Metals Exploration raises £11.7 million for exploration; T3 Motion sells convertibles; DOR to offer stock

By Kenneth Lim

Boston, Jan. 12 - Metals Exploration plc plans to raise about £11.7 million through a stock placement and a loan to explore a mining project.

The company will sell about 52.83 million ordinary shares at 7p apiece for £3.7 million.

Solomon Capital Ltd. has agreed to subscribe for about 49.37 million shares, or £3.46 million. The private equity fund will have a 29.9% stake in Metals Exploration following the placement.

T3 Motion, Inc. took in $2.2 million from a convertible placement to raise working capital.

DOR BioPharma, Inc. arranged to sell $2.28 million of its common stock to a single investor.

Metals Exploration in Solomon deal

Metals Exploration plans to raise about £11.7 million for an exploration project.

Also taking part in the stock placement are Metals Exploration directors Ian Holzberger, who will subscribe for 200,000 shares; Jonathan Beardsworth, subscribing for 350,000 shares; Tim Wheeler, subscribing for 1 million shares; and Jonathan Pearson, subscribing for 200,000 shares.

Metals Exploration common stock (LSE: MTL) closed at 9.25p on Monday, up by 15.62% or 1.25p. The company has a market capitalization of £10.93 million.

The company also negotiated an £8 million secured debt facility with Shelfco 725 Ltd., a sister company of Solomon Capital. The 364-day facility will be available for drawdown in tranches conditional on development milestones being met and bear interest at Libor plus 800 basis points.

Proceeds will be used for a bankable feasibility study on the Runruno gold-molybdenum project in the Philippines.

As part of the agreements, Solomon Capital director Tim Dean will join Metals Exploration as a non-executive director.

Metals Exploration is a London-based minerals exploration company focused on the Philippines.

"We are delighted to welcome Solomon Capital as our major shareholder and are pleased they share our confidence in the future development prospects for both the company and the Runruno project," Metals Exploration chief executive Jonathan Beardsworth said in a statement. "We look forward to a long and mutually rewarding relationship. This funding allows us to build on the positive results of the scoping study announced in October 2008 by committing to a bankable feasibility study, which should be completed by the end of 2009. We also welcome Tim Dean onto the board. We are confident that his experience, and combination of financial and technical acumen, will be of great benefit to the company."

T3 Motion completes convertible deal

T3 Motion raised $2.2 million through a placement of 10% convertible debentures due Dec. 30, 2009.

The debentures have an initial conversion price of $1.65 per share after 90 days. The conversion price will be reduced to $1.54 if the company fails to complete a $6 million equity financing by March 30.

Investors also received series D warrants for 666,666 common shares exercisable at $2 for five years.

T3 common stock is not listed.

Proceeds will be used for working capital.

Based in Costa Mesa, Calif., T3 Motion is a private company that produces personal mobility vehicles.

DOR raises $2.28 million

DOR BioPharma plans to sell $2.28 million of its common stock through a private placement.

The deal involves 20 million common shares at $0.114 apiece and a five-year warrant for up to 20 million shares. The warrant is exercisable at $0.14. Expiration of the warrants may be accelerated if the company's common stock meets certain price thresholds.

DOR BioPharma common stock (OTCBB: DORB) dropped 20% or $0.025 to close at $0.10 on Monday. The company's market capitalization is $10.2 million.

Miami-based DOR BioPharma develops cancer treatments and treatments for gastrointestinal diseases, as well as vaccines for bioterrorism agents.

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