Origin Agritech signed Financing Support Agreement with Tiger Capital and Longhan Investment

Origin Agritech Ltd., an agriculture technology and rural e-commerce company incorporated in the British Virgin Islands, entered into a Financing Support Agreement with Tiger Capital Fund SPC and Longhan Investment Management Co., Ltd., allowing Tiger Fund to join Longhan to invest in Origin. The investment is under the Share Subscription Agreement signed in October 2018 by Longhan and the BVI company.

Under the Financing Support Agreement and Share Subscription Agreement, Longhan and Tiger Fund will purchase 1,397,680 shares of Origin Agritech for an aggregate purchase price of US$7,743,147.20.

Joint investment of Tiger Capital Fund, which is an investment company incorporated in Cayman Islands, and Longhan, an investment management company and operating platform focused on government-supported projects in agriculture, will increase financial support for the previously announced strategic cooperation project between Origin and Longhan, in which they will work together to start commercialization of Integrated Saline-Alkaline Land Reclamation technology in 2019.

Juvenescence Ltd raised US$46mln in funding

Investment company FastForward Innovations Ltd announced that its investee, BVI-based biotech firm Juvenescence Ltd, has completed the first part of its funding round, having raised US46mln at US$24.70 per share. In total, the BVI company plans to raise between US$100mln to US$125mln.

FastForward Chief Executive Lorne Abony said: “We are delighted with the progress Juvenescence is making with the pipeline of drugs, therapies and technologies they are developing. Having spent time with the company’s management in the past few weeks in San Francisco I share their optimism in relation to near-term potential of the company… The successful initial public offer of Age-X Therapeutics in which Juvenescence has a 46% interest, is a great example of the expertise Juvenescence brings to drug development companies.”

The price of the Series B funding values Juvenescence at US$400mln, which is 58% premium to the price at which FastForward invested in the company’s Series A funding.

Aura Minerals announced completion of share consolidation

BVI-registered mining company Aura Minerals Inc. completed the previously announced consolidation of its common shares, on the basis of one new share for ten old shares. The consolidation is effective from December 31, 2018, and common shares will begin trading on the TSX Exchange on January 7, 2019.

As a result, the number of issued and outstanding shares will be reduced from 43,377,336 to 4,337,733, while shareholder’s percentage ownership and proportional voting power will remain the same, except for minor changes and adjustments made due to the treatment of fractional shares.

Registered shareholders of the BVI company will receive letter of transmittal from the Aura’s transfer agent, which will enable registered shareholders to exchange their old share certificates representing pre-consolidation shares for post-consolidation shares.

Euro Tech holding reported unaudited financial results for 1H 2018

Euro Tech Holdings Company Limited announced the unaudited financial results for the six months period ended June 30, 2018. The BVI company reported 9.29% increase of revenues from approximately US$8,707,000 for the six months ended June 30, 2017 to approximately US$9,516,000 in the same period of this year. During this period, revenues from trading activities increased by US$264,000, and from manufacturing activities they increased by US$545,000.

In 1H 2018, Euro Tech’s gross profits made approximately US$1,460,000, which is 23% decrease as compared to approximately US$1,895,000 for the first half of the previous year. The reason of the decrease was mainly the fall of the gross profit margin percentage of contract in the highly competitive market circumstances.

Selling and administrative expenses made approximately US$2,437,000 in the first six months of 2018, compared to approximately US$2,491,000 for 1H 2017. Net profit was approximately US$878,000 in the reported period, as compared to net loss of approximately US$92,000 in the same period of 2017.

The BVI company declared and paid dividend of US$0.70 per share. It is expected that the economic slowdown in China will adversely affect the performance of Euro Tech in the second half of 2018.