Open Range gets C$7 million; Quinto to raise C$6.62 million; Shear wraps C$3.2 million

By LLuvia Mares

New York, Dec. 20 ? Leading PIPEs news, Open Range Energy Corp. completed a private placement of stock, raising C$7 million on Thursday.

"We are in the process of coming to our 2008 capital budget and we decided to do a flow-through to solidify our 2008 plan, given the weak environment right now," said Lyle D. Michaluk, company vice president and finance and chief financial officer.

The deal priced for C$5 million with a C$2 million greenshoe on Dec. 5.

The company sold 2,029,100 flow-through common shares at C$3.45 per share. Of those shares, 579,800 shares were from the fully exercised greenshoe.

The company's stock (Toronto: ONR) closed at C$2.64 on Thursday, down C$0.02 from Wednesday's C$2.66 close.

Cormark Securities Inc. led a syndicate of underwriters for this deal that also included Tristone Capital Inc., GMP Securities LP, Canaccord Capital Corp. and Haywood Securities Inc.

Michaluk said the financing will help the company stay cash-flow positive. However, he said the company is always on the lookout for acquisitions.

Proceeds will be used for exploration and development.

Based in Calgary, Alta., Open Range Energy is an oil and natural gas exploration company.

Quinto to raise C$6.62 million

In the mining sector, Quinto Mining Corp. announced it will raise C$6.62 in a non-brokered private placement of units.

"We are extremely pleased to have attracted Consolidated Thompson and Aberdeen International as new shareholders," said Tyrone Docherty, company president, in a press release. "We anticipate that we will be able to call on them for their expertise as we continue to develop our Peppler Lake, Quebec, iron property."

"Peppler Lake and its satellite properties continue to show the potential to host a significant iron-ore play," he said.

The company will sell 10,185,000 units at C$0.65 apiece. Each unit consists of one common share and a half-share warrant. The whole warrants are exercisable at C$1.00 for two years.

Consolidated Thompson Iron Mines and Aberdeen International have agreed to purchase 5 million units each for C$6.5 million.

Quinto's stock (TSX Venture: QU) at C$0.71 on Thursday, up C$0.04 from Wednesday's C$0.67.

Proceeds will be used for exploration and general working capital.

Based in Delta, B.C., Quinto Mining is an exploration stage company engaged in the acquisition and exploration of mineral properties.

Shear wraps C$3.2 million

Shear Minerals Ltd. said it will use proceeds from its newly settled C$3.2 million non-brokered private placement of stock for exploration.

"We are very pleased to be continuing our relationship with MineralFields Group," said Pamela Strand, company president and chief executive officer, in a press release.

The deal priced Dec. 6 for C$3 million.

The company sold 4,263,266 flow-through common shares, increased from its planned sale of 4 million shares, at C$0.75 each.

The MineralFields Group bought 2,666,666 shares, or C$2 million.

The company's stock (TSX Venture: SRM) closed at C$0.51 on Thursday, up C$0.01 from Wednesday's C$0.50 close.

Proceeds will be used for exploration on the company's Churchill Diamond project.

Shear Minerals is a diamond exploration company based in Edmonton, Alta.

Yukon Zinc wraps C$2.19 million

Yukon Zinc Corp. said its high-grade zinc and silver deposit helped it raise C$2.19 million from the first tranche of its C$8 million private placement of units and stock.

"We didn't really plan on doing this financing in tranches, that's just the way the funds came in," said Shae Dalphond, company manager and investor communications director. "Because investors get a tax break, we were able to sell [stock] at a premium."

In total, the placement consists of up to C$2 million in flow-through shares at C$0.14 per share and up to C$6 million in units at C$0.12 per unit.

The first tranche included 15,672,857 shares and 17,290,002 units.

Each unit will consist of one common share and one half-share warrant, with each whole warrant exercisable at C$0.16 for two years.

The company's stock (TSX Venture: YZC) closed at C$0.10 on Thursday, down C$0.005 from Wednesday's C$0.105 close.

The deal is being conducted by a syndicate of agents led by Haywood Securities Inc., co-led by Paradigm Capital Inc. and including Blackmont Capital Inc. The agents have a greenshoe for C$2 million.

Proceeds will be used for development, engineering and working capital.

Based in Vancouver, B.C., Yukon Zinc is a base-precious metals exploration company.

Pebble Creek gets upsized C$2.11 million

Pebble Creek Mining Ltd. said it raised C$2.11 million in a non-brokered private placement of units.

"We are pleased to have this association with India Resources," said Andrew Nevin, president and chief executive officer, in a press release. "It is one of a group of companies with an institutional culture of mineral production and sales. We welcome India Resources as a shareholder."

The deal priced for up to C$2 million on Dec. 14.

Pebble Creek sold 5.27 million units. The company planned to sell 5 million units at C$0.40 each. Five million of the units sold were bought by India Resources Ltd.

The units are comprised of one common share, one half-share series A warrant and one half-share series B warrant.

Each whole A warrant is exercisable at C$0.75 for two years. These warrants may expire sooner if the company's common shares close at C$1.50 or higher for 20 consecutive trading days. In that case, the warrants will expire 30 days after the company notifies holders.

Each whole B warrant is exercisable at C$1.50 for two years.

The company's stock (TSX Venture: PEB) closed at C$0.3650 on Thursday, up C$0.0150 from Wednesday's C$0.35 close.

Proceeds will be used for exploration, development, acquisitions and working capital.

Pebble Creek is a mineral exploration company based in Vancouver, B.C., with properties in India.

Puma plans C$4.54 million

Also in the mining sector, Puma Exploration Inc. announced that it has completed a C$4.54 million private placement of units and stock.

"The financing was done half and half," said Christian Guilbaud, company investor relations director. "Half was hard dollars and the other half were flow-through. The flow-through will be used mainly for exploration. Also there is no tax for investors, which helps us get a higher price."

The deal priced for C$6 million with a C$3 million greenshoe on Nov. 27.

Puma sold 6,025,269 flow-through shares for C$3,313,898 and 2,728,056 units for C$1,227,625.

The company planned to sell up to 5,454,545 flow-through shares at C$0.55 per share for C$3 million and up to 6,666,667 units at C$0.45 apiece for C$3 million.

Each unit will consist of one common share and one warrant, with each warrant exercisable at C$0.55 for two years.

The warrants' terms may be modified if the closing price of the company's common shares is higher than C$1.00 for 10 consecutive trading days. In that case, the warrants must be exercised within 10 business days or the strike price automatically will be increased to C$0.80.

Puma's stock (TSX Venture: PUM) closed at C$0.4550 on Thursday, down C$0.0200 from Wednesday's C$0.475 close.

Proceeds will be used for exploration and development.

Based in Rimouski, Quebec, Puma is a gold exploration company.

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