Triangle to repay debt; Arno raised before merger completion; Bellamont closes deal; Colombia plans sale

By Kenneth Lim

Boston, June 4 - Triangle Petroleum Corp. said it will be selecting joint venture partners for an exploration project following a C$25.56 million capital raise.

Meanwhile, Arno Therapeutics, Inc. said it sold $18 million in a private placement before its merger with Laurier International, Inc.

Other major deals included a C$15 million stock placement by Bellamont Exploration Ltd. and a $9.8 million warrant issue by Colombia Goldfields Ltd.

Triangle to repay convertibles

Triangle Petroleum said it raised C$25.56 million through a private sale of stock-and-warrant units.

The company sold about 18.26 million units at C$1.40 apiece. Each unit comprises one common share and one half-share warrant. Each whole warrant is exercisable at C$2.25 for two years.

Triangle common stock (OTCBB: TPLM) dropped 4.81%, or $0.09, to close at $1.78 on Wednesday.

Triangle, a Calgary, Alta.-based oil and gas exploration company, said it will use the proceeds to repay C$4 million of secured convertible debentures, to fund a portion of its drilling program in the Maritimes Basin project and for general working capital.

The company said in a press release that it is preparing to conclude a final flow test on a test well and could use data from that test well and one other to begin a multi-well drilling program.

"This funding really strengthens our balance sheet," Triangle president and chief executive Mark Gustafson said in a statement. "We look forward to selecting one or more joint venture partners for our Maritimes Basin exploration program. We would like to thank Canaccord Adams and our advisers for their contributions to this funding."

Arno funds R&D

The newly listed Arno Therapeutics said it sold $18 million worth of shares in a private placement prior to its merger with Laurier International.

Arno, which is the new name of the combined company, said it will use the proceeds primarily to fund its oncology pipeline. Arno's lead compound is currently in a Phase I clinical study, and it has two preclinical therapies under development.

Arno, a Fairfield, N.J.-based biopharmaceutical company, will trade under Laurier's ticker (OTCBB: LRRI) until it gets a new symbol.

"We are extremely excited about the successful financing and merger, which leaves us in a strong position to advance our pipeline as rapidly as possible," Arno president and chief medical officer Scott Fields said in a statement. "We look forward to moving into Phase II clinical studies with our lead product, AR-67, and to completing IND enabling pre-clinical work for AR-12 and AR-42."

Arno chairman Arie Belldegrun added, "This is an important milestone for our company. Attracting sufficient capital was a key objective for us this year. We are extremely pleased to have assembled such a strong group of institutional investors."

Bellamont raises C$15 million

Bellamont Exploration said it completed an upsized C$15 million private placement of stock.

The deal amount was originally C$10.01 million with an over-allotment option for a further C$2.5 million. The size of the placement was raised to C$12.5 million on May 21 with the greenshoe unchanged.

The placement involved about 10.3 million class A shares at C$1.45 per share, including about 1.7 million from the greenshoe. Bellamont class A stock (TSX: BMX.A) closed at C$2.25 on Wednesday, higher by 12.5%, or C$0.25.

Bellamont, a Calgary, Alta.-based oil and gas exploration and development company, said it will use the proceeds to expand its 70 gross well drilling location inventory in the Peace River Arch project and for working capital.

Colombia to sell warrants

Colombia Goldfields said it is selling $9.8 million worth of special warrants in a placement.

The company is selling the special warrants at $0.85 each. Each special warrant will automatically convert into one unit of one common share and one warrant within four months of the deal's closing. Each normal warrant will expire in five years and will be exercisable into one common share at $1.50.

The special warrants will automatically convert after the close of the earlier of the third business day after the company's final prospectus for the units is received by Canadian regulators and the date that is four months and one day following the closing of the offering.

Colombia common stock (TSX: GOL) closed unchanged at C$0.86 on Wednesday.

Based in Toronto, Colombia Goldfields is a gold exploration company.

Worldspace gets breathing room

Worldspace Satellite Radio said it is seeking more capital after holders of its secured notes agreed to defer the company's repayment obligations.

Worldspace said it entered into letter agreements with each of the four holders of its secured notes issued on June 1, 2007 and its amended and restated convertible notes also issued on June 1, 2007.

Under the terms of the new agreement, the noteholders have agreed to defer until June 30 the company's obligation to pay $17.7 million in principal amount of the secured notes as well as the interest due on the secured notes and convertible notes.

The remaining unpaid principal of the secured notes, including all interest, will be paid in full by July 31.

The convertible notes now will have a conversion price of $2.00 per share, reduced from $4.25 per share.

In addition, all of the outstanding convertible notes will be repaid in full by Sept. 30 and the company will also pay a prepayment fee of 1.5% on the convertibles' outstanding principal and interest.

In addition, each of the noteholders will receive a pro rata portion of 5 million warrants, exercisable for class A common shares at $1.55 per share for five years.

Worldspace common stock (Nasdaq: WRSP) rose 7.64%, or $0.12, to close at $1.69 on Wednesday.

Worldspace is a satellite-based digital radio services company with headquarters in Silver Spring, Md.

"I am pleased we have been able to reach agreement with our existing note holders to defer the payment," Worldspace chairman and chief executive Noah A. Samara said in a statement. "This agreement gives the company time to bring in the funds already committed to it and to raise new funding. While the agreement accelerates payment of the remaining outstanding amount of the bridge loan notes and the convertible notes, such accelerated pay down of the notes this year will remove capital structure restrictions, which would have otherwise remained until June 2010. Our cash needs are challenging, but we are working very hard to address this in order to take full advantage of the milestones we have achieved in Europe, including licenses from Germany and Switzerland, and successful on-the-ground testing of our service in Italy, where we expect to launch Europe's first satellite radio service as early as 2009."

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