Celsius obtains $16 million equity line; Twin Butte prices C$18 million offering

By Sheri Kasprzak

New York, June 25 - Celsius Holdings, Inc. led PIPE action to kick off the week, penning a $16 million common stock purchase agreement with Fusion Capital Fund II, LLC.

Under the agreement, Fusion may buy shares of Celsius at the prevailing market price with no fixed discount over the next 25 months.

So far, the company has drawn $500,000 from the agreement and will receive another $500,000 once a registration statement is filed with the Securities and Exchange Commission.

Proceeds will be used for marketing, working capital and general corporate purposes.

"We are very pleased to have entered into this relationship with Fusion Capital, a well-respected institutional investor," said Steve Haley, the company's chief executive officer, in a news release.

"The agreement provides Celsius with favorable terms and flexibility as to when to raise capital. We believe we are now well positioned to grow our businesses."

The company's stock gave up 2 cents on Monday to close at $1.28 (OTCBB: CSUH).

Based in Delray Beach, Fla., Celsius makes nutritional foods and beverages.

Twin Butte prices shares

Moving north of the border, Twin Butte Energy Ltd. priced an C$18 million private placement as part of its acquisition of producing assets, undeveloped land and infrastructure in the Leaman/Thunder area of western central Alberta for $28.2 million.

News of the deal comes as oil prices continued to rise after a volatile day of trading. Oil prices closed up 7 cents to end the session at $69.21 after falling as low as $67.55.

"Oil prices have been trending up," said one market source based in Vancouver, B.C. "I wouldn't expect this to last. I think a lot of the [resources] deals you're seeing now are probably due to the recent rise in oil. Once this settles off, I think fewer and fewer energy and mineral companies will be out there. This was kind of a window where everyone has been trying to get in before it slams shut again."

The placement includes up to 6 million shares at C$3.00 apiece.

The deal is being placed through a syndicate of underwriters led by Canaccord Capital Corp. and is expected to close on July 17. The closing of the deal is contingent upon the completion of the acquisition, which is expected to wrap up no later than July 4.

On Monday, the company's stock fell by 8 cents to settle at C$3.17 (Toronto: TBE).

Calgary, Alta.-based Twin Butte is an oil and natural gas exploration and development company.

Allied Nevada prices units

In other Canadian resources offerings, Allied Nevada Gold Corp. negotiated the terms of a C$15 million placement of units on Monday.

The non-brokered deal includes up to 3,260,870 units at C$4.60 each.

The units consist of one share and one warrant. Each warrant is exercisable at C$5.75 for two years.

Proceeds will be used for exploration on the company's Hycroft Mine in Nevada as well as for working capital and general corporate purposes.

On Monday, the company's stock slipped by 4 cents to end at $4.53 (Toronto: ANV).

Allied Nevada, based in Reno, is a gold exploration company.

Wits Basin raises another $4 million

In other gold-related offerings, Wits Basin Precious Metals Inc. pocketed another $4 million from its previously announced $25 million placement of notes, the company announced Monday.

The secured convertible promissory notes due Sept. 17, 2007 were sold to China Gold, LLC, bringing to $9 million the proceeds raised so far in the deal.

The 8.25% notes are convertible into common shares at $1.00 each.

Proceeds will be used for general and administrative purposes as well as for the acquisition of nickel and iron ore mines.

On Monday, the stock fell by 2 cents to close at $1.02 (OTCBB: WITM).

Wits Basin is a Minneapolis-based gold exploration company.

Metalico stock edges up

After wrapping a $36.722 million PIPE on Friday, Metalico, Inc.'s stock climbed by less than 1% on Monday.

The stock gained 6 cents to end the day at $7.85 (Amex: MEA). When the deal settled on Friday, the stock slipped by 38 cents, or 4.65%, to close at $7.76.

In the placement, the company issued shares at $7.00 each.

Proceeds will be used for the acquisitions of two scrap metal recycling companies and for general corporate purposes. The acquisitions are expected to cost $63 million. The costs not covered by the placement will be paid for with the company's current senior secured loan and a new term loan facility.

Canaccord Adams, Inc. was the placement agent.

Metalico is a scrap metal recycling company based in Cranford, N.J.

Targeted's stock dips

In other secondary market news, Targeted Genetics Corp.'s stock fell slightly on Monday after securing $19,463,500 from a private placement on Friday.

On Monday, the stock gave up 2.6 cents to settle at $2.73 (Nasdaq: TGEN). On Friday, the stock closed down 2.4 cents to end at $2.756.

A group of institutional and accredited investors agreed to buy shares in the offering at $2.905 each.

Rodman & Renshaw, LLC was the placement agent.

Proceeds will be used for working capital.

Seattle-based Targeted Genetics is a biotechnology company focused on molecular therapies for acquired and inherited diseases.

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