Empyrean to delay $10 million equity facility; West Timmins to sell units; Alseres investor raises stake

By Kenneth Lim

Boston, Jan. 13 - Empyrean Holdings, Inc. could be forced to delay a planned $10 million line of credit because of delays in auditors' reviews of its finances.

West Timmins Mining Inc. plans to raise C$2 million through a stock and warrant placement to fund exploration projects.

Alseres Pharmaceuticals, Inc. received further support from a major shareholder, who bought $1 million of shares in a private placement.

Empyrean delays credit line

Empyrean Holdings said it will not be able to settle a planned three-year $10 million equity line of credit from Dutchess Private Equities Fund, Ltd. until auditors complete a review of the company's second- and third-quarter financial statements and amended reports are filed.

Dutchess and Empyrean finalized the deal on Dec. 12.

The company said that Dutchess has been informed of this delay and has agreed to modify the agreement and proceed with its implementation once the amended quarterly reports have been filed.

Empyrean is a Houston-based diversified holding company that aims to spin off its subsidiaries into publicly traded entities.

West Timmins to offer units

West Timmins Mining plans to sell C$2 million of stock and warrant units through a private placement.

The company will offer 4 million units of one common share and one half-share warrant at C$0.50 per unit. Each whole warrant will be exercisable at C$0.65 for 18 months. West Timmins common stock (TSX: WTM) dropped 9.62% or C$0.05 to close at C$0.47 on Tuesday.

The company has a market capitalization of C$53.3 million.

There is an over-allotment option for a further C$1 million, or 2 million units.

Proceeds will be used for exploration of mineral properties and general working capital purposes.

West Timmins is a gold exploration and mining company based in Vancouver, B.C.

Alseres gets shareholder support

Alseres Pharmaceuticals placed $1 million of its common stock to major shareholder Robert Gipson.

The company sold 1 million shares at $1 apiece. Alseres common stock (Nasdaq: ALSE) gained 2.11% or $0.02 to close at $0.97 on Tuesday. Alseres has a $20.2 million market capitalization.

Gipson also received an additional 456,522 shares for no additional consideration as part of an earlier agreement that allows him to receive stock if Alseres sells stock below $1.84 per share. In additional, Gipson agreed to cancel a warrant previously issued to him for 543,478 shares, exercisable at $1.84.

Proceeds will be used to fund research and development programs and otherwise for general corporate purposes.

Based in Hopkinton, Mass., Alseres is engaged in the development of therapeutic and diagnostic products primarily for disorders in the central nervous system.

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