Odyne closes $3.2 million; Rocmec Mining raises C$1.56 million

By LLuvia Mares

New York, Oct. 29 - In the technology sector, Odyne Corp. led PIPE news, announcing it settled a $3.2 private placement of 10% senior secured convertible notes and warrants to purchase shares.

The company decided to issue the convertible notes and warrants in response to investor demand, according to Odyne chief executive officer Alan Tannenbaum.

"We think that we have some outstanding technology that we have commercialized for various plug-in hybrid applications," Tannenbaum said.

The company issued the convertible notes and warrants to a group of accredited investors. Each unit consists of 10% senior secured convertible debentures and warrants to purchase shares at an exercise price of $0.75 per share, subject to anti-dilution provisions.

The debentures bear interest at 10% per year, payable in cash or stock at the company's option, and mature after 18 months. The conversion price was not disclosed. The warrants are exercisable at any time and expire after three years.

The company's stock (OBTCC: ODYC) closed at $0.60 Monday, up $0.13 from Friday's close of $0.47.

Quercus Trust was lead investor in the transaction.

Proceeds will be used for working capital and capital expenditure requirements.

"We were responding to investor demands while at the same time being respectful of the terms of our other outstanding securities," he said.

Hauppauge, N.Y.-based Odyne is a clean technology company that develops and manufactures propulsion systems for advanced plug-in hybrid electric vehicles.

Rocmec raises C$1.56 million

Rocmec Mining Inc. announced it is planning a non-brokered private placement of units to raise C$1,557,400.

Rocmec will sell 8,652,500 flow-through units at C$0.18 apiece to HDL Capital Corp. Each unit will consist of one flow-through common share and one transferable non-flow-through warrant. Each two-year warrant will be exercisable at C$0.25 for the first year and C$0.30 for the second.

"For us it is very important when we do the financing, we are in Quebec, and when we do a flow-through financing in Ontario [Canada] we don't have to renounce the 40% that we can claw back from the government," said John Stella, company manager of investor relations.

The options are issued under the same terms as the warrants issued in the deal.

The company's stock (TSX Venture: RMI) - which was halted for a little over a week and was set to resume trading on Monday - closed at C$0.14 on Oct. 22.

Proceeds will be used for development.

Based in Pointe-Claire, Quebec, Rocmec is a precious metals exploration company.

Stratabound Minerals negotiates C$1.13 million

Stratabound Minerals Corp. said it will conduct a C$1.125 million private placement of shares.

The company will sell 1.25 million shares at C$0.40 each and up to 1.25 million flow-through shares at C$0.50 per share.

Stratabound's stock (TSX Venture: TAM) closed at C$27.52, up C$0.47 from Friday's C$27.15

"We will be looking for financing from time to time on an ongoing basis," said Stan Stricker, company president. "We are not looking into acquisitions at this moment as we have all the projects we need."

Proceeds will be used for exploration and for general working capital.

Based in Calgary, Alta., Stratabound Minerals is a natural resource company exploring gold and base metal properties in northern New Brunswick and gold/base metal and diamond/gold prospects in central and northwest Quebec.

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