Titanium seeks project funding; Ohio Legacy to issue stock; Delphi Energy settles equity sale

By Stephanie N. Rotondo

Portland, Ore., Nov. 16 - Monday's private placement market saw deals from mineral resource companies to banks to software developers.

Titanium Resources Group Ltd. brought a £15.12 million private placement of stock to market. That is the equivalent of $25 million, the company said. Proceeds will be used for projects at the company's Sierra Rutile property.

Meanwhile, Ohio Legacy Corp., the parent company of Ohio Legacy Bank, is also hoping to raise about that much, announcing a $15 million equity placement. The funds will help to improve the company's regulatory capital ratios.

Delphi Energy Corp. said it took in over C$6 million from a private placement of flow-through shares. The proceeds will be used for exploration.

Also, Cardo Medical Inc. wrapped a $6.2 million placement of common shares. The company plans to use the funds to advance its total knee replacement system.

And, iseemedia Inc. is seeking C$2.5 million from a private placement of units. The deal also includes an over-allotment option.

Titanium looks for project funding

Titanium Resources is planning a £15.12 million private placement of stock.

The Tortola, British Virgin Islands-based company will sell 151.2 million ordinary shares at 10p per share.

Proceeds will be used to advance the company's production efforts at its Sierra Rutile Mine.

"The funds raised will assist us in delivering the strategy set out in the company's interim results to increase production levels at Sierra Rutile," said John Sisay, chief executive officer, in a statement.

"We are focused on realizing the significant value that exists in the company given the infrastructure currently in place and the world class nature of the Sierra Rutile deposit."

Titanium's equity (London: TXR) closed at 10.75p. Market capitalization is £30.1 million.

Titanium Resources is a resource exploration company.

Ohio Legacy to sell stock

Ohio Legacy will conduct a $15 million private placement of equity, according to a regulatory filing and subsequent press release.

The deal priced Nov. 15. Excel Financial LLC is the investor.

The Wooster, Ohio-based company will sell 15 million common shares at $1.00 per share.

"The capital will be used to restore Ohio Legacy Bank's regulatory capital ratios to 'well capitalized,' an important step for the bank to comply with the Consent Order issued by the Comptroller of the Currency in February of 2009," the company said in the release.

"Excel's group of local investors and the seasoned banking professionals we have engaged have been interested in establishing a community banking presence in Northeastern Ohio for some time," remarked Bruce A. Cassidy, Sr., managing partner of Excel, in the release.

"We believe that our team, led by Rick Hull, along with Denise Penz, who will be establishing and leading a trust, investment, and private banking team, has the experience and expertise, when supported by sufficient capital, to help rebuild Ohio Legacy and create an excellent banking platform. With an invigorated balance sheet, and our management team in place, we look to position Legacy to take advantage of the opportunities the current banking landscape presents."

Added Michael Kramer, president and chief executive of Ohio Legacy: "This creates a true win-win: Ohio Legacy Corp. shareholders will be positioned to share in the future growth and value of the recapitalized bank, and Ohio Legacy Bank's clients can maintain banking relationships with bankers they know and trust, with a bank that remains committed to the same community values they've grown to appreciate."

Ohio Legacy's stock (Nasdaq: OLCB) gained a penny, or 1.49%, to $0.68. Market capitalization is $1.4 million.

Ohio Legacy is a bank holding company for Ohio Legacy bank, NA.

Delphi wraps equity sale

Delphi Energy raised C$6.36 million via a private placement of flow-through equity, the company announced.

The deal originally priced Oct. 23.

Under the terms of the placement, Delphi sold 4 million of the shares at C$2.12 per share.

Proceeds will be used to fund its ongoing 2010 capital program at the company's Hythe, Wapiti/Gold Creek and Bigstone properties in Northwest Alberta.

Calls seeking comment were not returned Monday.

Delphi's shares (Toronto: DEE) improved by 6 cents, or 3.49%, to C$1.78. Market capitalization is C$170 million.

Delphi Energy is a Calgary, Alta.-based oil and natural gas company.

Cardo raises $6.2 million

Cardo Medical took in $6.2 million from a private placement of common stock, the company said in a press release.

The company raised $3.48 million in a tranche that closed Oct. 27, with approximately 9.94 million shares being issued. About 45 investors participated in the financing at that time.

The shares sold for $0.35 per share.

"We are pleased to have completed this placement, particularly with the strong quality of institutional investors who participated," said Andrew Brooks, MD, chairman and CEO, in the release. "We expect to achieve significant growth in 2010 powered by our recent acquisitions and the staged release of our Total Knee and Hip Systems over the coming quarters."

"I continue to be impressed by Cardo Medical's accomplishments during the last 12 months, and toward that end have increased my investment in the company through participation in this round to help accelerate the company's growth trajectory," added Phillip Frost, MD, former chairman and founder of IVAX Pharmaceuticals. "I am excited to help build a world class orthopedic medical device company."

Cardo's shares (OTCBB: CDOM) ended unchanged at $0.96. Market capitalization is $196 million.

Cardo Medical is a Los Angeles-based early stage orthopedic medical device company.

iseemedia seeks C$2.5 million

iseemedia, a Toronto-based software developer, said it had arranged a C$2.5 million private placement of units.

The deal includes a C$500,000 greenshoe.

The company intends to sell approximately 15.62 million units at C$0.16 per unit. Each unit will consist of one common share and one half-share warrant. Whole warrants are exercisable at C$0.32 for two years.

The warrants also carry a provision that can accelerate their expiration, should the company's stock trade at C$0.45 for 15 consecutive trading days.

Proceeds will be used for sales and marketing, research and development, product and market expansion and general corporate and working capital purposes. Settlement is expected by Dec. 11.

Calls seeking comment were not returned Monday.

iseemedia's equity (TSX venture: IEE) fell 2 cents, or 11.11%, to C$0.16. Market capitalization is C$9.22 million.

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