CounterPath seeks $2 million; Aeolus takes in $1.65 million; El Capitan gets operations funds

By Stephanie N. Rotondo

Portland, Ore., Aug. 2 - Companies like CounterPath Corp., Aeolus Pharmaceuticals and El Capitan Precious Metals Inc. used the PIPE market to get funds for operations on Monday.

CounterPath said it wanted $2 million for operational expenses and, as such, it would conduct a private placement of convertible debentures. The company has already raised a portion of the funds.

Aeolus meantime said it had raised $1.65 million for operations via a private placement of units. There was only one participating investor.

And, El Capitan took in $1.5 million from a private equity sale, a company spokesperson told Prospect News. The financing should allow the company to operate for more than a year, the spokesperson said.

CounterPath seeks $2 million

CounterPath, a Vancouver, B.C.-based provider of desktop and mobile VoIP software products, announced a $2 million private placement of unsecured convertible debentures.

The company has already raised $483,300, and another $483,300 is expected to be raised on Oct. 29.

The debentures bear interest at the Prime rate and are initially convertible into common shares at $1.00 per share.

The converts come due July 30, 2012.

Proceeds will be used for operations expenses.

The company did not return calls seeking comment on Monday.

CounterPath's stock (TSX Venture: CCV) fell half a cent, or 4.76%, to C$1.00. Market capitalization is C$33.08 million.

Aeolus takes in $1.65 million

Aeolus Pharmaceuticals raised $1.65 million via a private placement of units, according to a regulatory filing.

The deal was conducted as part of Xmark Opportunity Partners LLC's option relating to an Oct. 6 financing.

The Laguna Niguel, Calif.-based company issued approximately 5.89 million units at $0.28 each. The units held one common share and two warrants.

The warrants are exercisable at $0.28 for seven years. The strike price represents a 17.65% discount to the July 23 closing share price of $0.34.

Proceeds will be used for animal efficacy studies in Acute Radiation Syndrome, development of AEOL 10150 and to fund operations.

The company did not return calls seeking comment on Monday.

Aeolus' equity (OTCBB: AOLS) was unchanged at $0.40. Market capitalization is $19.29 million.

El Capitan gets operations funds

El Capitan Precious Minerals pocketed $1.5 million from a private placement of equity, James G. Ricketts, a company director, told Prospect News.

Ricketts said the company sold the stock at a 20% discount.

He also noted that the funds will be used "for operations this next year" and that the funding should last about 18 months.

Additionally, the company said in a press release that it was well on its way to complete a merger that will give it a 100% interest in the El Capitan property near Capitan, N.M., as well as a joint venture and 20% ownership of 13 mining claims and other assets known as the C.O.D. mine located near Kingman, Ariz.

El Capitan's shares (OTCBB: ECPN) improved a cent, or 2.27%, to $0.45. Market capitalization is $40.87 million.

El Capitan is a Scottsdale, Ariz.-based precious minerals mining company.

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