Songa Offshore settles stock deal; Novadaq seeks C$7 million; Novus Gold to sell shares, units

By Stephanie N. Rotondo

Portland, Ore., Feb. 17 - Wednesday's PIPE market saw a fair amount of deals entering the market, even as some were exiting.

Songa Offshore SE completed a private stock sale, raising NOK 594.5 million. The deal was oversubscribed.

Meanwhile, Novadaq Technologies Inc. said it will pocket C$7 million from a private placement of units. The company said the deal would widen its investor base into the United States.

Novus Gold Corp. also brought a deal to market. The company hopes to raise C$6.5 million through the private issuance of flow-through shares and common share units.

And, Vangold Resources Ltd. is seeking C$6 million via a private placement of units.

Elsewhere, NMT Medical Inc. sealed nearly $6 million from a private placement of common stock. Proceeds will be used to advance clinical trials.

Songa stock sale settles

Songa Offshore raised NOK 594.5 million from a private placement of equity.

The deal, which was announced Feb. 16, was oversubscribed.

The Limassol, Cyprus-based offshore drilling company sold 20.5 million ordinary shares at NOK 29.00 each.

Proceeds will be used for general business purposes.

Songa's stock (Pink Sheets: SGAZF) ended steady at $4.95.

Novadaq seeks C$7 million

Novadaq Technologies is aiming to raise C$7 million via a private placement of units, according to a press release.

The company will issue units at C$2.43 each. The units will consist of one common share and one fifth-share warrant. Whole warrants are exercisable at C$3.00 for five years.

"We are very pleased to announce this transaction as it strengthens our balance sheet and broadens our investor base with most of the capital being raised from U.S. based institutional investors," said Arun Menawat, president and chief executive officer, in the release.

Proceeds will be used for sales and marketing expenses, as well as research and development.

Novadaq's shares (Toronto: NDQ) fell 15 cents, or 5.07%, to C$2.81. Market capitalization is C$65.3 million.

Novadaq Technologies is a Toronto-based developer of medical imaging systems.

Novus to issue shares, units

Novus Gold will privately issue flow-through common shares as well as common share units in its effort to raise C$6.5 million.

The company will sell up to 10 million flow-through shares at C$0.45 per share for proceeds up to C$4.5 million.

The remaining funds will come from the sale of 5 million units at C$0.40 each. The units will contain one common share and one half-share warrant. Whole warrants are exercisable at C$0.60 for two years.

Proceeds will be used for exploration and work programs at the company's Dominican Republic properties.

Gunther Roehlig, a director at Novus, was unavailable for comment.

Novus' stock (TSX Venture: NOV) slipped 2 cents, or 5%, to C$0.38. Market capitalization is C$8.22 million.

Novus Gold is based in Vancouver, B.C.

Vangold plans unit sale

Vangold Resources, another Vancouver, B.C.-based mineral exploration company, announced a C$6 million non-brokered private placement of units.

The company intends to sell approximately 17.14 million of the units at C$0.35 each. The units will hold one common share and one half-share warrant. Whole warrants are exercisable at C$0.50 for 18 months.

The company did not return emails seeking comment.

Proceeds will be used for exploration, development and general working capital.

Vangold's shares (TSX Venture: VAN) held in at C$0.34. Market capitalization is C$9.14 million.

NMT takes in nearly $6 million

NMT Medical wrapped a $5.8 million private placement of equity, the company said in a press release.

The company sold 2.7 million common shares at $2.15 each. Investors also received warrants - exercisable at $2.90 - for another 2.1 million shares.

"This transaction demonstrates the level of confidence that investors have in NMT and our ongoing clinical efforts," said Frank Martin, president and CEO, in the release. "The financing affords us additional flexibility and enables us to continue to pursue our primary near-term goal: completing Closure I.

"We believe that the $5.8 million in proceeds, along with the $4 million available under our existing credit facility and our current cash balance, provides us with sufficient funds to complete the Closure I trial and to bring the StarFlex device to market in the U.S., assuming it is approved for the stroke and transient ischemic attack indication by the U.S. Food and Drug Administration."

NMT expects to report cash and equivalents of $8.9 million as of Dec. 31.

NMT's equity (Nasdaq: NMTI) was unchanged at $2.06. Market capitalization is $27.4 million.

NMT Medical is a Boston-based medical technology company.

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