African Minerals, Apoquindo Minerals raise for projects; Beacon offers units; Sahara Media closes sale

By Kenneth Lim

Boston, Oct. 10 -African Minerals Ltd. said it sold £20 million of its common stock in a private placement.

Apoquindo Minerals Inc. announced a C$5 million private sale of stock and warrant units that will be used for exploration work.

Beacon Power Corp. said it plans to raise $7.92 million through an offering of stock and warrant units.

Meanwhile, Sahara Media Holdings, Inc. completed a $1.76 million sale of units.

African Minerals raises £20 million

African Minerals said it completed a £20 million placement of its common stock.

The company sold about 26.67 million shares at 75p per share.

African Minerals common stock (AIM: AMI) closed at 68p on Friday, lower by 7.48% or 5.5p.

African Minerals said it will use the proceeds for drilling and feasibility studies at its Tonkolili project in Sierra Leone, to fund engineering studies and construction work in Sierra Leone and for general working capital.

The London-based company is a mineral exploration company.

"We are delighted with the endorsement that our premier institutional shareholders have given the company in this fund raising, especially given the prevailing market conditions," African Minerals executive chairman Frank Timis said in a statement.

"The proceeds of the placing will allow us to progress the development of our flagship Tonkolili project into the feasibility study stage and will allow us to undertake extensive engineering and construction work on key infrastructure in Sierra Leone to support our iron ore projects."

"The funds generated from this placing will enable the company to unlock further shareholder value by advancing what I believe to be a world class asset," he added.

Apoquindo sells units

Apoquindo Minerals said it will offer C$5 million of stock and warrant units in a non-brokered private offering.

The deal involves 10 million units of one common share and one half-share warrant at C$0.50 per unit. A whole two-year warrant is exercisable at C$0.75 for the first year and at C$1.00 after that.

Apoquindo common stock (TSX: AQM) fell 16.67% or C$0.10 to close at C$0.50 on Friday.

The warrants may expire sooner if the company's shares close at C$1.25 or higher for 20 consecutive trading days in the first year or at C$1.50 for 20 consecutive trading days in the second year. In that case, the warrants will expire 30 days after the company notifies holders.

Proceeds will be used to fund exploration programs on Apoquindo's mineral properties and for general working capital purposes.

Vancouver, B.C.-based Apoquindo is junior natural resources company.

Beacon raises $7.92 million

Beacon Power plans to sell $7.92 million of stock and warrant units in a direct offering.

The 8.7 million units offered will be sold at $0.91 per unit. Each unit comprises one common share and one five-year warrant exercisable at $1.20. Beacon common stock (Nasdaq: BCON) closed at $1 on Friday, a decrease of 5.66% or $0.06.

The proceeds will be used to fund ongoing operations, including the manufacturing of flywheel systems for commercial deployment by end-2008.

Beacon Power is a Wilmington, Mass.-based developer of products and services for electric grid operations.

Sahara Media closes placement

Sahara Media said it completed a $1.76 million offering of stock and warrant units to accredited investors of the company.

The placement comprised 14.1 units at $125,000 per unit. Each unit consists of 100,000 common shares and warrants for 100,000 common shares. Each five-year warrant has a strike price at $2.50 per share.

Sahara Media common stock (OTCBB: SHHD) closed unchanged at $4 on Friday.

New York-based Sahara Media is a multimedia company that owns the Honey Magazine trademark.

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