Rockhopper seeks drilling funds; Ventana raises C$20 million; Centurion Minerals settles deals

By Stephanie N. Rotondo

Portland, Ore., June 8 - Tuesday's PIPE market saw a heavy influx of mining companies seeking - or in some cases, receiving - financing.

Rockhopper Exploration plc said it was looking to raise £48.5 million for its drill program via a private placement of stock. The price per share is a discount to the company's trading price as of June 7.

Among completed financings, Ventana Gold Corp. pocketed more than C$20 million from a private placement of units. The units were sold to a single investor and proceeds will be used, in part, for exploration.

Centurion Minerals Ltd. also settled a deal - two in fact. The company raised a total of C$6.2 million from the two private placements of units. The funding will be used for exploration and potentially for the acquisition of new assets.

Meanwhile, Amarillo Gold Corp. is aiming for C$6 million from a private placement of stock. The company intends to use the proceeds to advance its Brazilian properties.

Alternate Energy Holdings Inc. was among those wrapping private placements. The company raised $5 million from a private stock sale, the proceeds of which will go toward a larger $100 million capital raise.

And, Iberian Minerals Corp. will sell convertible debentures in its effort to raise C$3.5 million. The company chose to enter the PIPE market in order to cover its corporate shortfall.

Rockhopper seeks drill dollars

Rockhopper Exploration publicized a £48.5 million private placement of ordinary shares.

The Salisbury, England-based oil and gas exploration company intends to sell 17.32 million of the shares at 280p per share.

The price per share is a 3.5% discount to the stock's closing price as of Monday.

"Placing proceeds will be used to progress Rockhopper's current drilling program in the North Falkland basin, including flow testing of its Sea Lion exploration well and drilling an exploration well on its Ernest prospect," the company said in a press release.

Rockhopper's equity (London: RKH) closed at 297.43p. Market capitalization is £502 million.

Ventana raises over C$20 million

Ventana Gold settled a C$20.7 million private placement of units, the company announced.

The deal originally priced May 17. Silver Wheaton Corp. was the investor.

Ventana sold 1.8 million units at C$11.50 each. The units consist of one common share and one half-share warrant.

Whole warrants are exercisable at C$15.00 until June 7, 2011.

The Vancouver, B.C.-based company will use proceeds to "fund further exploration and development of its La Bodega and Cal-Vetas projects and general corporate purposes," according to a press release. The funds might also be used to prepay $20 million in debt.

Ventana's shares (Toronto: VEN) fell 7 cents, or 0.74%, C$9.45. Market capitalization is C$919.27 million.

Centurion settles two deals

Centurion Minerals, a Vancouver, B.C.-based gold and precious metals exploration company, said it raised C$6.2 million via two previously announced private placements of units.

In the first financing, the company took in C$5 million by issuing 5 million units at C$1.00 apiece. Each unit held one common share and one half-share warrant. Whole warrants are exercisable at C$1.30 for 18 months.

In the second transaction, Centurion pocketed C$1.2 million from the sale of 1 million units at C$1.20 each. The units contained one common share and one half-share warrant.

Whole warrants are exercisable at C$1.50 for 18 months.

"Proceeds from these two financings will be used for exploration and drilling programs on the company's properties, due diligence of further potential projects, and for general working capital purposes," the company said in a press release.

Centurion's equity (TSX venture: CTN) gained 5 cents, or 3.85%, to C$1.35. Market capitalization is C$18.52 million.

Amarillo plans stock sale

Toronto-based Amarillo Gold announced a C$6 million private placement of common stock.

The company will sell 8 million shares at C$0.75 per share in the non-brokered placement.

"The proceeds of this offering will give working capital and allow the company to accelerate the work program on its gold projects in Brazil," according to a press release.

The company did not return calls seeking comment on Tuesday.

Amarillo's stock (TSX Venture: AGC) was unchanged at C$0.77. Market capitalization is C$35.8 million.

Alternate Energy raises $5 million

Alternate Energy Holdings wrapped a $5 million private placement of equity, according to a regulatory filing.

The deal settled May 28.

The company issued 50 million common shares at $0.10 each.

According to Dan Hamilton, director of media relations, the $5 million raised will go toward a larger $100 million capital raise.

Alternate is attempting to raise $100 million in order to buy land and water assets in Payette County in Idaho. The company intends to use those assets to build a nuclear power plant.

In addition to the private placement, Hamilton said the company will be launching an initial public offering before the end of the year.

Hamilton also noted that the placement brought in investors from overseas.

"People have been calling in from all over the world interested in investing," he said, adding that there has been "a lot of Asian investment."

Alternate's shares (Pink Sheets: AEHI) declined 4 cents, or 7.27%, to $0.51. Market capitalization is $137 million.

Alternate Energy Holdings is an Eagle, Idaho-based buyer and constructor of green energy resources.

Iberian to sell convertible debt

Iberian Minerals is seeking C$3.5 million from a private placement of 7% redeemable unsecured convertible debentures, the company said in a press release.

The notes are convertible into common shares at $0.56 per share and come due Dec. 31, 2011.

"We are pleased to have addressed the previously reported 2010 corporate funding shortfall," remarked Jeffrey Hillis, chief financial officer, in the release. "Having reviewed various options that were presented to us, it was concluded that this transaction, being the least dilutive, is most advantageous for Iberian at the present time."

Iberian's equity (TSX Venture: IZN) imporoved a cent, or 1.89%, to C$0.54. Market capitalization is C$172 million.

Iberian Minerals is a Toronto-based mining company.

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