Golden Band seeks C$7 million; PokerTek arranges share offering; Iberian closes debenture sale

By Stephanie N. Rotondo

Portland, Ore., June 25 - Golden Band Resources Inc. said it would raise between C$5 million and C$7 million via a private placement of units, according to a press release issued Friday.

Proceeds will be used for exploration.

Meanwhile, PokerTek Inc. announced a $5 million private placement of stock. The company has already closed its first tranche, in which the stock was sold at a premium. Future tranches will be based on current market prices.

Among completed transactions, Iberian Minerals Corp. settled its previously announced private placement of convertible debentures. The deal was oversubscribed, resulting in total proceeds of C$3.61 million.

And, Palatin Technologies Inc. brought a registered direct offering to market. The company will sell units in its effort to raise $2 million.

Golden Band seeks C$7 million

Golden Band Resources announced a plan to privately place units in an effort to raise up to C$7 million.

The company will issue flow-through units at C$0.40 per unit. The units will consist of one flow-through common share and one half-share warrant. The flow-through warrants are exercisable at C$0.50 until Dec. 31, 2010 and at C$0.55 thereafter until June 30, 2011.

Additionally, the company will sell non-flow-through units at C$0.35 each. The units will hold one common share and one half-share warrant. Whole warrants are exercisable at C$0.45 until Dec. 31, 2010 and at C$0.50 thereafter until June 30, 2011.

Proceeds will be used to continue underground exploration of the Bingo Deposit, as well as for exploration at the EP and Komis deposits and for working capital.

The company did not return calls seeking comment on Friday.

Golden Band's stock (TSX Venture: GBN) fell a cent, or 3.23%, to C$0.30. Market capitalization is C$61.63 million.

Golden Band Resources is a Saskatoon, Sask.-based gold exploration company.

PokerTek arranges share offering

PokerTek, a Matthews, N.C.-based developer of automated poker table software, negotiated a $5 million private placement with Lincoln Park Capital Fund, LLC, according to a regulatory filing.

The company has already raised $100,000 by selling 100,000 common shares at $1.00 per share. In future closings, the price per share will be based on current market prices.

In the initial tranche, the price per share represented a 21.95% premium over the June 24 closing price of $0.82.

PokerTek's equity (Nasdaq: PTEK) dipped 7 cents, or 8.52%, to $0.75. Market capitalization is $10.96 million.

Iberian completes debenture sale

Toronto-based Iberian Minerals said it had wrapped a previously announced private placement of convertible debentures, taking in C$3.61 million.

The deal originally priced at C$3.5 million on June 8.

The 7% redeemable unsecured convertible debentures are convertible into common stock at C$0.56 per share. The conversion price represents a 19.14% premium over the June 24 closing price of C$0.47.

The notes come due Dec. 31, 2011. The debentures carry a clause in which the company can force conversion prior to maturity should the volume-weighted average price of the shares trade at levels equal to or greater than a 60% premium for 20 consecutive days.

Proceeds will be used to cover the companyGolden Band seeks C$7 million; PokerTek arranges share offering; Iberian closes debenture sale

By Stephanie N. Rotondo

Portland, Ore., June 25 - Golden Band Resources Inc. said it would raise between C$5 million and C$7 million via a private placement of units, according to a press release issued Friday.

Proceeds will be used for exploration.

Meanwhile, PokerTek Inc. announced a $5 million private placement of stock. The company has already closed its first tranche, in which the stock was sold at a premium. Future tranches will be based on current market prices.

Among completed transactions, Iberian Minerals Corp. settled its previously announced private placement of convertible debentures. The deal was oversubscribed, resulting in total proceeds of C$3.61 million.

And, Palatin Technologies Inc. brought a registered direct offering to market. The company will sell units in its effort to raise $2 million.

Golden Band seeks C$7 million

Golden Band Resources announced a plan to privately place units in an effort to raise up to C$7 million.

The company will issue flow-through units at C$0.40 per unit. The units will consist of one flow-through common share and one half-share warrant. The flow-through warrants are exercisable at C$0.50 until Dec. 31, 2010 and at C$0.55 thereafter until June 30, 2011.

Additionally, the company will sell non-flow-through units at C$0.35 each. The units will hold one common share and one half-share warrant. Whole warrants are exercisable at C$0.45 until Dec. 31, 2010 and at C$0.50 thereafter until June 30, 2011.

Proceeds will be used to continue underground exploration of the Bingo Deposit, as well as for exploration at the EP and Komis deposits and for working capital.

The company did not return calls seeking comment on Friday.

Golden Band's stock (TSX Venture: GBN) fell a cent, or 3.23%, to C$0.30. Market capitalization is C$61.63 million.

Golden Band Resources is a Saskatoon, Sask.-based gold exploration company.

PokerTek arranges share offering

PokerTek, a Matthews, N.C.-based developer of automated poker table software, negotiated a $5 million private placement with Lincoln Park Capital Fund, LLC, according to a regulatory filing.

The company has already raised $100,000 by selling 100,000 common shares at $1.00 per share. In future closings, the price per share will be based on current market prices.

In the initial tranche, the price per share represented a 21.95% premium over the June 24 closing price of $0.82.

PokerTek's equity (Nasdaq: PTEK) dipped 7 cents, or 8.52%, to $0.75. Market capitalization is $10.96 million.

Iberian completes debenture sale

Toronto-based Iberian Minerals said it had wrapped a previously announced private placement of convertible debentures, taking in C$3.61 million.

The deal originally priced at C$3.5 million on June 8.

The 7% redeemable unsecured convertible debentures are convertible into common stock at C$0.56 per share. The conversion price represents a 19.14% premium over the June 24 closing price of C$0.47.

The notes come due Dec. 31, 2011. The debentures carry a clause in which the company can force conversion prior to maturity should the volume-weighted average price of the shares trade at levels equal to or greater than a 60% premium for 20 consecutive days.

Proceeds will be used to cover the company's 2010 corporate funding shortfall, according to the initial press release published June 8.

The company did not return calls seeking comment on Friday.

Iberian's shares (TSX Venture: IZN) gained 3 cents, or 6.38%, to C$0.50. Market capitalization is C$169.03 million.

Palatin brings registered deal

Palatin Technologies, a Cranbury, N.J.-based biopharmaceutical company, is seeking $2 million via a registered direct offering of units.

The company will sell 10 million of the units at $0.20 each. The units will contain one common share and a warrant equal to 0.14 shares.

Whole warrants are exercisable at $0.20 for three years. The strike price represents a 26% discount to the last closing price of $0.27.

Proceeds will be used for clinical studies of PL-3994, a peptide mimetic natriuretic peptide receptor A agonist, as a therapeutic for treatment of heart failure, refractory or difficult-to-control hypertension and acute severe asthma. The funds will also be used for research and development and for general corporate purposes.

Settlement is expected by June 30.

The company did not return calls seeking comment on Friday.

Palatin's equity (Amex: PTN) declined 7 cents, or 27.58%, to $0.19. Market capitalization is $20.54 million.

's 2010 corporate funding shortfall, according to the initial press release published June 8.

The company did not return calls seeking comment on Friday.

Iberian's shares (TSX Venture: IZN) gained 3 cents, or 6.38%, to C$0.50. Market capitalization is C$169.03 million.

Palatin brings registered deal

Palatin Technologies, a Cranbury, N.J.-based biopharmaceutical company, is seeking $2 million via a registered direct offering of units.

The company will sell 10 million of the units at $0.20 each. The units will contain one common share and a warrant equal to 0.14 shares.

Whole warrants are exercisable at $0.20 for three years. The strike price represents a 26% discount to the last closing price of $0.27.

Proceeds will be used for clinical studies of PL-3994, a peptide mimetic natriuretic peptide receptor A agonist, as a therapeutic for treatment of heart failure, refractory or difficult-to-control hypertension and acute severe asthma. The funds will also be used for research and development and for general corporate purposes.

Settlement is expected by June 30.

The company did not return calls seeking comment on Friday.

Palatin's equity (Amex: PTN) declined 7 cents, or 27.58%, to $0.19. Market capitalization is $20.54 million.

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