Hana aims for $100 million; Maple Energy to issue stock; Foran Mining wants exploration funds

By Stephanie N. Rotondo

Portland, Ore., June 7 - Mining and pharmaceutical companies were the top issuers in Monday's PIPE market.

Hana Biosciences Inc. announced a private placement of preferred shares for proceeds up to $100 million. The company has already taken in $40 million from the two investors participating in the deal.

In the energy sector, Maple Energy plc brought a £18.95 million private placement of ordinary shares to market. The company will use the funds to advance its ethanol project.

Foran Mining Corp. meantime said it wanted C$3.77 million from a private placement of stock. The company will sell both common and flow-through shares in the financing and the proceeds will be used for exploration.

Also, Harbor BioSciences Inc. announced a registered direct offering of stock. The company will use the funds for the advancement of its drug candidates.

And, North Country Gold Corp. is aiming to raise C$2 million from a private placement of flow-through stock.

Hana aims for $100 million

Hana Biosciences, a South San Francisco, Calif.-based biopharmaceutical company, said it will raise up to $100 million via a private placement of 9% preferred shares.

Warburg Pincus and Deerfield Management are the investors. Hana has already pocketed $40 million.

The company will issue the preferreds at $100.00 per share. The shares are initially convertible into common stock at $0.1288.

Once Hana secures approval to increase the number of outstanding shares, the conversion price for the preferreds will be $0.184 for the first $60 million - including the $40 million that closed on Monday - and at $0.276 for the remaining $40 million.

"Hana intends to use the net proceeds from the financing to advance its clinical development and commercialization programs, including regulatory activities related to Marqibo's new drug application preparation and submission, and for general corporate purposes," the company said in a press release.

"We are pleased that Warburg Pincus and Deerfield have made such a significant investment in the company and view it as further validation of the potential of Hana's pipeline of product candidates," said Steven R. Deitcher, M.D., president and chief executive officer, in the release.

"We are very pleased to be able to provide the financing necessary to advance Hana's promising product pipeline," added Jonathan Leff, a managing director of Warburg Pincus. "We look forward to working closely with the company's board and management team to address important unmet needs in oncology."

Hana's stock (OTCBB: HNAB) dipped 6 cents, or 25.65%, to $0.17. Market capitalization is $14 million.

Maple Energy to sell stock

Dublin-based Maple Energy announced a £18.95 million private placement of ordinary shares.

The company will sell approximately 43.07 million shares at 44p per share.

Maple will use the proceeds to pay for a portion of its remaining equity contribution to its ethanol project.

"This transaction represents a significant milestone for the company as this placing, together with the previously announced private equity investment, will enable us to satisfy our equity contribution requirement for the Ethanol Project," said Rex W. Canon, president, CEO and executive director, in a press release.

"With these funding requirements behind us, we will eagerly and aggressively pursue completion of the ethanol project and look forward to it entering commercial operations in the middle of 2011."

Maple's equity (London: MPLE) 51.4p. Market capitalization is £53.3 million.

Foran wants exploration funds

Foran Mining is seeking C$3.77 million from a private placement of equity, the company said in a press release.

The company will sell approximately 47.12 million common shares - some of the flow-through variety - at C$0.08 each in the non-brokered transaction.

According to Allyson Stephens, chief financial officer, the proceeds will be used "to advance exploration," which "is going to benefit us by hopefully taking the company forward."

Foran has been dormant for some time, she explained, and the funding will not only allow the company to bring its properties into good standing, but will also help fund exploration work.

Foran's stock (TSX Venture: FOM) slipped a cent, or 9.52%, to C$0.10. Market capitalization is C$10.9 million.

Foran Mining is a Saskatoon, Saskatchewan-based mining company.

Harbor brings direct deal

Harbor BioSciences brought a $2.06 million registered direct offering of equity to market.

The company intends to sell 5.9 million common shares at $0.35 each. Investors will also receive warrants equal to 3.5 million additional shares.

Proceeds will be used for general corporate purposes. Settlement is expected by June 10.

Calls seeking further comment were not returned Monday.

Harbor's equity (Nasdaq: HRBR) declined 11 cents, or 25.17%, to $0.32. Market capitalization is $13 million

Harbor BioSciences is a San Diego-based pharmaceutical company.

North Gold seek C$2 million

North Country Gold arranged a C$2 million private placement of flow-through common stock, according to a press release.

The company will issue 6.25 million of the shares at C$0.32 each on a commercially reasonable efforts basis.

Proceeds will be used for exploration at the Committee Bay project in Nunavut.

North Country's shares (TSX Venture: NCG) fell 3 cents, or 10.34%, to C$0.26. Market capitalization is C$15.62 million.

North Country Gold is an Edmonton, Alta.-based mineral exploration company.

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