China Yida eyes $28.95 million; Midlands Minerals to issue units; World Heart plans stock sale

By Stephanie N. Rotondo

Portland, Ore., Jan. 22 - Mining and medical companies dominated the PIPEs market Friday.

Among the few that did not fit into that category, China Yida Holding Co. announced a nearly $29 million registered direct offering of stock.

Meanwhile, Midlands Minerals Corp. said it was seeking up to C$10.5 million from a private placement of units. The company was enthusiastic about the deal, as the price-per-unit was double that of a financing done in December.

World Heart Corp. will take in more than $7 million from a private placement of stock and warrants. A company spokesperson said that three of the company's major shareholders participated in the deal, as well as other smaller shareholders.

Also in the medical arena, Access Pharmaceuticals Inc. said it would raise $6.3 million from a registered direct offering of equity.

In completed financings, Arian Silver Corp. said it took in C$3.5 million from an oversubscribed private placement of units.

China Yida aims for $28.95 million

China Yida Holding orchestrated a $28.95 million registered direct offering of common shares.

The company said that it will sell 2.51 million of the shares at $11.50 per share.

Proceeds will be used for working capital and general corporate purposes. Settlement is expected by Jan. 27.

China Yida's shares (Nasdaq: CNYD) fell $3.89, or 28.88%, to $9.58. Market capitalization is $206 million.

China Yida Holding is a Hong Kong-based holding company.

Midlands to issue units

Midlands Minerals intends to raise up to C$10.5 million via a private placement of common share units, the company announced.

Midlands will sell 30 million units at C$0.35 each in the non-brokered placement. Each unit will consist of one common share and one half-share warrant. Whole warrants are exercisable at C$0.50 for two years.

Proceeds will be used for exploration and development programs, according to Kim Harris, president and chief executive officer.

Harris told Prospect News that the company was happy with the terms of the transaction, adding that "to some extent, the market dictates a lot of things." That being said, she also noted that the price-per-unit was more than double the price of a financing done back in December.

"From what we have seen, it's going well," she said of the financing's progress.

Midlands' stock (TSX Venture: MEX) dipped a nickel, or 9.62%, to C$0.47. Market capitalization is C$24.2 million.

Midlands Minerals is a Toronto-based gold and diamond exploration company.

World Heart plans stock sale

World Heart, a Salt Lake City, Utah-based developer of mechanical circulatory support systems, said that it would take in $7.31 million from a private placement of stock and warrants.

The company will sell approximately 1.41 million common shares at $5.15 per share.

At closing, investors will also receive warrants for another 2.83 million shares. Half of the warrants are exercisable at $4.90 for 15 months and the remainder exercisable at the same price for five years.

"At the end of the day, we're pleased with the terms," said Morgan Brown, chief financial officer. He said that the deal was negotiated "at market price," and because of the warrant coverage, was actually done at a premium.

"We believe it will help propel the company forward," he said.

The rationale behind the financing was simply a matter of "solidifying our balance sheet," as the company attempts to grow its business.

Brown also said that proceeds will be used for general corporate purposes, as well as for the advancement of clinical trials.

Settlement is expected by Jan. 25.

World Heart's stock (Nasdaq: WHRT) gained 65 cents, or 13.40%, to $5.50. Market capitalization is $73.9 million.

Access brings registered deal

Among other medical-related issuers, Access Pharmaceuticals brought a $6.3 million registered direct offering of equity to market.

The company will issue 2.1 million common shares at $3.00 per share. Investors will also receive warrants for another 1.05 million shares. The warrants are exercisable at $3.00 for five years.

"With our strategy of partnering and managing our cash burn, this additional capital from current and new investors will provide runway for meaningful progress with our MuGard, Prolindac, Thiarabine and Cobalmin programs," stated Jeffrey B. Davis, president and CEO, in a press release.

Access' shares (OTCBB: ACCP) dropped 11 cents, or 3.73%, to $2.84. Market capitalization is $37.1 million.

Access Pharmaceuticals is a Dallas-based biopharmaceutical company focused on the treatment of cancer patients.

Arian placement completed

Arian Silver pocketed C$3.5 million from a private placement of units, according to a press release.

The deal originally priced at C$3 million on Dec. 10.

The company issued approximately 69.99 million units at C$0.05 each. The units contained one common share and one half-share warrant. Whole warrants are exercisable at C$0.10 for one year.

"We are pleased and relieved to have the financing in place to move forward on our San Jose property," said Jim Williams, president and CEO, in the release.

"We have worked hard through the economic meltdown and through what seems to be at least a partial recovery to ensure adequate finance for production. Permits and contracts are in place and I am confident in saying that Arian Silver will be one of the new producer's in the Zacatecas region."

Arian's equity (TSX Venture: AGQ) slipped 2 cents, or 17.39%, to C$0.095.

Arian Silver is a silver exploration company based in London.

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