Market Overview

Benzinga's Microcap Movers for Tuesday August 28, 2012

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Below are highlights from Benzinga's daily coverage of small cap and microcap securities making big moves:

Seven Arts Entertainment

Shares of Seven Arts Entertainment (NASDAQ: SAPX), the Los Angeles, CA independent motion picture production and distribution company, fell 4.62% Tuesday on 4 times average volume.

Seven Arts Entertainment announced Tuesday that it received approval from the State of Louisiana Historic District Commission regarding its proposed historic rehabilitation credits for the property at 807 Esplanade in New Orleans, Louisiana, as previously announced. The application for such credits was previously announced by the Company. The Company expects that the Department of Parks, of the Department of Interior, will give its approval of the federal and state historic rehabilitation credits for this property on or before September 24, 2012, before reporting of the financial statements for the Company for the fiscal year ended June 30, 2012.

Seven Arts Entertainment closed at $0.02 on Tuesday.

Westinghouse Solar

Shares of Westinghouse Solar (NASDAQ: WEST), the Campbell, CA manufacturer of solar power systems and solar panels, rose 7.14% Tuesday on average volume.

Westinghouse Solar and CBD Energy announced Tuesday a joint venture to design, engineer, procure and construct commercial projects in Italy.

Westinghouse Solar will obtain a 25% stake (with the option to take up to a 50% stake) in the profits from CBD's commercial project pipeline in Italy, in exchange for an investment of $1.5 million (with option to invest up to a further $1.5 million).

Westinghouse Solar closed at $0.23 on Tuesday.

Bacterin International Holdings

Bacterin International Holdings (NYSE: BONE), the Belgrade, MT medical device company, rose 17.76% Tuesday on 2.5 times average volume.

Bacterin announced Tuesday the closing of a $25 million non-dilutive financing with an affiliate of OrbiMed Advisors LLC. The financing will enable Bacterin to execute its growth strategy through anticipated profitability.

Under the terms of the agreement, Bacterin initially received $20 million and has the ability to draw down an additional $5 million based upon the achievement of mutually agreed upon revenue objectives prior to December 31, 2013. The Company received net proceeds of approximately $10 million after repayment of existing indebtedness as well as other transaction related fees and expenses. Net proceeds will be used by the Company for general working capital purposes. No equity securities or warrants were issued as part of the transaction.

Bacterin International Holdings closed at $1.79 on Tuesday.

The information in this article is taken from public sources, press releases, and websites that cannot always be verified. Please note that investing in microcap stocks is highly speculative. The companies mentioned here are for information purposes only. Benzinga makes no claim as to the suitability of these stocks as an investment. Neither Benzinga nor its staff recommend that you buy, sell, or hold any security. We do not offer investment advice, personalized or otherwise. Benzinga recommends that you conduct your own due diligence and consult a certified financial professional for personalized advice about your financial situation.

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