source. "I do think that stocks are doing well enough to spawn more offerings in the coming week. In terms of what I expect to see, probably more biotech, more tech deals; we've seen a lot in resources lately as well."

Another sellside market source focused on biotech deals said Thursday he feels biotech offerings will continue to dominate the PIPE market.

"Looking forward, I do think you're going to continue to see more in the way of biotech," he said.

The Dow gained 15.61 on Thursday to close at 13,105.50, and the Nasdaq composite index climbed 6.57 to settle at 2,554.46. The Standard & Poor's 500 composite index, however, slipped by 1.17 to close at 1,494.25.

Looking to particular offerings, Ireland, Inc. priced two deals totaling $13 million.

News of the placements sent the company's stock skyrocketing by 54.76%, or 69 cents, to end at $1.95 (OTCBB: IRLD). Volume was off with 6,190 shares traded compared with the average 63,331 shares.

In a domestic offering, the company plans to sell 10 million units of one share and one half-share warrant at $0.65 each.

In a foreign deal, the company also plans to sell 10 million units at $0.65 each.

The whole warrants are exercisable for another share - post four-for-one stock split - at $1.00 each for one year.

Proceeds will be used for property acquisitions, for development and for general corporate purposes.

In other news, Ireland announced its four-for-one stock split was completed.

Located in Blaine, Wash., Ireland is a mineral exploration company.

Advanced BioEnergy raises $10 million

In other PIPE news, Advanced BioEnergy, LLC pocketed $10 million from an offering of subordinated convertible promissory notes with Ethanol Investment Partners, LLC.

The 15% notes are due in one year and are convertible into common shares at the lesser of $16.00 or the lowest price per membership unit sold in a public or private offering during the life of the notes.

Proceeds will be used for construction of the company's Aberdeen facility.

Ethanol Investment Partners has the option to purchase another $25 million in notes through June 13.

Based in Minneapolis, Advanced BioEnergy is an ethanol producer.

Northern Peru prices deal

Moving north of the border, Northern Peru Copper Corp. priced a C$16.8 million private placement of stock.

The company plans to sell 2 million shares at C$8.40 each.

The deal is being placed through a syndicate of underwriters led by Raymond James Ltd. and is expected to close May 15.

Proceeds will be used for the repayment of short-term debt, for recent acquisitions of mineral rights and for working capital.

The stock fell 4 cents Thursday to end at C$8.86 (Toronto: NOC).

Northern Peru is a Vancouver, B.C.-based mineral exploration company.

Sofame Technologies plans deal

Moving to the tech sector, Canadian water-heating technology company Sofame Technologies Inc. upsized to C$1.75 million a previously announced offering of unsecured convertible debentures.

The 10% debentures are due in three years. The debentures will be sold in tranches.

The debentures are convertible at C$0.135 each for the first two years and then at C$0.1485 each until maturity.

Each tranche will include warrants for 250,000 shares, exercisable at C$0.15 each for two years.

Notre-Dame Capital Inc. is the placement agent.

The stock closed unchanged at C$0.13 Thursday (TSX Venture: SDW).

Sofame is based in Montreal.

Innovive stock jumps 13%

In secondary market news, Innovive Pharmaceuticals, Inc.'s stock climbed by almost 13% on Thursday after the biotech company announced the completion of a $15.015 million private placement of units.

The stock gained 50 cents to close at $4.35 (OTCBB: IVPH).

On Wednesday, the stock gained 10%, or 35 cents, to end at $3.85.

In the placement, the company sold units of one share and one half-share warrant at $2.73 each, a 22% discount to the company's $3.50 closing stock price on Tuesday.

Paramount BioCapital Inc. was the placement agent.

Proceeds will be used for the advancement of the company's pipeline of hematology and oncology products.

New York-based Innovive acquires, develops and commercializes therapies for cancer and blood diseases.

Sequenom stock climbs

In secondary market action, Sequenom, Inc.'s stock made slight gains on Thursday after the company announced the imminent completion of a $20 million stock deal on Wednesday.

The stock gained 5 cents to close at $3.30 (Nasdaq: SQNM). On Wednesday, the stock gained 8.7%, or 26 cents, to close at $3.25.

A group of institutions agreed to buy shares off the company's shelf registration at $3.00 each, only a slight premium to the company's $2.99 closing stock price on Tuesday.

The offering is expected to wrap up on Friday.

Lehman Brothers Inc. was the bookrunner.

Sequenom, based in San Diego, provides genetic analysis products used for biomedical research, livestock and agricultural applications and molecular medicine.

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