Garson sees stronger relationships in deal; Manhattan, Riptide close sales; U.S. Helicopter sells notes

By Kenneth Lim

Boston, Nov. 25 - Garson Gold Corp. settled a C$1.28 million non-brokered stock sale and reported participation from existing institutional investors.

Manhattan Pharmaceuticals, Inc. completed the initial tranche of a planned $2.5 million placement of debt and warrant units.

Riptide Worldwide, Inc. closed $1.57 million of a floating-rate convertible note placement with Matrix Holdings, LLC.

U.S. Helicopter Corp. placed $1 million of notes with a single investor to raise working capital.

Garson wraps stock sale

Garson Gold raised $1.28 million through a non-brokered private stock offering.

The deal involved about 25.66 million flow-through shares at C$0.05 per share. Garson, a C$3.56 million-market capitalization company, saw its common stock gain C$0.005 or 20% to close at C$0.03 on Tuesday.

Proceeds will be used to finance continued advanced exploration and drilling on the New Britannia Gold Mine property.

Based in Vancouver, B.C., Garson Gold is a gold mining company.

Major investors in the fundraising were MineralFields Group and Faircourt CSCRF 2008 No. 1 LP.

"We are encouraged by the strengthening of our relationship with the MineralFields Group and Faircourt 2008 LP," Garson president and director David Tafel said in a statement.

"Given the current economic climate, the re-investment by these key shareholders is both a supportive signal and instrumental to our goals of continuing to develop the New Britannia Mine project in Snow Lake, Manitoba. We look forward to working with these groups alongside our other long-term shareholders in our combined objective of building shareholder value."

Manhattan begins placement

Manhattan Pharmaceuticals began a $2.5 million private placement of note and warrant units.

The company raised $1.04 million in the first tranche through the sale of 207 units, and may sell up to another 293 units in subsequent tranches. There is also an over-allotment option for a further 200 units, or $1 million.

Each unit comprises a $5,000 12% senior secured promissory note due Nov. 19, 2010 and a warrant to buy 166,667 common shares at $0.09 per share until Dec. 31, 2013.

Manhattan common stock (OTCBB: MHAN) closed at $0.06 on Tuesday, up by a penny. The company had a market capitalization of about $4.24 million at the close.

New York-based Manhattan is a pharmaceutical company focused on treating common and morbid obesity.

The units in the initial tranche were placed with 38 separate investors, the largest being Neel B. and Martha N. Ackerman, who took $200,000 of units. The placement agent will also have the right to name a director to Manhattan's board.

Riptide sells convertibles

Riptide Worldwide wrapped up a $1.57 million placement of floating-rate convertible notes due Nov. 21, 2013 with Matrix Holdings.

The notes have an initial conversion price of $1 per share. Riptide common stock (OTCBB: RTWW) settled at $0.009 on Tuesday.

The principal is payable in increments, with a $300,000 payment due on each of the first four anniversaries and the remaining principal payment of $365,000 due on the maturity date.

Interest will accrue at a rate equal to the rate per annum reported in The Wall Street Journal or, if not reported, the Prime rate charged by one or more banks in the United States in connection with loans made to customers.

Riptide is an Oviedo, Fla.-based software developer.

U.S. Helicopter raises $1 million

U.S. Helicopter sold $1 million of 15% notes due Jan. 31, 2009 to 154 West Aviation Enterprises Inc..

An initial $500,000 tranche was settled on Nov. 19, while the remaining $500,000 is expected to settled Dec. 22.

If the company completes a $5 million financing prior to maturity, the notes will mature upon completion of the financing.

The company also will issue warrants for 2 million shares, which are exercisable at $0.20 for five years. In the first tranche, the investor received warrants for 1 million shares.

U.S. Helicopter (OTCBB: USHP), which has a market capitalization of $9.14 million, closed at $0.20 on Tuesday.

Proceeds will be used for working capital.

New York-based U.S. Helicopter provides helicopter shuttle service between the Downtown Manhattan Heliport and Kennedy Airport.

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