China Networks wraps convert sale; Traxion seeks C$6.5 million; Manhattan closes final tranche

By Stephanie N. Rotondo

Portland, Ore., April 14 - Mining and resource companies remained prominent in Wednesday's PIPE market, but sectors such as media and pharmaceutical were also represented.

China Networks International Holdings Inc. announced it had completed a private placement of convertible debentures, taking in $11 million. The company intends to use proceeds to continue its business expansion.

Meanwhile, Traxion Energy Inc. said it will sell stock and units in a private placement to raise C$6.5 million. The placement will be done in brokered and non-brokered tranches.

Manhattan Pharmaceuticals Inc. wrapped the second and final tranche of its private placement of units. The company raised a total of $5.58 million in the financing.

And, Wallbridge Mining Co. Ltd. announced plans to privately place equity and units. The company hopes to raise C$2 million, which would be used for exploration activities.

China Networks wraps sale

China Networks International Holdings, a Beijing-based media advertising company, said it had raised $11 million from a private placement of senior secured convertible debentures.

The debt has an initial conversion price of $1.14.

"We are pleased to report the completion of our financing," said Shuangqing Li, chairman and chief executive officer, in a press release.

"This infusion of additional capital significantly improves our current financial standing. By solidifying our position in Kunming, we look forward to the next phase of our development as we continue our operations in generating advertising revenue in tier 2 and 3 cities and pursuit of additional opportunities. We intend on actively pursuing potential acquisitions of additional TV stations in the coming years."

China Networks' shares (OTCBB: CNWHF) ended unchanged at $0.60.

Traxion seeks C$6.5 million

Traxion Energy intends to privately place units and stock in an effort to raise C$6.5 million, according to a press release.

The company will launch a brokered offering of flow-through common shares, selling approximately 15 million of the shares at C$0.20 each. The company will also issue approximately 8.33 million units at C$0.18 per unit.

Total proceeds from the brokered portion are C$4.5 million.

In a concurrent, non-brokered placement, Traxion will sell up to 11.11 million units or flow-though shares, or a combination thereof.

Each unit will contain one common share and one half-share warrant. Whole warrants are exercisable at C$0.25 for one year.

Proceeds will be used, in part, for drilling, coring and logging work at a number of wells located in west central Alberta. Remaining proceeds will be used to increase production at the company's Saskatchewan oil-bearing properties, as well as for general corporate purposes. Settlement is expected by May 4.

Calls seeking further comment were not returned Wednesday.

Traxion's stock (TSX Venture: TXE) gained 4 cents, or 12.82%, to C$0.22. Market capitalization is C$14.5 million.

Traxion Energy is a Calgary, Alta.-based junior oil and gas company.

Manhattan settles second, final tranche

Manhattan Pharmaceuticals wrapped its second and final tranche of a private placement of units, taking in $3.03 million.

The New York-based company raised $2.55 million on March 2.

The company sold a total of approximately 222.9 units. Each unit consisted of 357,143 common shares and 535,714 warrants. Each warrant is exercisable at $0.08 for five years.

"The net proceeds from this financing will be used to advance the company's products including AST-726, a nasally delivered treatment for vitamin B12 deficiency, and Hedrin, a non-pesticide treatment for pediculosis (head lice), and for general corporate purposes," the company said in a press release.

Calls seeking further comment were not returned Wednesday.

Manhattan's shares (OTCBB: MHAN) fell a penny, or 12.50%, to $0.07. Market capitalization is $7.99 million.

Wallbridge to issue stock, units

Wallbridge Mining is seeking C$2 million via private placements of units and equity, the company announced.

Wallbridge will issue approximately 3.13 million flow-though common shares at C$0.32 each, for proceeds of C$1 million.

The company will also sell 4 million units at C$0.25 for another C$1 million. The units will hold one common share and one half-share warrant. Whole warrants are exercisable at C$0.40 for 18 months.

According to Mara Strazdins, vice president of investor relations, "We've pretty well covered the amount" of the financing already, although the deal was not expected to close until April 20. "There is still room if somebody wanted to get in," she added.

Strazdins said that the funding came about as the spin-off of the British Columbia properties into a new company called Miocene Metals Ltd. Wallbridge wanted to raise funds for those properties but without diluting its own share structure.

Proceeds will be used for exploration and working capital.

Wallbridge's equity (Toronto: WM) was steady at C$0.28. Market capitalization is C$31.5 million.

Wallbridge Mining is a Toronto-based mineral resource company.

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