Generex announces direct offering; Apex closes stock deal; First Century wraps $4.9 million sale

By Stephanie N. Rotondo

Portland, Ore., May 18 - The week started off with some direct offerings in the marketplace Monday, as well as several completed deals.

Generex Biotechnology Corp. announced a registered direct offering. Generex said it settled a $5 million offering of stock in a regulatory filing.

Among completed deals, Apex Minerals NL wrapped an A$14 million private placement of stock. The company also said it would raise another A$14 million via a rights issue.

Elsewhere, First Century Bancorp said it raised $4.9 million by issuing new stock. The company is privately held.

Generex announces direct offering

Generex Biotechnology settled a $5 million registered direct offering of stock, according to a regulatory filing.

Under the terms of the deal completed May 15, the Toronto-based company sold approximately 15.15 million shares at $0.33 per share.

Generex's equity (Nasdaq: GNBT) fell 6 cents, or 13.32%, to $0.38. Market capitalization is $52.2 million.

Generex Biotechnology develops oral drug delivery systems and technologies.

Apex closes stock placement

In news from Down Under, West Perth-based Apex Minerals announced an A$26.2 million private placement and public rights offering.

Under the terms of the private placement completed May 18, the mineral exploration company sold approximately 69.5 million ordinary shares at A$0.20 per share. Total proceeds are A$14 million.

Also, Apex is planning an underwritten rights issue on a 2-for-15 basis at A$0.20 per share. The rights offering will also bring in A$14 million. The company expects net proceeds to be A$26.2 million.

Proceeds from both financings will be used to meet the company's financial obligations, according to a press release. The company added that the fundraising was necessary due to "the slower-than-expected ramp up of gold production in the March 2009 quarter at its Wiluna Gold Operations."

"The company will be well placed to take advantage of its improved operational performance and the significant exploration potential at the Wiluna Project," the release said.

"We are pleased with the response to the share placement which reflected investors' ongoing support for the company," stated Mark Ashley, managing director, in the release. "This capital raising puts us back where we expected to be had we not experienced the previously announced slower production ramp up. The proceeds will ensure Apex can implement its production growth strategy and capitalize on its significant exploration potential at Wiluna."

Apex's equity (Australia: AXM) closed at A$0.195.

First Century wraps equity sale

First Century Bancorp also wrapped a stock sale, the company said in an 8-K filed Monday.

The Downey, Ga.-based company sold approximately 3.27 million common shares at $1.50 per share, totaling $4.9 million.

Proceeds will be used for working capital purposes.

Calls seeking comment went unreturned Monday.

First Century is a private real estate and mortgage company.

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