Trans World raises $3.5 million; Lightscape gets $3.63 million; Tyhee prices C$3 million

By LLuvia Mares

New York, Aug. 22 - Despite comments from traders about lagging activity in the PIPEs market, one New York City-based company closed a $3.5 million private placement of shares and another company raised $3.63 million.

Trans World Corp. announced Wednesday it completed a $3,500,000 private placement of shares.

The company sold 1,000,000 shares to two institutional investors at $3.50 each. Carr Securities Corp. acted as the broker.

The company plans to use the proceeds to help fund construction of the first phase of a four-star hotel in Znojmo, Czech Republic.

Trans World owns and operates five American-themed casinos in Europe.

Lightscape raises $3.63 million

In other news, Lightscape Technologies Inc. announced Wednesday it closed a $3,630,000 private placement of stock.

Galaxy China Opportunities Fund purchased 6,000,000 shares at $0.55 each from the company.

An individual investor also purchased 600,000 shares at $0.55 each. Both settled Tuesday.

Hong Kong-based Lightscape Technologies specializes in innovative lighting design and advanced lighting products.

KKR sees stock rise

KKR Financial Holdings LLC saw a 5.36% increase in its stock Wednesday, ending the day at $15.92.

KKR Financial announced earlier in the week a $230.4 million private placement of shares and a $270.0 million rights offering.

The private placement consisted of a sale of 16,000,000 common shares at $14.40 per unit, the closing price on Aug. 17.

In the rights offering, KKR Financial Holdings plans to distribute up to 18,750,000 non-transferrable common share rights at $14.50 per share. The rights expire Sept.19.

San Francisco-based KKR Financial Holdings is a specialty finance company. Proceeds will be used for general corporate purposes.

Qiao Xing stock drops 4.62%

Qiao Xing Universal Telephone, Inc. received some grim news in the market Monday after its stock dropped 4.62%, ending the day at $9.29.

Monday Qiao Xing Universal announced an agreement to sell $25 million worth of 2.5 year convertible bonds with warrants to two strategic investors.

The stockholders have the option to covert their convertible bonds into common stock at $10.19 per share, equal to 110% of the arithmetic average of the weighted average share price for five trading days prior to the issuance date.

The funds to be raised will be used for general corporate purposes.

Huizhou City, China-based Qiao Xing Universal Telephone, Inc. manufactures and distributes telecommunications products.

Tyhee prices C$3 million shares

From Canada, Tyhee Development Corp. priced two new private placements for a total of C$3 million.

The company plans to sell up to 4,444,444 flow-through shares at C$0.45 each in a C$2 million deal and 2,222,222 flow-through shares at the same price in a C$1 million deal.

Loewen, Ondaatje, McCutcheon Ltd. is the agent for the C$2 million offering. It has a greenshoe for up to 20%.

MineralFields Group will buy all of the shares in the C$1 million deal.

Proceeds from both placements will be used for exploration and development.

Tyhee is a gold exploration company based in Vancouver, B.C.

Magnus downsizes to C$6 million

Magnus Energy Inc. amended its previously announced private placement, downsizing the deal to C$6 million.

The company now plans to sell 60 million class A shares at C$0.10 each.

Proceeds will be used for a farm-in agreement on the Beaver River properties of a subsidiary of Questerre Energy Corp.

The placement will satisfy a financing requirement for the planned merger of Magnus and Questerre.

When the deal was first announced on July 19, it was expected to include up to 115 million subscription receipts at C$0.10 each. Each subscription receipt was exchangeable for one class A share upon evidence of a work program that qualified for Canadian Exploration Expenses.

Magnus is an oil and natural gas exploration company based in Calgary, Alta.

Mosquito settles for C$8.48 million

Mosquito Consolidated Gold Mines Ltd. closed its private placement of units for C$8.475 million, up from the C$8.25 million size announced at pricing on July 12.

The company sold 5.65 million units of one share and one warrant at C$1.50 per unit. Each warrant is exercisable at C$2.00 for two years.

The placement included institutional participation from Sprott Asset Management, RAB Capital, Carlyle Multi Strategy Master Fund, Lionhart Fund and Forza Capital Management and brokerage participation from GMP Partners, Standard Securities Capital Corp., Jones Gable and Raymond James.

Proceeds will be used to purchase Kirkness Diamond Drilling Inc. and to fund programs, exploration and development.

Based in Vancouver, B.C., Mosquito is a gold exploration company.

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