CFS Retail to offer A$200 million in stock; Forbes, Glamis, White Mountain plan stock placements

By Kenneth Lim

Boston, Oct. 8 - Australia's CFS Retail Property Trust is offering A$200 million of common stock through a private placement to help fund its development pipeline.

Meanwhile, Forbes Energy Services Ltd. announced a C$31.87 million private stock placement.

Glamis Resources Ltd. plans to raise C$3 million through a stock placement that was increased only hours after an initial announcement.

White Mountain Titanium Corp. closed a $2.13 million stock placement that the company will use to advance a titanium project and for general purposes.

CFS raises A$200 million

CFS Retail Property Trust is raising A$200 million through a private placement of its common units to institutional investors.

The terms of the placement have not been set. CFS common stock (ASX: CFX) closed at A$2.29 on Wednesday, down by A$0.11.

CFS will also offer retail investors in Australia and New Zealand additional common units through a public offering on the same terms.

CFS, a Sydney, Australia-based real estate investment trust that focuses on retail properties, said the proceeds will be used to help it deliver its A$1.6 billion development pipeline.

"This equity raising reinforces our commitment to maintaining modest gearing and further strengthening the trust's balance sheet," said Darren Steinberg, the head of listed property for CFS's management company, in a statement. "It demonstrates our prudent capital management approach and focus on delivering solid and stable returns for unitholders."

CFS Manager Michael Gorman also stated: "Our development pipeline is a key driver of returns for the trust and the funds sourced will contribute to reducing the need for capital from our existing debt facilities. Our increased financial capacity will further position the trust to pursue future opportunities that may arise in the current environment."

CFS also maintained its guidance to pay a dividend of 12.5 cents per unit for the year ending June 30, 2009.

Forbes to reduce debt

Forbes Energy said it is selling C$31.87 million worth of its common stock in a private deal.

The company is offering almost 8 million common shares at C$4 apiece.

Forbes common stock (TSX: FRB) closed at C$2.59 on Wednesday, lower by 5.82% or C$0.16.

Proceeds will be used to reduce debt and acquire equipment.

Based in Alice, Texas, Forbes Energy is an independent oilfield services contractor that provides a range of drilling-related and production-related services to oil and natural gas companies, primarily onshore in Texas.

Glamis plans C$3 million deal

Glamis Resources plans to sell C$3 million of its common stock through a private placement.

The deal amount was increased from the original C$2 million.

The company is selling about 2.73 million class A shares at C$1.10 per share on a bought-deal basis. The number of shares was initially about 1.82 million at the same price.

Glamis common stock (TSX: GLM.A) finished 2.22% or C$0.02 lower at C$0.88 on Wednesday.

There is an over-allotment option for an additional 1.82 million shares for C$2 million.

Glamis, a Calgary, Alta.-based oil and gas company, plans to use the proceeds for its ongoing drilling program.

White Mountain closes deal

White Mountain Titanium said it completed a $2.13 million stock placement.

The deal comprised 2.84 million common shares at $0.75 per share.

White Mountain common stock (OTCBB: WMTM) closed unchanged at $0.70 on Wednesday.

Proceeds will be used for general treasury purposes, as well as advancing the Pilot Plant program at the company's Cerro Blanco titanium project.

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.

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