Petromanas seeks C$75 million; Fluid Music closes C$60 million deal; CytoSorbents secures loan

By Stephanie N. Rotondo

Portland, Ore., May 10 - Petromanas Energy Inc. announced a private placement of units for up to C$75 million, including an over-allotment option. A company spokesperson noted that recent losses in the equity markets adversely impacted the pricing of the deal.

The Baar, Switzerland-based issuer was one of several companies across a range of sectors that sought funding from the PIPE market on Monday, after a week of severe volatility in the markets.

Fluid Music Canada Inc., meanwhile, settled a C$60 million private placement of subscription receipts. The funds will be used to fund a portion of a previously announced acquisition.

CytoSorbents Corp. inked a deal with an investor for a $6 million equity facility. The company will sell common stock to the investor at prices dictated by the market at the time of the drawdown.

And Abacus Mining & Exploration Corp. said it raised C$4.5 million via a private placement of stock. The equity was sold to a single investor.

Petromanas seeks up to C$75 million

Petromanas Energy, an oil and gas company, announced plans to raise up to C$75 million via a private placement of units.

The financing consists of a C$60 million brokered deal and a C$15 million greenshoe.

Petromanas will sell the units at C$0.40 each. The units will contain one common share and one half-share warrant.

Whole warrants are exercisable at C$0.60 for two years.

"We've been working on it for a while and it was agreed on this weekend," Gordon Keep, corporate secretary, told Prospect News.

Keep also noted that the recent declines in the equity market resulted in cheaper terms than the company would have liked.

"But it's the reality," he said. "Junior markets don't bounce back as strongly as the senior market."

And, Keep said about choosing to go the private placement route: "We are not quite ready to do a public financing." He estimated it would have been at least another month until the company could undertake such a financing, but that "the money was here now."

Proceeds from the transaction will be used for exploration and development work in Albania, including seismic studies, Keep said. Any remaining funds could also be used for drilling work at the properties once the seismic studies are completed.

Settlement is expected by May 27.

Petromanas' stock (TSX Venture: PMI) gained a cent, or 1.19%, to C$0.43. Market capitalization is C$50.4 million.

Fluid closes C$60 million deal

Fluid Music Canada wrapped a C$60 million private placement of subscription receipts, according to a press release.

The Toronto-based company sold 37.5 million receipts at C$1.60 each. They are automatically convertible into one common share.

Proceeds will be used to fund part of the company's planned acquisition of Mood Media Group SA. Fluid is paying €160 million, or approximately $206 million, for the company.

The balance of the acquisition will be funded via cash on hand, a new senior credit facility and new mezzanine debt.

The company's president did not return e-mails seeking further comment.

Fluid's shares (Toronto: FMN) dropped 2 cents, or 1%, to C$1.98. Market capitalization is C$126 million.

Fluid Music Canada is a private label music distribution company.

CytoSorbents gets credit facility

CytoSorbents secured a $6 million drawdown equity facility from Lincoln Park Capital Fund LLC, the company said in a regulatory filing.

The agreement was inked May 5.

According to the terms of the facility, Lincoln Park will purchase up to $6 million in common shares over the course of 25 months. The price per share will be based upon prevailing market prices without any fixed discount.

CytoSorbents will sell the shares in tranches of $50,000 to $75,000.

The company did not return calls seeking further comment.

CytoSorbents' equity (OTCBB: CTSO) declined 1 cent, or 4.35%, to $0.11.

CytoSorbents is a Monmouth Junction, N.J.-based medical device company.

Abacus seals C$4.5 million

Abacus Mining & Exploration pocketed C$4.5 million from a private placement of equity, the company said in a press release.

The deal originally priced May 4.

KGHM Polska Miedź SA was the investor.

Abacus sold 15 million shares at C$0.30 per share. The completion of the transaction gave KGHM an 8.75% stake in the Vancouver, B.C.-based mineral exploration company.

Proceeds will be used for exploration and project expenditures at the Afton-Ajax copper-gold project, as well as for general corporate purposes.

Calls seeking further comment were not returned Monday.

Abacus' stock (TSX Venture: AME) improved by 3 cents, or 11.11%, to C$0.25. Market capitalization is C$39.1 million.

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