Skygold plans C$3.12 million; EnerLume gets $1.1 million; AVI negotiates $20.3 million

By LLuvia Mares

New York, Dec. 13 - Skygold Ventures Ltd. is funded and won't need to worry about market conditions in coming months after pricing a non-brokered private placement of units to raise up to C$3.12 million.

"The main reason to raise this money through flow-through was to top off the treasury," said Doug Fulcher, company president. "All we have are hard dollars in our treasury right now, we have a fully aggressive project coming up in six months and the opportunity arose to raise some flow-through dollars.

"So now we can use flow-through dollars instead of our hard dollars during the early stages of the program," he said. "The main reason why we did this is because we didn't want to be backed up against the corner six months down the road with no money and still trying to raise [money] at that point. We don't know what the markets are going to be like next year."

The company will sell 2.4 million units at C$1.30 each. The units are comprised of one flow-through common share and one half-share warrant. The whole warrants are exercisable at C$1.75 for one year.

Skygold's stock (TSX Venture: SKV) closed at C$1.26 on Thursday, C$0.02 from Wednesday's C$0.24 close.

Proceeds will be used for exploration.

Based in Vancouver, B.C., Skygold is a gold exploration company.

EnerLume gets $1.1 million

After recently shifting its focus and concentrating on energy conservation, EnerLume Energy Management Corp. closed a $1.9 million private placement of units.

"The energy crisis is really a worldwide problem, so for the long-term growth of the company, management decided and the shareholders affirmed their decision to sell our food services business and go into energy conservation full time," said David Murphy, chief executive officer, in a news release.

The company sold 547,500 units at $2.00 apiece. Each unit consists of one common share and one third-share warrant, with each whole warrant exercisable at $2.25 for the later of five years or two years after the shares underlying the warrants are registered for resale.

EnerLume's stock (OTCBB: ENLU) closed at $2.49 on Thursday, down $0.11 from Wednesday's $2.60 close.

Located in Hamden, Conn., EnerLume Energy, formerly Host America Corp., is an energy services and energy conservation company.

AVI to raise $20.3 million

In the pharmaceuticals sector, AVI BioPharma, Inc. announced it plans to raise $20.3 million in a direct private placement of units of stock and 0.5 warrants.

The company will sell 10,696,616 shares at $1.90 per share and warrants to purchase an additional 5,348,308 shares at an exercise price of $2.45 per share to a group of institutional investors. The warrants expire in five years.

The company's stock (Nasdaq: AVI) closed at $1.68 on Thursday, down $0.55 from Wednesday's $2.23 close.

The offering is expected to close on Dec. 18.

Proceeds will be used to fund clinical trials for its lead product candidates, for advanced pre-clinical programs and for other general corporate purposes.

Portland, Ore.-based AVI BioPharma develops therapeutic products.

Sinchao takes in C$2 million

Sinchao Metals Corp. said conducting its deal in tranches was an important request from investors. The company closed the second and final non-brokered tranche of a C$6 million private placement of units, taking in C$2 million.

"We are actively drilling, we are remediating asset rock drainage and we intend on the funds to go toward for general working capital," said John Huguet, company chief executive officer. "We have a lot to learn at the Sinchao project and for what we know now we are good, but if we continue to grow we may have to do more drilling, that's what we will learn."

The deal priced on Oct. 29 and the company raised C$4 million in the first brokered tranche, which settled on Nov. 22.

The company sold 5 million units to Andean American Mining Corp. in this tranche. In the first tranche, Sinchao sold 10 million units, for a total of 15 million units.

Each unit consists of one share and one half-share warrant at C$0.40 per unit. Each whole warrant will be exercisable at C$0.60 for two years.

Expiry of the warrants may be accelerated to 30 days if the daily volume-weighted average price of Sinchao's shares exceeds C$1.50 on each of 20 consecutive trading days at any time more than four months after issuance.

Sinchao's stock (TSX Venture: SMZ) closed at C$0.80 on Thursday, up C$0.04 from Wednesday's C$0.76 close.

Proceeds will be used for exploration and working capital.

Sinchao is an exploration and development company based in Vancouver, B.C.

Third Wave Tech raised $25 million

In other news, Third Wave Technologies, Inc. obtained a $25 million credit facility from Deerfield Private Design Fund, LP and Deerfield Private Design International, LP.

"This facility gives Third Wave additional flexibility to execute on our growth strategy and accelerate our plan to become the market leader in HPV testing," said Kevin T. Conroy, president and chief executive, in a press release.

"We are very pleased with the confidence expressed in Third Wave by Deerfield, one of our largest shareholders, through its provision of this credit facility to the company."

The investors received warrants for 1,815,000 shares of Third Wave, exercisable for five years at $8.36 per share.

The facility has a five-year term. Amounts borrowed will bear interest at 7.75% per year, and a 2% per year non-usage fee will be charged on any amount that is not drawn down. Interest will be payable quarterly.

The company's stock (Nasdaq: TWTI) closed at $8.91 on Thursday, up $0.19 from Wednesday's $8.72 close.

The agreement restricts the other debt that Third Wave may incur.

Proceeds will be used for working capital, including for the company's plan in the HPV and hospital laboratory markets.

Based in Madison, Wis., develops molecular diagnostic reagents.

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