Acacia rounds up $50 million equity line for CombiMatrix; PIPE activity picks up again as stocks take off

By Sheri Kasprzak

New York, June 15 - A rather active day for private placements was headed up by a $50 million equity line sealed by Acacia Research Corp. on behalf of its subsidiary CombiMatrix Group.

Cornell Capital Partners, LP agreed to buy shares of CombiMatrix at a 2.5% discount to the volume weighted average price for the five trading days after notice of a draw.

By the end of the day, CombiMatrix's stock had climbed 8.28%, or 13 cents, to finish at $1.70 (Nasdaq: CBMX).

The company intends to use the proceeds to continue to expand into molecular diagnostics.

Looking to the company's latest earnings statement, Acacia reported net revenues of $5,962,000 for the quarter ended March 31, 2006, and sustained a net loss of $10,098,000 for the quarter. The company recorded net revenues of $2,932,000, but sustained a net loss of $4.95 million for the same period of 2005.

Newport Beach, Calif.-based CombiMatrix Group develops technologies to produce customizable arrays - or semiconductor-based tools used to determine the roles of genes, gene mutations and proteins.

In the broader market Thursday, PIPE action picked up as the stock market finally took off after a couple of weeks of disappointing sessions.

"This is what we love," said one market source of the increased volume. "Things are finally picking up again.

"It really was the stock market. No one wants to do anything when stocks are that low and it was pretty much across the board. Sometimes you get lucky and it's one sector or another where you've having the problems, but the past two weeks or so, it's been bad all over."

In terms of sectors that seem to be getting most of the activity, one sellside market source said tech offerings seem to be coming out and biotech deals will be seen here and there in the coming week.

Another source in Vancouver, B.C., said oil and mineral offerings may pick up slightly on higher oil prices.

The Dow Jones Industrial Average made its way above 11,000 for the first time in more than a week. The Dow climbed 198.27 to end the day at 11,015.19. The Nasdaq composite index gained 58.15 to close at 2,144.15 and the Standard & Poor's 500 composite index ended the day up 26.12 to finish at 1,256.16.

Meanwhile, oil prices advanced by 36 cents to close out the day at $69.50 per barrel.

Park City raises $4.8 million

Looking to the tech sector, Park City Group, Inc. completed a private placement of 87,272,742 shares for $4.8 million.

The shares were priced at $0.055 each, just a slight discount to the company's $0.056 closing stock price on June 14.

On Thursday, the stock edged up by $0.002 to end at $0.058 (OTCBB: PKCY).

"This financing provides us with a significantly stronger balance sheet that will assist us in the continued execution of our business plan," said Randall Fields, the company's chief, in a news release.

"We are very pleased that Taglich Brothers [the placement agent] introduced our company to the high-quality, long-term investors who participated in this deal and we look forward to our association with their fine organization.

"Our markets are projected to grow substantially in the coming years as supermarkets, grocers, convenience stores and other retail customers grapple with the imperative to more profitably mange perishables and labor costs. As retailers recognize the solutions Park City Group offers, it is critical that we have the working capital strength necessary to grow with our clients' demands for service. The added funds will help us greatly expand our development activities, our marketing and our services activities and the action represents a strong step towards what we ultimately hope to be a listing on a national stock exchange."

The proceeds will be used for working capital and general corporate purposes.

Based in Park City, Utah, Park City Group develops computer software used by retailers to monitor inventory.

La Mancha's C$40.28 million PIPE

Heading up to Canada, La Mancha Resources Inc. wrapped up a C$40,282,700 private placement of 26,855,134 subscription receipts.

La Mancha sold the receipts, which are exchangeable for common stock, at C$1.50 each, a 7% premium to the company's C$1.40 closing stock price on June 14.

Each receipt is exchangeable once La Mancha completes its reverse takeover by Compagnie Française de Mines et Métaux, a subsidiary of Areva NC.

On Thursday, the company's stock remained unchanged (TSX Venture: LMA).

La Mancha, based in Vancouver, is a gold exploration company.

In the energy sector, Richards Oil & Gas Ltd. priced a C$6.5 million private placement of 8% convertible debentures.

Richards intends to sell the five-year debentures, which are convertible into common shares at C$1.65 for the first two years, at C$1.82 in the third year; at C$2.00 in the fourth year and at C$2.20 in the fifth year.

The stock gained 8 cents, or 5.16%, to close at C$1.63 on Thursday (TSX Venture: RIX).

Octagon Capital Corp. is the placement agent.

Proceeds will be used for land acquisition, exploration and development, as well as for general corporate purposes.

Calgary, Alta.-based Richards is an oil and natural gas exploration company.

Run of River plans C$1.3 million deal

Connected to the energy sector, Run of River Power Inc. negotiated a private placement for up to C$1,312,500.

The placement includes up to 3.5 million units at C$0.375 each.

The units are comprised of one share and one warrant. Each warrant is exercisable at C$0.50 for two years.

Quest Securities Corp. and Dundee Securities Corp. are the placement agents.

Proceeds will be used for working capital.

Run of River's stock dropped by half a cent on Thursday to settle at C$0.41 (TSX Venture: ROR).

Vancouver-based Run of River develops hydroelectric power generation projects in British Columbia.

WCA Waste's stock gains 6.4%

A day after announcing a $75 million convertible preferreds offering, WCA Waste Corp.'s stock ended up by almost 6.4%, making up the losses it incurred Wednesday.

The company's stock climbed 45 cents, or 6.39%, to end at $7.49 (Nasdaq: WCAA).

The stock fell by 6%, or 45 cents, to end at $7.04 on Wednesday, when the offering was first announced.

In the placement, Ares Corporate Opportunities Fund II agreed to buy the convertible preferreds, which are convertible into common shares at $9.60 each, a 28% premium to the company's $7.40 closing stock price on June 13.

Houston-based WCA processes, transports and disposes of non-hazardous solid waste.

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