Denison Mines digs up C$105.88 million from stock sale; Homburg secures C$32.6 million from PIPE

By Sheri Kasprzak

New York, Jan. 9 - Even though private placement action in the United States was quiet Tuesday, a couple of rather large Canadian offerings grabbed headlines.

The largest came from Dension Mines Corp., which closed an offering that priced last month. The company pocketed C$105,875,725 from the deal, which originally priced as a C$100 million offering on Dec. 19.

The company sold 9,010,700 shares at C$11.75 each through a syndicate led by Sprott Securities Inc. and GMP Securities LP.

The company's stock took a slight hit on Tuesday, giving up 1.77%, or 19 cents, to close at C$10.56 (Toronto: DML).

Proceeds will be used for general corporate purposes.

Toronto-based Denison is a uranium exploration company with projects in the Athabasca Basin of Saskatchewan and in the southwestern United States.

Campbell raises C$2.5 million

Elsewhere in mineral offerings, Campbell Resources Inc. closed a C$2.5 million offering with Nuinsco Resources Ltd.

Nuinsco bought 31.25 million units from Campbell at C$0.08 each. The units include one share and one half-share warrant, and each whole warrant is exercisable at C$0.15 through May 26, 2008.

Proceeds will be used for the development of the company's Chibougamau operations in Quebec.

Campbell's stock dropped by 4.55%, or half a penny, on Tuesday to close the session at C$0.105 (Toronto: CCH).

Montreal-based Campbell is a gold and gold-copper exploration company.

When asked about mineral offerings, specifically gold, one market source based in Vancouver, B.C., said when gold is strong, investors are eager to grab up offerings.

"Now is the time for [issuers] to get their stuff out there," he said. "When gold prices go up, generally there is a strong demand for these offerings."

As for other minerals, some are just responding to gold's good fortune, the sellsider noted.

"Some minerals, copper in particular, tend to climb when gold climbs," he added.

Gold gained $5.60 on Tuesday to close the day at $615 per ounce.

Homburg to close offering

In other Canadian PIPEs news, Homburg Invest Inc. intends to close a C$32.605 million offering of its stock by the end of this month.

News of the deal sent the company's stock down 5.88%, or 35 cents, to close at C$5.60 (Toronto: HII).

The company will sell 6,368,164 class A shares at C$5.12 each to Uni-Invest Holdings NV. Uni-Invest's president is Richard Homburg, Homburg's chief executive officer.

Proceeds will be used for working capital.

Based in Halifax, N.S., Homburg owns a portfolio of real estate, including office, retail, industrial and residential apartment and townhouse properties in Canada, the United States and Europe.

U.S. PIPE volume sluggish

Meanwhile, in the United States, private placement volume was light Tuesday. One New York-based market source said the lag in activity may be just due to the time of the year.

"It's still early," he said. "At the beginning of the year, it's rarely a time when you see a big jump in activity. To me, stocks look fine. Oil is heading down again; so, that may mean more [volume] for us."

Targeted Genetics stock climbs

After watching its stock drop by more than 20% on Monday, Targeted Genetics Corp.'s stock rebounded slightly on Tuesday.

The stock gained a penny, or 0.23%, during the day to close at $4.33 (Nasdaq: TGEN) and gained another 12 cents in after-hours activity.

On Monday, when the company announced that it plans to close an $8.72 million stock offering, the stock gave up $1.09 to close at $4.32.

The volume of Targeted Genetics' shares traded Tuesday dipped with 218,905 shares traded compared with the average 527,998 shares. On Monday, 611,105 shares were traded.

In the placement, Targeted plans to sell shares at $4.00 each to a group of institutional investors, including Special Situations Fund's Special Situations Life Sciences Fund and Special Situations Fund III. Greenway Capital is also participating in the offering. The price per share represents a 16% discount to the company's 45-day trailing average closing stock price.

The deal is set to close Jan. 11.

Proceeds will be used for clinical and preclinical programs as well as for working capital and general corporate purposes.

Pacific Growth Equities, LLC was the placement agent.

Seattle-based Targeted Genetics develops molecular therapies to treat acquired and inherited diseases like inflammatory arthritis, AIDS prophylaxis, congestive heart failure and Huntington's disease.

ProLink stock ends up

In other secondary market activity, ProLink Holdings, Inc. saw its stock gain 3.52% Tuesday after wrapping a $10.42 million offering of series C convertible preferred stock with Ashford Capital, Lewis Asset Management, Straus Capital and other investors.

The stock advanced by 5 cents Tuesday to settle at $1.47 (OTCBB: PLKH). On Monday, after the deal closed, the stock gained 8 cents, or 5.65%, to end at $1.42.

Volume of ProLink shares traded Tuesday climbed with 51,465 shares traded compared with the average 20,160 shares.

In the placement, the investors bought shares of the 5% preferreds. The preferreds are convertible at $1.35 each.

Merriman Curhan Ford & Co. was the placement agent.

Based in Chandler, Ariz., ProLink develops global positioning systems used on golf courses.

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