Gamecorp to place C$1 million for development; Toba closes unit offering; Texada plans convertibles

By Kenneth Lim

Boston, Nov. 10 - Gamecorp Ltd. announced a C$1 million stock placement to raise funds for a development project in Peru.

Toba Industries Ltd. wrapped up a C$1.28 million non-brokered offering of stock and warrant units as it completed a reverse takeover of Beijing Marvel Cleansing Supplies Co. Ltd.

Meanwhile, Texada Software Inc. plans to offer C$1.1 million of convertibles in a deal expected to see significant insider participation.

Gamecorp places stock

Gamecorp said it sold C$1 million of its common stock through a non-brokered private placement, according to a company news release.

The company sold 4 million common shares at C$0.25 apiece. Gamecorp common stock (TSX: GGG) closed at C$0.39 on Monday.

Insiders took 840,000 shares in the offering, the company said in a press release.

Proceeds will be used for development.

Toronto's Gamecorp is a management company looking for investment opportunities.

"I am encouraged by the support of our private placement investors, despite the present turmoil in the broader financial markets," Gamecorp chief executive John Simmonds said in a statement. "The company intends to direct these proceeds into the continued development of its gaming investments, namely the current operations under way in Peru through our subsidiary, InterAmerican Gaming, Inc., as well as the pursuit of other gaming projects with various hotel and resort partners."

Toba closes deals

Toba Industries placed out C$1.28 million of stock and warrant units in a non-brokered transaction, the company said in a statement.

The placement comprised about 9.5 million units of one share and one warrant at C$0.135 per unit. Each warrant is exercisable at C$0.27.

The deal came as Toba completed a reverse takeover of Beijing Marvel Cleansing Supplies, a wet wipes manufacturer based in China. The new company has been renamed Beijing Marvel Cleaning Supplies Co. Ltd. and will trade on the TSX Venture Exchange under the symbol "BMW."

Proceeds will go toward the completion of a new manufacturing facility and working capital.

Toba Industries is based in Vancouver, B.C.

"We are extremely pleased to complete this phase of the company's reorganization," said Toba chairman Robert Dzisiak in a statement. "The new manufacturing facility is near completion and will be the largest wipes manufacturing plant in Asia."

"We look forward to executing our business plan and reorganizing a successful brand into the leading provider of fast moving consumer cleansing products in China," Dzisiak added.

Texada to sell convertibles

Texada Software plans to sell C$1.1 million of 10% senior secured convertible debentures due Nov. 28, 2011 in a non-brokered private placement.

Each C$1,000 par debenture will be sold in a unit with 5,000 warrants attached. Each warrant is exercisable at C$0.10 until Nov. 28, 2010.

The debentures will have an initial conversion price of C$0.10 per share until Nov. 28, 2010 and at C$0.11 per share thereafter.

Texada common stock (TSX: TXS) closed unchanged at C$0.10 on Monday.

Company insiders are expected to subscribe for more than 25% of the placement.

The company intends to use the proceeds to repay debt.

Based in Toronto, Texada provides software for equipment rental companies and other commercial customers.

The company also announced Monday that Brian Spilak, the former vice president, revenue support services for Stephenson's Rental Services Inc., is replacing Nigel Miller as president and chief executive. Miller resigned.

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