Bellhaven plans C$15 million PIPE; African Gold to raise C$7.35 million

By Laura Lutz

Des Moines, Aug. 3 - Bellhaven Copper & Gold, Inc. led a slow news day for PIPEs on Friday with a C$15 million private placement of units.

The company priced 13,636,364 units at C$1.10 each.

The units each consist of one share and one half-share warrant. Each whole warrant will be exercisable for two years, at C$1.35 in the first year and at C$1.50 in the second year.

Expiry of the warrants may be accelerated to 15 days if the company's shares trade above C$2.35 for 20 consecutive trading days.

Haywood Securities Inc. will act as agent.

Proceeds will be used for exploration, future acquisitions and working capital.

Bellhaven is a mineral exploration company with headquarters in Vancouver, B.C.

The company's shares gained C$0.02, or 1.69%, to end the day at C$1.20 (TSX Venture: BHV).

Friday's offerings were, as usual, dominated by Canadian resource companies.

African Gold Group, Inc. also priced a private placement of units, this one for C$7.35 million.

The non-brokered offering consists of units of one share and one half-share warrant at C$1.05 each.

The company expects to sell between 6 million and 7 million units.

Each whole warrant will be exercisable at C$1.50 for 18 months.

Expiry of the warrants may be accelerated to 30 days if the closing price of the company's shares is at least C$2.25 for 30 consecutive trading days at any time more than four months and one day after closing.

Settlement is expected on Aug. 9.

Proceeds will be used for exploration and working capital.

African Gold is a gold exploration company based in Toronto.

Its shares closed up C$0.15, or 14.29%, at C$1.20 on Friday (TSX Venture: AGG).

Tango up offering to C$7 million

Tango Energy Inc. increased the maximum size of its private placement of units and flow-through shares to C$7 million from C$6 million.

The deal originally priced on Thursday.

The company still plans to sell units at C$0.40 each, flow-through shares relating to Canadian Exploration Expenses (CEE) at C$0.46 each and flow-through shares relating to Canadian Development Expenses (CDE) at C$0.40 each.

The additional C$1 million will be raised through additional units and CDE flow-through shares. The maximum amount of CEE flow-through shares will remain at C$4.002 million.

The maximum amount of CDE flow-through shares is now C$3.4 million, up from C$2.4 million.

Each unit will consist of one non flow-through share and one half-share warrant. Each whole warrant will be exercisable for one non flow-through share at C$0.50 until Dec. 31, 2008.

Acumen Capital Finance Partners Ltd. is the agent.

Settlement is expected on Aug. 21.

Proceeds will be used for exploration and development.

Tango is an oil and natural gas company based in Calgary, Alta. The company's shares closed at C$0.40 on Friday, unchanged from Aug. 1 (TSX Venture: TEI).

Proventure raises C$4.2 million

Proventure Income Fund announced plans to conduct a non-brokered private placement of units for up to C$4.2 million.

The fund plans to sell 2.4 million trust units at C$1.75 apiece.

Each unit will be accompanied by one warrant. Each warrant will be exercisable for one trust until at C$2.25 until Aug. 31, 2009.

Between 25% and 100% of the trust units will be purchased by insiders of Proventure, according to the company's news release.

Settlement of the deal is expected on Aug. 31.

The placement is being conducted in connection with a planned property acquisition by the company's subsidiary, Proventure Operating LP.

The offering is not, however, contingent upon the acquisition. If the proceeds are not needed for the acquisition, they will be used for other capital expenditures, business acquisitions and general corporate purposes.

Based in Calgary, Alta., Proventure is a mutual fund trust focused on commercial property-development businesses.

The company's shares finished Friday unchanged at C$1.50 (TSX Venture: PVT.UN).

Boo Koo stock drops back

A day after Boo Koo Beverages, Inc. settled a $7,503,114 private placement of shares, the company's stock lost 30%.

The stock fell $1.50 to close Friday at $3.50, erasing most of the $2.00 gain it had made on Thursday.

The shares were priced at C$1.20 in Thursday's offering.

The investors have the option to buy up to $5 million in additional shares at the same price for 45 days from the closing date.

Connected to the offering, one of the company's shareholders agreed to convert $875,000 in principal plus interest in common shares at $1.20 each on the 30th day after the financing closes.

Roth Capital Partners, LLC and Aspen Equity Partner, LLC were the placement agents.

The offering was conducted as part of Boo Koo's merger with Captech Financial Group. Following the merger, Boo Koo changed its name to Boo Koo Holdings, Inc. The company trades on the OTC Bulletin Board under the Captech Financial Group, Inc. name under the symbol CPFG.

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