Jubilee to sell discounted shares; North Country ups deal, adds units; Glass Earth wraps issue

By Stephanie N. Rotondo

Portland, Ore., June 10 - Mining companies - such as Jubilee Platinum PLC, North Country Gold Corp. and Glass Earth Ltd. - were making headlines in Thursday's PIPE market.

Jubilee said it had negotiated an £8 million private placement of ordinary shares. The shares are being sold at a nearly 9% discount to the 30-day volume-weighted average of the stock price.

Meanwhile, North Country Gold increased the size of a previously announced private placement of flow-through common shares, also adding in the sale of units. The company is now seeking up to C$3.01 million, versus its original goal of C$2 million.

And, Glass Earth announced it had closed the second and final tranche of its previously announced private placement of units. The company raised a total of C$2.73 million, though it had originally hoped to raise up to C$3 million.

Among other sectors bringing new deals, bio-based renewable plastics-maker Cereplast Inc. brought a $7.5 million registered direct offering of units to market. Cereplast will use the proceeds to fund its business growth.

Jubilee to sell discounted shares

Jubilee Platinum announced a conditional £8 million private placement of ordinary shares, according to a press release.

The London-based company will issue approximately 24.24 million of the shares at 33p per share.

The price per share represents an 8.7% discount to the 30-day volume weighted average price of the stock. The equity (London: JLP) closed at 31.6p on Thursday.

Proceeds from the transaction will be combined with existing cash resources to finance the development and commercialization of the ConRoast smelting capacity and process, as well as for the purchase of a majority interest in an onsite gas-powered generator and for the completion of the Tjate feasibility study and working capital.

Jubilee Platinum is a mining and exploration company focused on platinum group metals and nickel/copper.

North Country amends deal

North Country Gold increased the amount it is seeking to raise in a previously announced private placement of stock to C$3.01 million from C$2 million.

Additionally, the company amended the terms of the deal to include the sale of units.

The deal originally priced June 7.

North Country now intends to sell 6.25 million flow-through common shares at C$0.32 per share, as well as 3.35 million units at C$0.30 each.

The units will consist of one common share and one half-share warrant. Whole warrants are exercisable at C$0.40 for two years.

The warrant's exercise price represents a 37% premium over the stock's closing price of C$0.29 on June 9.

The company will use up to C$2 million of the proceeds for exploration work at its Committee Bay project in Nunavut. Settlement is expected by June 29.

Calls seeking comment were not returned Thursday.

North Country's shares (TSX Venture: NCG) dropped 5 cents, or 16.67%, to C$0.25. Market capitalization is C$15.01 million.

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

Glass Earth raises C$2.73 million

Glass Earth, a Toronto-based gold exploration company, took in a total of C$2.73 million from a private placement of units.

The deal originally priced at C$3 million on April 30. The company raised C$1.73 million in the first tranche, which closed May 14.

Glass Earth issued approximately 13.65 million units at C$0.20 each. The units held one common share and one warrant, which is exercisable at C$0.35 for two years.

The strike price of the warrants is a 40% premium over the company's closing stock price of C$0.25 on April 29.

"The private placement funds we have raised will be predominantly spent on the ground, drilling four identified and ready to drill targets [in New Zealand]," remarked Simon Henderson, president and CEO, in a press release.

"We are planning a 27-drill hole program at Muirs Reef to confirm and hope to expand its historical non NI 43-101 resource of 390,000 oz. at 1.5 g/t Au. Elsewhere in the South Island, we will drill three other targets that we believe have 'game-changing' potential for our company."

Glass Earth's stock (TSX Venture: GEL) gained half a cent, or 2.70%, to C$0.19. Market capitalization is C$28.7 million.

Cereplast brings direct placement

Cereplast has arranged a $7.5 million registered direct offering of units, the company announced.

The Hawthorne, Calif.-based company will sell approximately 2.14 million units in the financing, with each unit holding one common share and one half-share warrant.

Whole warrants are exercisable at $4.44 for five years. The strike price is equal to the company's share closing price as of June 9.

"We are very excited about our growth prospects in 2010 and beyond and continue to see strong global sales and widespread interest in our bioplastics resins," commented Frederic Scheer, chairman and chief executive officer, in a press release.

"This round of financing will assist us in continuing to further the growth of our business by expanding our product lines based on commitments and sales we see from both existing and new customers for our biodegradable, environmentally-friendly resins."

Settlement is expected by June 15.

Cereplast's stock (Nasdaq: CERP) fell $1.01, or 22.80%, to $3.43. Market capitalization is $36.6 million.

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