For use by original recipient only. It is illegal to forward or otherwise distribute without permission.

DealFlow

comment. AngelList founder Naval Ravi- sector-specific firms. Most financings, he fails to obtain shareholder approval for the kant declined to comment. said, will top out at around $20 million. second and third placements by the time SecondMarket is best known as an Mike Dinan said that his firm plans the second transaction is set to close. exchange where accredited investors have to focus on companies from Phoenix and Clean Coal Chief Executive Officer bought and sold stock in privately held the surrounding region, as well as raising Robin Eves couldn’t be reached for technology companies, including Face- money for a type of private equity firm comment. book (FB) before it went public. After known as a fundless sponsor. The company says that it holds pat- that company’s troubled public offer- Fundless sponsors are private equity ented process technology and other intel- ing, SecondMarket has expanded more firms that identify an acquisition and lectual property to convert raw coal into a aggressively into different asset classes. then raise money for that specific deal, as cleaner burning fuel. opposed to first raising a fund. It’s recently begun facilitating new equity Scorpio Tankers Raises $131.8M issuance by private companies. Dinan & Co. has historically been a adviser on pri- Fuel shipper Scorpio Tankers (STNG) Investment Bank Dinan & Co. vate equity deals. It has worked with The raised about $131.8 million in an under- Launches ConfidentCrowd Riverside Co. and GTCR among others, written public offering to pay down debt Portal according to its website. and buy more ships. Monaco-based Scorpio sold about 21.6 Middle market investment bank Singapore’s Ventrillion Invests Dinan & Co. is prepping a new crowd- million shares at $6.10 in an overnight deal $15M in Clean Coal after the close on Dec. 4. The offering was funding platform to be ready when the Technologies changes to general solicitation take effect priced at a 5% discount to that day’s clos- sometime next year. Singaporean investment firm Ventril- ing price of $6.42. The stock was trading at Phoenix-based Dinan & Co. will roll lion Management Co. is investing $15 $6.43 late in the day on Dec. 5. out ConfidentCrowd, a network of regis- million in a series of private placements Jefferies & Co. and Oslo, Norway- tered broker-dealers that will use the 506(c) by Clean Coal Technologies (CCTV) at based, shipping-focused investment provision of Title II of the Jumpstart Our three different pricing levels, to fund com- bank RS Platou Markets were the Business Startups Act, which provides pletion of a pilot plant and commercializa- underwriters on the deal. businesses with access to investment from tion of its clean coal technology. Scorpio owns a fleet of 12 tankers and accredited investors, it said in a statement. New York-based Clean Coal has com- charters another 18, transporting crude Many other portals are pleted a $4 million private placement of oil, gasoline, heating oil and other fuel not licensed broker-dealers and can’t raise 100 million shares priced at 4 cents each around the globe. It was founded in 2009 funds through Title II.Title II amends Reg to Ventrillion. That’s a 33.1% discount to and went public in March 2010. D, Rule 506 of the Securities Act, lifting the price where Clean Coal shares closed It will use the proceeds to pay down the ban on general solicitation and advertis- on Dec. 5. The 100 million shares repre- some of its 2010 revolving credit facil- ing related to the sale of private securities. sent an 8.9% stake in the company. ity and to acquire additional vessels. It Mike Dinan, chief executive officer of Clean Coal plans to raise another $6 did not state how much of the facility it Dinan & Co., said that while Confident- million by selling 100 million shares to intends to pay down, but as of Oct. 29 it Crowd cannot get started until the ban is Ventrillion for 6 cents each, and anoth- owed $67.2 million. Once paid down, it lifted, he wants to be ready when it does. er $5 million by placing 100 million will redraw whatever is left to fund ship Securities attorney Mitchell Littman with shares at 5 cents each. purchases, according to a statement. Scor- the law firm Littman Krooks wrote in an The second and third placements are pio has total debt of about $199 million. email that there will be a great deal of com- set to close within six months and 12 Revenue for the first nine months of petition. “All broker-dealers are chomping months of the Dec. 5 agreement. The clos- 2012 increased to $84 million, compared at the bit to get this going,” he said. “We ings are subject to shareholder approval to $59.5 million in the year-earlier period. are advising our broker-dealer clients to give of a reverse stock split, completion of Losses also increased, however, from $11 themselves ample lead time to be ready for the pilot plant and commercialization of million to $21.7 million, as charter and the Rule changes, so they can hit the road Clean Coal’s technology. voyage costs more than quadrupled and running when it goes into effect.” All together, Ventrillion will have a doubled, respectively. Mike Dinan said that ConfidentCrowd 33.4% stake in Clean Coal after the three Including the current financing and will act as portal for broker-dealer mem- placements are completed. its $162.5 million , ber firms to market financings for their Ventrillion also received an option to Scorpio has raised about $468 million clients. He said there is preliminary inter- purchase 40 million shares for 0.0001 cent across six deals. The company has about est from about 150 mostly regional and each that is exercisable only if Clean Coal $169.4 million in cash. The DealFlow Report © 2012 DealFlow Media 10 December 10, 2012