Oilsands to sell C$18 million stock; AspenBio plans direct offering; Pursuit seeks £10 million

By Stephanie N. Rotondo

Portland, Ore., April 30 - Despite it being the closing of the week, more PIPE deals were seen entering the market Friday than were leaving.

Oilsands Quest Inc. brought a private placement of stock to market. The company hopes to raise more than C$18 million for drilling and exploration work.

AspenBio Pharma Inc. announced a registered direct offering of units for proceeds of $10 million. The funds will be used, in part, for product development.

Meanwhile, Pursuit Dynamics plc said it wanted to raise £10 million from a private placement of equity. The price-per-share was a premium over the last closing price.

Advanced Explorations Inc. will issue units in a private placement in an effort to raise C$3.74 million. Glass Earth Gold Ltd. is also planning a unit sale, for proceeds of C$3 million.

And, in completed transactions, Gentor Resources Inc. took in $2 million from a private placement of units.

Oilsands to sell equity

Oilsands Quest is seeking C$18.32 million from a non-brokered private placement of equity.

The Calgary, Alta.-based company will issue 10.5 million flow-through common shares at C$1.00 each, for total proceeds of C$10.5 million.

The company will also sell 9.2 million common shares at $0.85 for proceeds of $7.8 million.

Proceeds will be used to satisfy Oilsands' work commitments on exiting oil sands leases, as well as to conduct initial engineering, drilling and construction to prepare for a planned SAGD test at Test Site 1 later in 2010.

Settlement is expected by May 10.

Calls seeking further comment were not returned Friday.

Oilsands' equity (Amex: BQI) fell a penny, or 1.49%, to $0.87. Market capitalization is $270 million.

AspenBio plans direct offering

AspenBio Pharma will conduct a $10 million registered direct offering of units, the company said in a press release.

The Castle Rock, Colo.-based company will sell approximately 2.41 million units at $4.15 each. The units will hold one common share and a warrant for 0.285 shares.

Whole warrants are exercisable at $4.82 for eight months.

Proceeds will be used for product development, 501(k) submission related activities, working capital and general corporate purposes.

Settlement is expected by May 5.

AspenBio's stock (Nasdaq: APPY) dropped 68 cents, or 14.81%, to $3.91. Market capitalization is $150 million.

Pursuit seeks £10 million

Royston, England-based Pursuit Dynamics will take in £10 million via a private placement of ordinary shares.

The company will issue 4 million shares at 250p per share.

Proceeds will be used for business development.

"I am delighted to be announcing this proposed placing that is at a premium to [Thursday's] closing share price and which will provide us with substantial capital to continue to invest in the exciting opportunities that our lines of business present," remarked Roel Pieper, chief executive officer, in a press release.

Pursuit's equity (London: PDX) closed at 250p. Market capitalization is £157 million.

Pursuit Dynamics is the holding company for Pursuit Marine Drive Ltd., which produces a propellerless marine propulsion system and is applying the technology to other uses.

Advanced Explorations to issue units

Advanced Explorations announced a C$3.74 million private placement of equity units.

The company intends to sell 17 million units on a non-brokered basis. Each unit will be sold at C$0.22 and will include one common share and one warrant.

The warrants are exercisable at C$0.40 for one year.

Also, the company said it had retained Clarus Securities Inc. to assist in a review of the company's strategic alternatives to enhance value for stockholders.

Advanced Explorations' shares (TSX Venture: AXI) slipped 1 cent, or 4.26%, to C$0.23. Market capitalization is C$17.4 million.

Advanced Explorations is a Toronto-based petroleum and mineral exploration company.

Glass Earth wants drill funds

Glass Earth Gold, a Wellington, New Zealand-based mining company, arranged a C$3 million private placement of units, according to a press release.

Glass Earth will issue 15 million units at C$0.20 per unit. Each unit will consist of one common share and one warrant, which is exercisable at C$0.35 for two years.

Proceeds will be used for drilling activities at the company's four drill-ready sites in New Zealand, as well as for general corporate purposes.

Glass Earth's stock (TSX Venture: GEL) ended unchanged at C$0.25. Market capitalization is C$38.7 million.

Gentor wraps unit sale

Gentor Resources settled a $2 million private placement of units, according to a regulatory filing.

The deal closed April 29.

Gentor sold 4 million units at $0.50 each. The units contained one common share and one warrant.

The warrants are exercisable at $0.75 for two years.

Calls seeking further comment were not returned Friday.

Gentor's shares (OTCBB: GNTO) were steady at $1.80. Market capitalization is $40.5 million.

Gentor Resources is a Virginia City, Mont.-based mineral exploration company.

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