Liberator closes $2.5 million convertible offering; DiamonEx to sell stock; Dia Bras plans unit offering

By Kenneth Lim

Boston, Oct. 21 - Liberator Medical Holdings, Inc. closed a $2.5 million convertible note placement that it will use to fund marketing efforts and working capital.

DiamonEx Ltd. said it plans to raise A$2 million through a stock placement to a single investor.

Dia Bras Exploration Inc. announced a C$2 million non-brokered placement of stock and warrant units to fund general purposes and working capital.

DiamonEx raises A$2 million

DiamonEx plans to place A$2 million of its common stock with Hartco Nominees Pty. Ltd.

The deal involves 20 million shares at A$0.10 per share. DiamonEx common stock (ASX: DON) closed at A$0.15 on Tuesday.

The placement will be split in to two tranches, with the first tranche comprising 5.3 million shares. The first tranche will be completed on Oct. 22, while the second tranche will be completed following shareholders' approval.

DiamonEx will use the proceeds to fund its planned growth strategy.

DiamonEx is a Queensland, Australia-based diamond mining company with a mine in Botswana.

"DiamonEx welcomes this further demonstration of confidence by investors," DiamonEx chairman Greg King said in a statement. "In these turbulent times we continue to implement our planned growth strategy as we move into the production phase for the Lerala Diamond Mine project."

Liberator settles deal

Liberator sold $2.5 million of 3% convertible notes due Oct. 17, 2010 on Oct. 17.

The notes are initially convertible into Liberator common shares at $0.75 per share. Liberator common stock (Pink Sheets: LBMH) gained 1.43% or $0.10 to close at $0.71 on Tuesday.

Investors also received three-year warrants for about 1.17 million shares at a strike price of $1.25 per share.

Proceeds will be used to increase the company's advertising and sales efforts and for working capital needs.

Based in Stuart, Fla., Liberator provides direct-to-consumer medical supplies to Medicare-eligible seniors.

"We are very pleased to have obtained what we consider substantial funding on favorable terms considering the current financial conditions," Liberator chief executive Mark Libratore said in a statement.

"We continue to grow rapidly and fully expect our growth to continue quarter over quarter going forward. We have achieved strong repeat sales due to the demand created by our customers who have chronic diseases and lifetime medical supply requirements. Due to the fact that our payment comes largely from third party payors, out-of-pocket costs to our customers are minimized which makes it easier for our customers to re-order."

Dia Bras to raise C$2 million

Dia Bras Exploration announced a C$2 million in a non-brokered private placement of units.

The company will sell 24 million units of one common share and one warrant at C$0.08 per unit on a best efforts basis.

Each two-year warrant is exercisable at C$0.20 per share.

Dia Bras common stock (TSX: DIB) closed at C$0.07 on Tuesday, lower by 6.67% or half a cent.

Proceeds will be used for general corporate purposes and working capital.

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