Fushi to sell $39 million; Sequenom negotiates $30.45 million; Rocmec Mining wraps C$1.25 million

By LLuvia Mares

New York, Oct. 26 - Fushi International, Inc. led PIPEs news Friday with plans to raise $39 million through a private placement of common shares.

"We are very pleased to have completed this new financing which provides us with additional capital to help fund our future growth, including our recently announced acquisition of Copperweld Bimetallics," said Li Fu, company chairman and chief executive officer, in a press release.

"We are also quite pleased with the caliber of high quality institutional investors that participated in our private placement. The proceeds raised from our investors reflect continued confidence in our ability to carry out our strategic vision and become the leading player in the bimetallic wire industry."

The company entered into a purchase agreement with a group of institutional investors for 2.786 million shares at $14.00 each. No warrants were issued in the transaction.

The company's stock (Nasdaq: FSIN) closed at $16.44 on Friday, down $0.15 from Thursday's $16.59 close.

The financing is expected to close Oct. 29.

Proceeds will be used for the acquisitions of Copperweld Holdings, LLC and International Manufacturing

Equipment Suppliers, LLC as well as future acquisitions, expenses of the offering and general working capital.

Dalian, China-based Fushi specializes in bimetallic wire manufacturing.

Sequenom negotiates $30.45 million

In the medical sector, Sequenom, Inc. disclosed plans to raise $30.45 million in a private placement of shares.

The company will sell 3.383 million shares at $9.00 each to a group of investors. No warrants will be issued.

Sequenom's stock (Nasdaq: SQNM) ended the day at $9.51, down $0.47 from Thursday's $9.98 close.

Lehman Brothers Inc. and UBS Investment Bank are joint lead placement agents. Oppenheimer & Co. Inc., Leerink Swann LLC and Rodman & Renshaw, LLC are co-placement agents.

Proceeds will be used for financing to advance its research, development and commercialization of various diagnostic tests, as well as for general corporate purposes.

San Diego-based Sequenom specializes in genetic analysis products.

Rocmec Mining wraps C$1.25 million

Back to the mining sector, Rocmec Mining Inc. announced it has completed the third tranche of a private placement of units, raising $1.25 million.

"Rocmec is very pleased to be renewing its relationship with MineralFields Group," said Donald Brisebois, company president and chief executive officer, in a press release. "This is an important milestone in the growth of Rocmec and we look forward to working with MineralFields Group as we develop our holdings."

The deal was announced on May 31 and is slated to raise up to C$4 million. So far, the company has raised about C$2.37 million.

In this tranche, Rocmec sold 6,958,331 flow-through units.

As previously reported, each unit consists of one flow-through common share and one transferable non-flow-through warrant. Each two-year warrant will be exercisable at C$0.25 for the first year and C$0.30 for the second.

The company's stock (TSX Venture: RMI) closed at C$0.14 Friday and did not see any change from Thursday's closing.

The MineralFields Group is the agent.

Proceeds will be used for development.

Based in Pointe-Claire, Quebec, Rocmec is a precious metals exploration company.

High Arctic issues C$20 million

High Arctic Energy Services Inc. said it has entered into an agreement for a private placement of convertible debentures for C$20 million.

The debentures will have a conversion price of C$1.94 and a 12% coupon. The notes will mature on Dec. 31, 2012.

Canaccord Adams Ltd. is the agent and has the option to purchase an additional C$10 million of the notes and a greenshoe of 15%.

The company's stock (Toronto: HWO) closed at C$1.71 Friday, up C$0.01 from Thursday's C$1.68 close.

Proceeds will be used to finance a joint venture agreement with a third party oilfield service company and to provide additional working capital.

High Arctic, formerly High Arctic Energy Services Trust, is an open-ended investment trust based in Red Deer, Alta.

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