Magellan wraps placement; Abcourt Mines closes unit sale; General Steel brings registered deal

By Stephanie N. Rotondo

Portland, Ore., Dec. 24 - Several more companies were looking to finalize private financings Thursday.

Magellan Minerals Ltd., for one, said its C$20 million private placement of units and subscription receipts was oversubscribed, resulting in total proceeds of C$21.25 million. Proceeds will be used, in part, to fund a planned acquisition.

Abcourt Mines Inc. meantime also completed a deal, raising over C$2 million.

Among fresh deals, General Steel Holdings Inc. announced a $25 million registered direct offering of equity. WaferGen Bio-Systems Inc. also announced a deal - a $5.01 million private placement of units.

The financial markets will be closed Friday for Christmas.

Magellan completes deal

Magellan Minerals settled a C$21.25 million private placement of equity units and subscription receipts, according to a press release.

The deal originally priced at C$20 million on Dec. 11.

The Vancouver, B.C.-based company issued approximately 18.21 million units at C$0.70 per unit. Approximately 12.14 million subscriptions were also issued at C$0.70 each.

The units contained one common share and one half-share warrant. Whole warrants are exercisable at C$1.00 for two years.

The subscriptions are automatically convertible into units upon the completion of Magellan's planned acquisition of the Creporizinho gold mine in Brazil.

Proceeds will be used for the mine acquisition, as well as for exploration and working capital.

Calls seeking comment were not returned Thursday.

Magellan's stock (TSX Venture: MNM) gained a penny, or 1.22%, to C$0.83. Market capitalization is C$47.4 million.

Magellan Minerals is a gold and bauxite exploration company.

Abcourt settles unit sale

In other settled transactions, Abcourt Mines said it raised C$2.1 million via a private placement of units.

The deal originally priced at C$2 million on Dec. 2.

The company sold approximately 9.35 million flow-through units at C$0.17 per unit. The units consisted of one flow-through common share and one half-share warrant. Whole warrants are exercisable at C$0.19 for two years.

In addition, Abcourt issued approximately 3.92 million class B units at C$0.13 each. The units held one class B common share and one warrant, exercisable at C$0.17 for two years.

Proceeds will be used for exploration and general corporate purposes.

Abcourt's equity (TSX Venture: ABI) was unchanged at C$0.155. Market capitalization is C$9.21 million.

Abcourt Mines is a Mont-St-Hilaire, Quebec-based mineral exploration company.

General Steel brings registered deal

In new deals, General Steel announced a $25 million registered direct offering of common shares.

The company intends to sell approximately 5.55 million of the shares at $4.50 per share. Investors will also receive warrants for approximately 2.77 million additional shares.

The warrants are exercisable at $5.00 for 30 months.

Proceeds will be used for general corporate purposes.

General Steel's stock (NYSE: GSI) lost $1.13, or 19.52%, to $4.66. Market capitalization is $212 million.

General Steel is a Beijing-based holding company in the steel industry.

WaferGen plans unit offering

WaferGen Bio-Systems negotiated a $5.01 million private placement of units, according to a regulatory filing.

The deal priced Dec. 23 and the company raised $4.31 million at that time. The remaining funds are expected to settle this week.

The company is selling a total of 3.33 million units at $1.50 per unit. The units contain one common share and one quarter-share warrant. Whole warrants are exercisable at $2.50 for five years.

Alnoor Shivji, WaferGen's chairman, president and chief executive officer, will invest $175,000, while Cojack Investment Opportunities LLC has subscribed for $30,000.

WaferGen's shares (OTCBB: WGBS) dropped 10 cents, or 3.85%, to $2.50. Market capitalization is $78 million.

WaferGen Bio-Systems is a Fremont, Calif.-based developer and manufacturer of laboratory analytical instruments for gene expression, genotyping and stem cell research for the life sciences and pharmaceutical drug discovery industries.

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