White Mountain closes $2.9 million unit placement; DNA Sciences to raise $2 million in bridge financing

By LLuvia Mares

New York, Sept. 7 - White Mountain Titanium Corp. concluded a $2.9 million private placement.

The company sold 5,770,000 units at $0.50 per unit, each consisting of one common share and one common share purchase warrant. The warrants are exercisable for three years at $0.60 per share.

The placement was taken up by accredited investors in China, the United States and Europe.

Proceeds from the transaction will be used by the company to advance its Cerro Blanco project towards final feasibility.

"It's a great project, it's a titanium project in Chile, which is stable politically, and it's a growing market for titanium," said a company insider about investing in White Mountain. "The use of titanium is skyrocketing in the aircraft industry. So the demand is rapidly growing and supply is stable or falling."

Vancouver, B.C.-based White Mountain holds mining concessions on the Cerro Blanco property consisting of nine fully constituted exploitation mining concessions and twenty-four exploitation mining concessions in the process of being constituted.

The insider said that although it is okay financially at this point, the company will continue to look for funds in the future.

DNA Sciences to raise $2 million

Applied DNA Sciences, Inc. intends to raise up to $2 million in bridge financing and up to $9 million in a follow-on financing through the issuance of convertible notes and warrants.

The bridge loan will be for no more than $2 million with a one-year maturity bearing interest at 10% per annum with 4 million four-year warrants exercisable at $0.50 per share.

The $2 million bridge loan will be convertible at the first anniversary of issuance into shares of the company's common stock at a price equal to 50% of the average closing price of the ten days prior to the conversion notice date.

The $9 million offering will consist of 10% senior secured convertible notes with 18 million four-year warrants exercisable at $.50 per share, distributed on a pro-rata basis. The notes will have a two-year term.

The notes are convertible into shares of common stock at a price equal to 50% of the average closing price of the 10 days prior to the conversion notice.

Arjent Ltd. acted as placement agent in the transaction.

Stony Brook, N.Y.-based DNA Sciences provides patented DNA-based technologies to prevent and identify counterfeits.

Advanced Photonix closes $3.69 million

Advanced Photonix, Inc. settled a $3,691,560 private placement of stock and warrants.

The company sold 2,432,000 shares of common stock, with institutional investors purchasing 2,300,000 shares at $1.50 per share and management purchasing 132,000 shares at $1.83 per share.

Investors also received 608,000 warrants to purchase common stock exercisable at $1.85 per share through September 2012.

"We feel this investment by knowledgeable investors and management is a solid endorsement of API's business, commitment and vision for the future," said Richard Kurtz, company spokesperson, in a news release. "These funds give us added flexibility and resources necessary to capitalize on the many growth opportunities before us."

Proceeds will be used for working capital.

Ann Arbor, Mich.-based Advanced is a supplier of optoelectronic semiconductor components and subsystems and terahertz instrumentation.

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