Transeuro prices C$82.35 million of stock; Oilsands Quest seals first tranche of C$30 million PIPE

By Sheri Kasprzak

New York, March 7 - Leading a rather lazy day for PIPE offerings was a C$82.35 million stock offering from Transeuro Energy Corp.

The offering comes as oil prices climbed by $1.13 per barrel to settle at $61.82 per barrel. Oil prices had traded at as much as $62 per barrel earlier in the session.

A market source based in Vancouver, B.C., said he feels as long as oil prices keep rising, investor interest will remain high in PIPE deals.

"There's always a huge amount of [investor] interest in oil deals," he said. "Uranium is another market that we're seeing a lot of activity in and will continue to see activity in as prices continue to rise. Exploration in general seems to be booming right now."

Transeuro plans to sell up to 135 million shares at C$0.61 each.

The placement is opened to institutional and professional investors in Norway and internationally, except for Canada, Japan and Australia.

DnB Nor Bank ASA and Pareto Securities ASA are the placement agents.

Proceeds from the deal will be used for exploration on the company's oil and natural gas properties in Canada, Armenia, the Ukraine and Papua New Guinea. The rest will be used for working capital.

Meanwhile, Transeuro is working to obtain a secondary listing of its stock on the Oslo Stock Exchange.

Transeuro's stock gained 1 cent on Wednesday to settle at C$0.62 (TSX Venture: TSU).

Vancouver, B.C.-based Transeuro is an oil and natural gas exploration company.

In other energy news, Oilsands Quest Inc., formerly called CanWest Petroleum Corp., sealed the first tranche of a C$30 million private placement for C$17,470,091.

Oilsands' stock jumped 8.7%, or 28 cents, to close at US$3.50 on Wednesday before giving up 7.25 cents in after-hours activity (Amex: BQI).

The company sold so far 3,097,534 flow-through shares at C$5.64 apiece.

The rest of the deal - 2,222,466 shares - will be sold by May 6.

Calgary, Alta.-based Oilsands is an oil sands exploration company focused on properties in Saskatchewan and Alberta.

Theater Xtreme's $2.7 million deal

Elsewhere in PIPE news, Theater Xtreme Entertainment Group, Inc. wrapped a private placement of non-convertible debentures and warrants for $2.7 million.

Kinzer Technology, LLC bought the 10% debentures, which are due the earlier of March 6, 2010 or the date Theater Xtreme raises at least $6 million from a debt or equity financing.

Kinzer received warrants for 460,600 shares, exercisable at $1.10 each for five years.

Of the debentures, $2 million was funded at closing and the remaining $700,000 was issued by canceling a $700,000 non-convertible 10% debenture issued to Kinzer that was originally due Nov. 15, 2007.

The proceeds will be used for general corporate purposes.

The company's stock fell 2 cents to end at $0.85 Wednesday (OTCBB: TXEG).

Theater Xtreme operates a chain of electronics retail stores. The company is based in Newark, Del.

Wildcat Silver raises C$7.73 million

In other Canadian resources offerings, Wildcat Silver Corp. negotiated the terms of a C$7.725 million offering of units.

News of the deal sent the company's stock up 15 cents Wednesday to close at C$0.76 (CNQ: WILD).

The non-brokered deal includes up to 10.3 million units at C$0.75 each.

Each unit is comprised of one share and one half-share warrant. The whole warrants are exercisable at C$1.00 each for one year.

Proceeds will be used to complete the company's acquisition of the Hardshell property and for working capital.

Vancouver, B.C.-based Wildcat is a gold and silver exploration company focused on the Hardshell project in Arizona.

Ucore Uranium to raise C$2.5 million

Elsewhere in resource offerings, Ucore Uranium Inc. priced a C$2.5 million offering of units.

The non-brokered deal is comprised of 2 million units at C$1.25 each.

The units consist of one share and one half-share warrant with each full warrant exercisable at C$1.45 for the first year and at C$1.60 for the second year.

Ucore's stock gained 8 cents, or 5.52%, to settle at C$1.53 Wednesday (TSX Venture: UCU).

Proceeds will be used for exploration on the company's properties and for working capital.

Located in Halifax, N.S., Ucore is a uranium explorer.

Veridigm stock slides 8.8%

In secondary market news, Veridigm, Inc. saw its stock closed down 8.82% on Wednesday after pricing a $4.5 million stock deal earlier this week.

The stock slipped 1.5 cents to close at $0.155 (OTCBB: VRDG). The stock remained unchanged on Tuesday and dipped by a penny on Monday, when the deal was priced.

The company plans to sell shares in the offering at $0.15 each.

The company is conducting the deal to expand subsidiary Megaz Technology Inc.'s operations and for continued rollout following an agreement Veridigm entered into with Dimensions Inc. Under the agreement, Megaz will have exclusive, worldwide royalty-bearing license to develop gaming software.

Veridigm also announced Monday that it is creating another subsidiary to broaden its efforts in the electronic health care industry.

Los Angeles-based Veridigm develops technologies used by the health care industry.

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