Platmin seals $100 million PIPE; Senesco gets research funding; Bellhaven wraps units sale

By Susanna Moon

Chicago, March 29 - Platmin Ltd., the Toronto-based platinum mining company, said it arranged a $100 million sale of 0% nine-month convertible debentures on Monday in the day's largest reported PIPE offering.

The placement could be increased, as Platmin's largest shareholder group, the Pallinghurst Investor Consortium, may purchase a $30 million convertible debenture on the same terms as Temasek.

Platmin also plans to hire agents for a possible stock offering to raise another $250 million.

Meanwhile, Bellhaven Copper & Gold, Inc. raised C$1.34 million through a non-brokered placement of units.

"This placement represents a significant milestone for the company," Julio Benedetti, Bellhaven's president and CEO, said in a press release.

"Our short-term goal is to deliver to Bellhaven in the months ahead a flagship project with the potential for large-scale, low-cost production."

And First Point Minerals Corp. will place up to 10 million units at C$0.50 per unit with proceeds to be used to advance its nickel alloy properties in North America, Peter Bradshaw, president and CEO, said in a news release.

EcoBlu Products, Inc. agreed to place $1.5 million 8% senior secured convertible notes due March 26, 2011.

The deal closed simultaneously with the execution of a purchase agreement with accredited investors on March 26.

Other offerings came from Senesco Technologies, Inc., which said it plans to place up to $11.5 million of convertible preferred shares and warrants to help advance the company's multiple myeloma research and development program.

The company's multi-million dollar financing was one of just a few U.S.-based deals in a day that was dominated by Canadian mining companies.

Senesco secures research funding

Senesco Technologies said it agreed to place up to 11,497 convertible preferred shares and warrants to purchase up to 35,928,125 common shares for a purchase price of $11,497,000.

The warrants are exercisable at $0.35 per share for five years.

The company plans to close on $10.3 million in proceeds on April 1 and the remaining $1.2 million in proceeds upon the receipt of stockholder approval.

The preferreds are convertible into about 35,928,125 common shares.

Proceeds will be used to help advance the company's multiple myeloma research and development program with the goal of initiating a phase 1b/2a clinical trial for multiple myeloma.

Investors include Senesco's board members Harlan Waksal and Christopher Forbes.

Ladenburg Thalmann & Co. Inc. was the placement agent.

"We are grateful for the support that the institutional and private investors who are participating in this financing are providing to us," Waksal, Senesco's chairman of the board, said in a statement.

"With the near-term funding overhang removed, our sole focus is now on completing the steps necessary to advance our multiple myeloma drug candidate into and through a phase 1b/2a clinical trial."

Senesco is based in New Brunswick, N.J., and develops treatments for cancer, glaucoma, ischemia and arthritis.

Senesco shares (Amex: SNT) ended the day 3.83% higher at $0.412.

Platmin seals $100 million deal

Platmin said it agreed to sell a $100 million 0% secured convertible debenture due Dec. 31, 2010 to a subsidiary of Temasek Holdings (Pte.) Ltd.

The note is convertible into 82,304,526 common shares.

The conversion price is $1.215 per common share, which represents a currency-adjusted discount of 10% to the five-day volume-weighted average price of the company's stock for the five trading days ended March 26.

The deal is expected to close in mid-April.

Proceeds will eventually be used to repay the note at maturity if it is not converted.

Platmin's largest shareholder group, the Pallinghurst Investor Consortium, may purchase a $30 million convertible debenture on the same terms as Temasek.

"We believe that the Asian emerging markets will be the engine of global economic and secular commodity demand growth, with demand being increasingly met by supply from new promising mining regions such as Africa," Nagi Hamiyeh, managing director of investment at Temasek, said in a press release.

"Through our investment in Platmin, we will gain direct exposure to the fast-growing automotive sectors in China and India. We are pleased to participate in the funding of Platmin as it grows into an important industry producer."

Platmin also eyes stock offering

Platmin also plans to hire agents for a possible stock offering to raise another $250 million.

The company said it expects the shares can be issued within the effective pricing discount of the convertibles.

Proceeds will be used for working capital, to complete the build-up to full production at the Pilanesberg platinum mine, to pursue growth and acquisition opportunities and to further develop the company's Eastern Limb projects.

Toronto-based Platmin explores for and develops platinum group metals in South Africa.

The company's stock (Toronto: PPN) lost 1.46% to close at $1.35 on Monday.

EcoBlu gets convertibles financing

EcoBlu Products said it agreed to place $1.5 million 8% senior secured convertible notes due March 26, 2011.

The deal closed simultaneously with the execution of a purchase agreement with accredited investors on March 26.

Proceeds will be used to buy inventory, including lumber and chemical concentrates, for product development, testing and laboratory equipment and for general and administrative purposes.

Interest is payable in cash or in common shares, at the company's option.

Holders may convert the notes into common shares at $0.40 at any time.

Beginning June 26, the notes will amortize in 10 monthly installments.

Along with the notes, the company issued seven series of warrants.

The issuer is a Vista, Calif.-based environmentally friendly wood manufacturer.

The company's shares (OTCBB: ECOB) closed up 5.56% at $0.38 on Monday.

Eacom Timber raises $145 million

Eacom Timber said its $145 million private placement subscription receipt financing has closed in escrow pending completion of its acquisition of the forest products business of Domtar Corp.

The financing was completed at $0.50 per subscription receipt.

The subscription receipts are convertible into common shares on a 1 for 1 basis upon completion of the deal.

Proceeds from the deal will be used to fund the acquisition and for working capital.

Genuity Capital Markets GP and Canaccord Financial Ltd. are co-lead agents.

"With this acquisition, we are pursuing our vision to become a leading producer of softwood lumber for global markets," Rick Doman, president and chief executive officer of Eacom Timber, said in a press release.

The company is based in Richmond, B.C.

Eacom's stock (OTCBB) closed 28.45% higher to end the day at $0.95.

Bellhaven closes financing

Bellhaven Copper & Gold said it raised C$1.34 million through a non-brokered placement of units. The company sold 8,958,497 units for C$0.15 each.

Each unit consists of one common share and one warrant to purchase an additional common share for C$0.25. The warrants are exercisable for two years.

Resource Venture Partners, LP is the lead investor.

"This placement represents a significant milestone for the company. Bellhaven is undertaking a new direction whereby we are reverting to our original roots as an experienced and successful exploration company," Julio Benedetti, Bellhaven's president and CEO, said in a press release.

"We are now refocusing that experience in Panama and in Colombia. To do so we will need to retool the company and rationalize existing operations such as Gomez Plata, our underground gold mine in Colombia.

"Our short-term goal is to deliver to Bellhaven in the months ahead a flagship project with the potential for large-scale, low-cost production."

Bellhaven is a gold and copper exploration and development company based in Panama. Its Canadian headquarters is located in Vancouver, B.C.

The company's stock (Canada: BHV) closed at C$0.195, up 2.63% for the day.

First Point plans C$5 million placement

First Point Minerals said it arranged a private placement of up to 10 million units at a price of C$0.50 per unit for proceeds of up to C$5 million.

The units consist of one common share and one-half of a non-transferable share purchase warrant. Each whole warrant will be exercisable at C$0.65 per share for the first year and C$0.80 per share for the second year.

First Point may force exercise of the warrants if, after four months from closing, the common shares trade on any exchange for 20 consecutive trading days at a price of $1.10 per share or greater.

"The net proceeds raised will be used to advance First Point's 100% owned nickel alloy properties in North America as well as international exploration for additional properties and for general corporate purposes," Peter Bradshaw, president and CEO, said in a press release.

Cliffs Natural Resources said it intends to subscribe for 15% of the issue as is its right under the Decar property option agreement.

Based in Vancouver, B.C., First Point is a precious and base metals exploration company. The company's shares (Canada: FPX) finished 2.04% lower to C$0.48.

Orckit to sell $10.62 million shares

Orckit Communications announced that it entered into purchase agreements to sell up to $10.62 million of units via placement agent Roth Capital Partners, LLC.

The company will sell up to 2.81 million units, consisting of one ordinary share, one quarter-share warrant and one contingent quarter-share warrant, at $3.78 per unit.

The quarter-share warrants are exercisable for five years at an exercise price of $5.66 per share while the contingent quarter-share warrants are exercisable at $11.32 per share, also for a five-year term. Each set of warrants is exercisable for 702,500 ordinary shares.

The warrants and contingent warrants will not be separable from each other but will be immediately separable from the ordinary shares.

If, one year after issue, the closing price of Orckit's ordinary shares for any 20 trading-day period within a 30 trading-day period is equal to or greater than $11.32 per share, the company may elect to require the exercise of all unexercised primary warrants.

Among the investors in the offering are Izhak Tamir and Eric Paneth, who are founders, executive officers and directors of Orckit. They have agreed to purchase 100,000 and 75,000 units, respectively, subject to shareholder approval.

Proceeds are earmarked for increased research and development activities as well as working capital and other general corporate purposes.

Settlement is slated for April 1.

Orckit is a Tel-Aviv, Israel-based maker of broadband telecommunications equipment.

Orckit (Nasdaq: ORCT) shares closed down 17.67% to end the day at $3.96.

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