Environmental Solutions raises $6 million; Axmin, InNexus tap insiders; GuestLogix sells stake to fund

By Kenneth Lim

Boston, Nov. 7 - Environmental Solutions Worldwide Inc. raised $6 million through a sale of convertibles to six investors as it sought to pay off debt and to launch its products.

Axmin Inc. plans to sell C$4 million of stock and warrant units through a private placement to insiders to fund ongoing programs.

InNexus Biotechnology Inc. is also planning a C$1.25 million offering of convertibles that is expected to see significant insider participation.

GuestLogix Inc. said it is raising C$1 million through a private equity sale to a fund manager as part of a strategic deal.

Environmental Solutions sells convertibles

Environmental Solutions said it placed $6 million of three year 9% convertible debentures with six accredited investors.

The debentures are initially convertible into Environmental Solutions common stock at $0.25. Environmental Solutions common stock (OTCBB: ESWW) ended the week unchanged at $0.20.

Proceeds will be used to repay $3 million of a promissory note that was issued to Ledelle Holdings Ltd. and to push to market Environmental Solutions' emission control device.

Based in Telford, Pa., Environmental Solutions develops pollution-control products for the automotive and industrial markets.

"In these tight credit markets, it speaks well of the confidence that investors have in our company's technologies, the strength of our business plan, and our management team's capability to bring future value to shareholders," said Environmental Solutions president and chief executive David J. Johnson in a statement. "Environmental air quality concerns remain a top priority with all countries worldwide and we are excited to take one step closer to reaching the future milestones we have in front of us."

Axmin to raise C$4 million

Axmin said it is offering C$4 million of stock and warrant units through a non-brokered private placement.

The offering comprises about 26.67 million units at C$0.15 apiece. Each unit consists of one common share and one warrant. The warrants are exercisable at C$0.20 for two years.

Axmin common stock (TSX: AXM) closed at C$0.095 on Friday, up by 5.56% or C$0.005.

Proceeds will be used for ongoing programs and for general corporate purposes.

Based in Toronto, Axmin is a mineral exploration company.

Investors in the placement are expected to be insiders of the company, including major shareholder AOG Holdings BV. AOG is a wholly owned subsidiary of petroleum and mining company Addax & Oryx Group Ltd.

"We are pleased to receive the continued support of our major shareholder AOG Holdings in these difficult times," Axmin president and chief executive Mario Caron said in a statement. "The recent approval of the ESIA [environmental and social impact assessment] indicates that progress continues to be made with the government of the Central African Republic."

InNexus offers convertibles

InNexus Biotechnology said it plans to sell C$1.25 million of two-year convertible unsecured debentures at a coupon of 10%.

The debentures will have an initial conversion price of C$0.10 per share.

InNexus common stock (TSX: IXS) rose 40% or C$0.03 to close at C$0.105 on Friday.

Insiders are expected to subscribe for about 40% of the debentures.

Proceeds will be used for research and development and general corporate business.

Based in Vancouver, B.C., InNexus is a biotechnology company focused on the development of the next generation of monoclonal antibodies using its Dynamic Cross-linking technology.

The company announced Friday that it had developed a new antibody product using the technology as a prospective colorectal cancer treatment.

"I am very excited, as this latest development lends further support to the robustness and predictability of the DXL platform and the superiority of products from the platform over presently commercialized offerings," InNexus chairman and chief executive Jeff Morhet said in a press release.

InNexus partner Royalty Pharma's chief executive, Pablo Legorreta, also stated: "We are quite pleased with the rapid progress of our research partner InNexus. Jeff has had a vision for rapid product development based on DXL technology coupled with advanced in vivo studies and a significant regulatory strategy. We look forward to their continued rollout of products and performance."

GuestLogix gets strategic partner

Guestlogix plans to place C$1 million of stock with Horizons Advantaged Equity Fund.

The approximately 1.18 million common shares will be sold at C$0.85 each. Guestlogix common stock (TSX: GXI) closed unchanged at C$0.75 on Friday.

Horizons is a fund managed by Toronto-based T.I.P. Wealth Manager Inc.

GuestLogix is a Toronto-based provider of on-board retail solutions to the passenger travel industry.

"In today's challenging environment, the global travel industry is actively looking to expand its product offering and generate incremental and profitable revenues," T.I.P president Jim Huang said in a statement. "GuestLogix has the technology platform, the people and the momentum to become the dominant player in this field. We are excited to be a strategic partner for GuestLogix."

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