Soco closes stock sale; Canadian Superior wraps deal; China Marine plans direct share offering

By Stephanie N. Rotondo

Portland, Ore., Jan. 20 - There was no real dominating trend in the PIPEs market Wednesday and deals varied greatly in size.

Soco International plc said it completed a private placement of equity, resulting in proceeds of over £100 million. Canadian Superior Energy Inc. also wrapped up a deal, taking in C$59.5 million. That financing was oversubscribed by nearly C$10 million.

Meanwhile, China Marine Food Group Ltd. said it was planning a registered direct offering of equity. The company is seeking $30 million.

In other closed transactions, North Jersey Community Bancorp Inc. raised over $9 million from a non-brokered private placement of convertible preferred shares. SMG Indium Resources Ltd. also settled a private placement, raising nearly $6 million. Both companies are privately held.

Soco completes share sale

Soco International, a London-based oil and gas company, said it raised £102 million via a private placement of ordinary shares.

Approximately 7.23 million shares were sold at £14.10 each. The issuance of the shares represents a 9.6% increase in Soco's outstanding equity.

Proceeds will be used for exploration and development work.

Soco's stock (London: SIA) closed at £14.67. Market capitalization is £1.1 billion.

Canadian Superior wraps deal

Canadian Superior Energy closed a private placement of equity, taking in C$59.5 million.

The deal, which originally priced at C$50 million on Dec. 18, was oversubscribed.

The company issued approximately 114.42 million common shares at C$0.52 each in the non-brokered financing.

Proceeds will be used for exploration, development and general corporate purposes.

Calls seeking comment were not returned Wednesday.

Canadian Superior's equity (Amex: SNG) fell a penny, or 1.35%, to $0.59. Market capitalization is $116.66 million.

Canadian Superior Energy is a Calgary, Alta.-based crude oil and natural gas exploration and production company.

China Marine plans direct offering

China Marine Food Group is seeking $30 million from a registered direct offering of stock.

The company intends to sell 4.61 million common shares at $6.50 per share, according to a regulatory filing and subsequent press release.

Proceeds will be used for working capital and general corporate purposes. Settlement is expected by Jan. 25.

China Marine's shares (Amex: CMFO) dropped 23 cents, or 3.18%, to $7.01. Market capitalization is $161.55 million.

China Marine Food Group is a Shishi, China-based distributor of seafood-based snacks, as well as fresh and frozen seafood.

North Jersey increases capital

North Jersey Community Bancorp, the Englewood Cliffs, N.J.-based holding company of North Jersey Community Bank, competed a private placement of series B convertible preferred stock, according to a press release.

The company sold 450,200 of the shares, taking in over $9 million. The completion of the financing raised the bank's tier one capital to over $39 million.

The shares are convertible into common stock and bear non-cumulative dividend of 4% in the first year and at the Prime Rate in ensuing years. The dividend will not exceed 7%.

"In this difficult environment, our ability to successfully raise over $9 million in new capital demonstrates confidence in our business model and strategy of smart, stable growth," stated Frank S. Sorrentino III, chairman and chief executive officer, in the release.

"What is even more impressive is that this new capital was raised without the assistance of an underwriter or broker. Once again, this proves NJCB's commitment to our customers and the communities we serve is rewarded in the strong following the bank has generated as well as our impressive record of earnings," Sorrentino said.

"We are truly gratified by the support we have received from local investors for our share offering, the majority who bank with us and have become strong supporters of our mission and brand. The proceeds from this offering will help drive the next stage of our growth," Sorrentino said.

North Jersey Community Bank's stock is not publicly listed.

SMG settles private placement

SMG Indium Resources wrapped a $5.8 million private placement of investment units, the company announced.

The units contained class A common shares and five-year warrants.

Proceeds will be used to purchase and stockpile indium, as well as for general corporate and working capital purposes.

"We are pleased to complete our first external fundraising in the U.S. capital markets and would like to thank our new shareholders for their commitment to our company," the company said in a press release. The release also stated that SMG is looking to launch an initial public offering in the U.S. this year.

SMG Indium Resources is a privately held company based in Newtown, Pa.

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