Reece closes C$7.5 million financing; Rockcliff settles downsized deal; Omega to raise $100 million

By Kenneth Lim

Boston, May 1 - Reece Energy Exploration Corp. said it completed a C$7.5 million stock placement that will be used to accelerate its drilling program.

Meanwhile, Rockcliff Resources Inc. closed a downsized flow-through and unit financing deal, but said the additional capital will still be able to fund its exploration project.

Omega Healthcare Investors Inc. said it is selling $100 million worth of common stock to repay debt, while NextMart Inc. said it is selling $10 million of convertibles to a fund.

Reece takes in C$7.5 million

Reece Energy said it raised C$7.5 million from a private placement of its common stock.

The company sold 4.84 million shares at C$1.55 per share. Reece common stock (TSX: RXR) closed at C$2.08 on Thursday, up by C$0.07 or 3.48%.

Reece, a Medicine Hat, Alta.-based oil and natural gas exploration company, said it will use the proceeds to expedit drilling at its Bakken and Viking projects.

"Reece is very excited to have these extra funds available which will allow us to front-load our drilling program, and enable us to keep drilling steadily," Reece president Lorne Swalm said in a statement.

Rockcliff raises for exploration

Rockcliff Resources said it closed a downsized C$4.78 million private offering of securities.

The deal involved 7 million flow-through shares sold for a total of C$4.22 million and 933,334 stock-and-warrant units that totaled C$560,000.

Rockcliff originally planned to sell 6.67 million flow-through shares at C$0.60 apiece and 1.67 million units at the same price for a total of C$5 million. There was also a greenshoe for an adiditonal C$750,600.

Each unit comprises one common share and one half-share warrant. Each whole warrant will be exercisable for two years at C$0.95.

Rockcliff common stock (TSX: RCR) dropped 10% or C$0.05 to close at C$0.45 on Thursday.

Dundee Securities Corp led a syndicate of agents, which included Blackmont Capital Corp. and Evergreen Capital Partners Inc.

Rockcliff, a Sudbury, Ont.-based junior resource company that is focused on acquiring and developing high-quality mineral assets, said it will use the proceeds for exploration and working capital.

"We are very happy with the support we received from Dundee and the syndicate of agents on this financing," Rockcliff president and chief executive Ken Lapierre said in a statement. "This will allow us to continue with our aggressive exploration program at our Snow Lake VMS Project."

Omega to raise $100 million

Omega Healthcare Investors said it plans to sell $100 million worth of stock in a private placement.

The deal involved 5.9 million common shares sold at $16.93 apiece. Omega common stock (NYSE: OHI) rose 2.86% or $0.50 to close at $18 on Thursday.

Omega, a Timonium, Md.-based real estate investment trust that focuses on the long-term care industry, said it will use the proceeds to repay existing senior debt.

NextMart gets $10 million

NextMart said it issued $10 million of 2% convertible bonds to Evenstar Master Sub-Fund I Segregated Portfolio in a private placement on April 29.

The New York-based company also lent Evenstar 10.8 million common shares as part of the deal. Evenstar may return the shares in the same form, or retain ownership of the stock but pay the equivalent value in cash, or return a number of convertible bonds that are convertible into the equivalent number of shares.

NextMart is a business-to-business brand and apparel production management solutions provider.

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