Genco wraps tranche; Mirabela sells stock; ICPC secures C$1.5 million; China Green issues converts

By Stephanie N. Rotondo

Portland, Ore., May 13 - It was a quieter day in the private placement market Wednesday and the deals coming to market were from a variety of sectors.

In the mining sector, Genco Resources Ltd. announced it had settled the first tranche of its C$4.99 million placement of units. The company raised C$3.75 million in the initial tranche.

Mirabela Nickel Ltd. meanwhile said it would take in A$10.75 million in a stock sale. The company plans to use proceeds to further development at its Santa Rita nickel sulphide mine.

Among other sectors, capital pool company Interactive Capital Partners Corp. said it would raise up to C$1.5 million via a placement of stock. The financing was arranged in connection with its acquisition of Homehelp.net Inc.

China Green Holdings Ltd. issued $10 million in convertible notes, wrapping the first tranche of a $20 million convertibles placement. Proceeds will be used to fund a solar power plant in China.

Genco wraps first tranche

Genco Resources completed the first tranche of a C$4.99 million private placement of units, raising C$3.75 million.

Under the terms of the deal priced April 21, Genco will issue 20.8 million units at C$0.24. Each unit holds a common share and one warrant, exercisable at C$0.35 for three years.

Approximately 15.6 million units were sold in the initial tranche.

Upon completion of the deal, Genco will have issued more than 25% of its current outstanding stock. The company's co-chairman, James R. Anderson, has agreed to purchase up to 40% of the placement, which could result in a change of control should Anderson's holdings equal more than 20% of Genco's outstanding equity.

"Genco has faced significant hurdles and securing this financing is a key step in our drive to overcome those challenges," stated Robert C. Gardner, co-chairman, in a statement.

"We remain optimistic about Genco's future and graciously thank our shareholders for their continued support. Part of the proceeds of this financing will allow us to complete and release our feasibility study, which will demonstrate the economic viability of expanding production at our La Guitarra Mine," Gardner said.

Genco's stock (Toronto: GGC) ended unchanged at C$0.25.

Genco Resources is a Vancouver, B.C.-based silver and gold mining company.

Mirabela plans stock deal

Mirabela Nickel will take in A$10.75 million via a private placement of ordinary shares.

The Perth, Australia-based mineral exploration company will sell 5 million shares at A$2.15 per share. The deal represents less than 2% of the company's outstanding capital.

Proceeds will be used to fund the company's Santa Rita nickel sulphide project.

"Construction of a 6.4 mtpa nickel sulphide concentrator commenced in November 2007," the company said in a statement. "Construction is now about 85% complete and the project remains on track to commence production mid-2009. The plant will have a capacity of 18,500 tpa of nickel in a sulphide concentrate from one open mine starting from mid-2009 increasing to 27,000 tpa by mid-2010. At this rate of production the project will have a mine life of at least 19 years."

Mirabela's stock (Australia: MBN) closed at A$2.22.

ICPC to raise C$1.5 million

Interactive Capital Partners arranged a private placement of stock up to C$1.5 million, the company announced.

The fundraising is in conjunction with the company's planned acquisition of Homehelp.net Inc. ICPC will sell between 6 million and 7.5 million common shares at C$0.20 per share, raising between C$1.2 million and C$1.5 million.

Interactive Capital Partners is an Ottawa, Ont.-based capital pool company.

China Green issues converts

China Green Holdings, a Hong Kong-based private investment holding company, raised $10 million in the first tranche of its convertible notes sale, according to a press release.

The company, a subsidiary of China Technology Development Group Corp., sold the notes due 2013 to CMTF Asset Management Ltd. The notes carry an interest rate equal to the Hong Kong prime rate and are convertible into common stock at $3.01 per share.

Funds from the financing will be used in part to pay for the Qaidam Basin solar power plant project.

"The China government has unveiled its support for solar power electricity generation through a variety of policy measures, such as the national subsidies to Building Integrated Photovoltaics announced by the Ministry of Finance on March 26, 2009," said Alan Li, CTDC's chief executive officer, in the release. "We believe these measures would stimulate the growth of solar market in China, and will substantially accelerate the development of our Qaidam solar plant project."

CTDC's shares (Nasdaq: CTDC) fell $0.1679, or 6.61%, to $2.3721.

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