London & Stamford to raise £225.75 million; Arrowhead plans PIPE; Raytec wraps placement

By Stephanie N. Rotondo

Portland, Ore., July 10 - Most of Friday's private placements were on the smaller side, although London & Stamford Property Ltd. brought a very large deal to market.

The company said it would issue new ordinary shares to raise £225.75 million. The funds will be used to acquire properties at current distressed prices.

Elsewhere, Arrowhead Research Corp. announced a $2.17 million offering of units. The company did not say what the proceeds would be used for and did not return calls seeking comment.

Raytec Metals Corp. said it wrapped a unit sale, taking in C$3.27 million. The deal had previously been upsized from C$3 million.

Of the day's smaller issuances, Senesco Technologies Inc. said it was aiming to raise $1 million, while Mint Technology Corp. was hoping for C$1.5 million. Summit Hotel Properties LLC meanwhile announced it closed a $1.74 million deal.

London & Stamford to raise £225.75 million

Across the Pond, London & Stamford, a Guernsey-based closed-ended investment and development company, said it would take in £225.75 million in a private placement of shares.

Under the terms of the deal, the company will sell 215 million ordinary shares at 105p per share.

"This fundraising, which has been heavily oversubscribed, is essential to maintain London & Stamford's acquisition capability, enabling us to continue to create value for our shareholders through the acquisition of high quality assets on attractive terms," commented Raymond Mould, non-executive chairman, in a press release.

"We have demonstrated our ability to acquire prime property at high cash on equity returns. These additional funds give us further firepower to take advantage of the exceptional buying opportunities available."

London & Stamford's stock (London: LSP) fell 2.50p, or 2.11%, to 116.25p on Friday. Market capitalization is £338 million.

Arrowhead's $2.13 million PIPE

Arrowhead Research plans to conduct a $2.13 million private placement of units, the company announced.

The Pasadena, Calif.-based company will issue a minimum of 7.1 million units holding one common share and one warrant. The units will sell at $0.30 per unit, and each warrant is exercisable at $0.50.

The company did not specify what the proceeds would be used for. Calls seeking comment went unreturned Friday.

Settlement is expected by July 16.

Arrowhead's stock (Nasdaq: ARWR) gained $0.015, or 4.29%, to $0.365. Market capitalization is $15.3 million.

Arrowhead Research develops nanotechnology used in life sciences, electronics and energy.

Raytec settles unit sale

Raytec Metals closed on a C$3.27 million private placement of units, according to a press release.

The deal originally priced on May 28 for C$3 million and was subsequently raised to C$3.3 million on June 11.

The company sold 10.9 million units containing one common share and one warrant at C$0.30 per unit. Each warrant is exercisable at C$0.50 for two years.

Proceeds from the fundraising will go toward advancing the company's license agreements with Africa Oil Corp. in Puntland, Somalia, and the Republic of Kenya.

Raytec's shares (TSX.V: RAY) dropped C$0.005, or 2.08%, to C$0.235 on Friday. Market capitalization is C$17.8 million.

Calls made to the company seeking comment went unreturned Friday.

Raytec Metals is a Vancouver, B.C.-based mineral exploration company.

Smaller deals enter the market

Among the day's smaller deals, Senesco Technologies said it would take in $1 million via a private placement of equity.

The company will sell 1.11 million shares at $0.90 per share. As of July 9, $950,000 worth had been sold and the remaining $50,000 required shareholder approval.

Additionally, investors received warrants for about 3.05 million shares. About 1 million of the warrants are series A and are convertible at $0.01 and the remaining are series B, exercisable at $0.60.

The New Brunswick, N.J.-based biotechnology company plans to use proceeds to advance its research in multiple myeloma.

Senesco's equity (Amex: SNT) declined 3 cents, or 4.12%, to $0.70 on Friday. Market capitalization is $14.6 million.

Meanwhile, Mint Technology, a Toronto-based developer of prepaid credit cards, announced a C$1.5 million non-brokered placement of units.

Each unit containing one common share and one warrant will be sold at C$0.125 per unit. The warrants are exercisable at C$0.15 until Aug. 31, 2011.

Proceeds will be used for business expansion and acquisitions. Settlement is expected by Aug. 31.

Mint's shares (TSX.V: MIT) closed unchanged at C$0.155 on Friday. Market capitalization is C$4.16 million.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.