Resin upsizes convertibles to C$10 million; Victoria, UC Resources to sell units; iPerceptions wraps deal

By Kenneth Lim

Boston, Dec. 1 - Resin Systems Inc. upsized a private placement of convertible debentures to C$10 million amid strong interest in the deal, the company said.

Victoria Gold Corp. plans to raise up to C$4 million through a sale of units that is expected to see significant subscription from the company's largest shareholder.

iPerceptions Inc. closed a $3.65 million convertible offering to investors, two of which will also receive seats on the company's board of directors as part of the deal.

UC Resources Ltd. plans to sell C$1 million of stock and warrant units through a private placement to MineralFields Group.

Resin Systems enlarges deal

Resin Systems doubled the size of a private placement of five-year 15% convertible secured debentures to C$10 million from the original C$5 million.

The debentures were sold in units of C$1,000 convertible debentures and 4,000 warrants. The initial conversion price of the debentures will be 115% of the average stock price two years from closing. Resin common stock (TSX: RS) dropped 16.67% or C$0.02 to close at C$0.10.

The warrants are exercisable at C$0.18 for five years.

Resin has a market capitalization of about C$14.7 million.

Settlement is expected Dec. 12.

Proceeds will be used as working capital and for general corporate purposes.

Resin is a composite products company based in Calgary, Alta.

All of the eligible members of Resin's board of directors and certain officers will subscribe for C$2.6 million of the units. Resin chairman Wilmot Matthews and president and chief executive Paul Giannelia will each take C$1 million of units.

"One of the main reasons for the increase is because of the strong interest in the offering," Resin investor and communications officer Laurien Abel told Prospect News.

Abel declined to say how long the proceeds will last the company and whether the company is seeking to raise more capital, citing a quiet period before the deal is closed.

Victoria in unit sale

Victoria Gold plans to sell up to C$4 million of stock and warrant units in a private placement with significant involvement from existing shareholders.

The company will place units of one common share and one half-share warrant at C$0.20 per unit. Each whole two-year warrant will be exercisable at C$0.25. Victoria Gold common stock (TSX: VIT) slipped 2.33% or C$0.005 to close at C$0.21 on Monday. The placement represents about a fifth of the company's pre-placement market capitalization of C$19.65 million.

The company's largest shareholder, East West Gold Corp., has committed to invest $2.5 million.

Proceeds will be used for drilling.

Victoria Gold is a gold exploration company based in Toronto.

"Victoria is fortunate to possess a suite of solid gold projects that demonstrate the greatest growth potential in the company's history," Victoria Gold president and chief executive Chad Williams said in a statement. "In addition, most of these projects are at the stage where modest amounts of spending can add material amounts of value."

iPerceptions gets funds, new directors

iPerceptions sold $3.65 million of 10% convertible debentures due Nov. 26, 2011 to five investors in a private placement.

The debentures have an initial conversion price of $0.11 per shares if conversion occurs within two years, and at $0.13 per share in the third year. iPerceptions common stock (TSX: IPE) closed unchanged at C$0.06 on Monday.

iPerceptions' market capitalization is about C$754,000.

Skuli Mogensen, chairman of OZ Communications, Telesystem Ltd. and three other investors were the subscribers of the convertibles. Mogensen and Francois-Charles Sirois, Telesystem's vice president for corporate development, will be appointed to iPerception's board of directors.

The company plans to use the proceeds to meet future working capital requirements and implement its commercialization plan. The company will additionally use the investment to continue to expand into new global markets and reach new customers through focused sales and marketing initiatives for its enterprise offerings and new website survey solution.

New York's iPerceptions is a Web-focused voice-of-customer analytics provider.

"Our two new board members will bring to iPerceptions a very deep understanding of current and evolving areas of the industry," said Jerry Tarasofsky, iPerceptions president and chief executive in a statement. "Their varied experiences will serve us well as iPerceptions pursues its expansion strategy."

UC Resources in MineralFields deal

UC Resources plans to place C$1 million of units with MineralFields in a non-brokered transaction.

The company will sell up to 10 million units at C$0.10 apiece. Each unit consists of one flow-through common share and one half share warrant. Each warrant is exercisable at C$0.20 for two years.

UC Resources (TSX: UC), a Vancouver, B.C.-based base and precious metals company, is a C$10.62 million market capitalization company. Its common stock closed unchanged at C$0.10 on Monday.

The company also plans to sell an additional 3.5 million units at the same price and on the same terms to raise an additional C$350,000 in separate agreements.

"We are very pleased to be entering into this relationship with MineralFields Group," UC Resources president and chief executive Jim Voisin said in a press release. "This is an important milestone in the growth of UC Resources Ltd. and we look forward to working with MineralFields Group as we continue to develop our holdings in the McFaulds region."

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