Private Equity Week Wire for Friday 8-3

PARAMUS, N.J. — Synaptic Pharmaceutical Corporation (Nasdaq: SNAP) today announced that it will raise up to $41.0 million in a two-stage private financing led by Warburg Pincus. In the first stage of the convertible preferred stock offering that is expected to close later today, the Company will receive $9.4 million. In the second stage, which is subject to shareholder approval, the Company expects to raise an additional $31.6 million. Upon completion of both stages, Synaptic will have issued an additional 7.6 million common share equivalents at an average price of $5.42 per share.LONDON — BTG announce the acquisition of an equity stake in edgeflow, a company dedicated to researching and developing an innovative range of products for use in optical communication networks. BTG has invested US$2m alongside a separate investment of US$2m from Primaxis Technology Ventures, the Canadian venture fund founded by BTG and the Royal Bank of Canada.CAMBRIDGE, MASS. –Technology Review, MIT’s Magazine of Innovation, has announced the appointment of J.R. “Matt” Mattox to the position of Director of Business Development where he will oversee the development and execution of significant strategic partnerships and new ventures for the award-winning magazine and the recently re-launched An accomplished technology executive, Mr. Mattox was formerly Launch Director at Idealab!, a firm that creates new technology ventures.TORONTO — Sprott Securities Inc. today reported that Sprott Securities Inc., its managed accounts, Sprott Canadian Equity Fund and accounts and/or pooled investment vehicles managed by Sprott Securities Inc. had acquired 5,649,258 common shares of High River Gold Mines Ltd. The shares were acquired pursuant to its exercise of rights (including the exercise of rights pursuant to the additional subscription privilege) under a rights issue offering by High River Gold Mines Ltd.

Following the purchase, Sprott Securities Inc., together with its managed accounts, Sprott Canadian Equity Fund and accounts and/or pooled investment vehicles managed by Sprott Securities Inc., held 8,296,291 common shares of High River Gold Mines Ltd., representing approximately 17.73% of the issued and outstanding common shares.Sprott Securities does not beneficially own any shares held by its managed accounts, Sprott Canadian Equity Fund or accounts and/or pooled investment vehicles managed.SAN FRANCISCO AdSpace Networks, Inc., creators of software to bring digital media to public spaces, today announced that it has secured $14 million in outside funding. As part of this investment round, AdSpace obtained funding from lead investors DCM (Doll Capital Management) and the AIG Global Sports & Entertainment Fund as well as Allen & Company, Amicus Capital, Angel Investors, Brainstorm Ventures, and various other institutional and individual investors.

AdSpace Networks is revolutionizing the way advertising and merchandizing messages are delivered to consumers as they shop, as they travel, and as they attend events. AdSpace’s proprietary software technology, CoolSign(R), offers both advertisers and retailers a new way to quickly and dramatically reach targeted audiences by delivering advertising and promotional content to electronic displays via high-speed networks.NEW YORK — Darby Overseas Investments has launched a newprivate equity investment and advisory company that will specialize intechnology companies in Latin America. Former U.S. Treasury Secretary Nicholas Brady said the company, Darby Technology Ventures Group, has some heavyweight equity partners, including International Business Machines Corp. (IBM); Comcast Interactive Capital, a unit of fiber-coaxial broadband cable and programming company Comcast Corp. (CMCSA); and investment management services company Franklin Resources Inc. (BEN).VANCOUVER, BRITISH COLUMBIA — Upland Resource Corp. announces a non-brokered private placement of up to 400,000 units (the “Units”) at the price of $0.24 each for gross proceeds of $96,000. Each Unit will consist of one common share and one share purchase warrant (the “Warrant”). Each Warrant will entitle the holder to purchase an additional common share in the capital of the Company at the price of $0.32 per share for two years. The proceeds from the private placement will be used for the payment of certain accounts payable and for working capital. The private placement is subject to acceptance for filing by the Canadian Venture Exchange.Kansas City, MO. ? Birch Telecom Inc. today announced that it received an additional equity investment of $26.3 million. The investment is made up of $25 million from its majority stockholder, an affiliate of private investment firm Kohlberg Kravis Roberts & Co. (KKR), and $1.3 million from other current investors. Birch previously announced that the KKR affiliate agreed to purchase up to $105 million of a new issue of convertible preferred stock. The KKR affiliate contributed $75 million on March 30, 2001, and other current investors contributed $3.7 million in April and May of 2001. Birch has raised a total of $105 million in private equity and $70 million in debt within the past year.For yesterday?s Wire, click here