Chaarat Gold Holdings Limited announced that it has entered into a US$10 million loan agreement with a previous note holder in the company who is neither management nor a board member. The proceeds from the loan will be applied to BVI company’s aim of building a leading emerging markets gold company with initial focus on Central Asia and the FSU, and to support the acquisition announced in October this year.
The loan secures funding of US$10,000,000, and the guarantor is Chaarat’s subsidiary Zaav Holdings Limited. The loan is repayable after six months or nine months, at the company’s option. The total accrued interest will be fixed amount of 6.5% of the loan amount if the Loan is repaid within six months or 9.75% of the loan amount if the Loan is repaid within nine months.
Hollysys Automation Technologies, the leading provider of automation and control technologies and applications in China, incorporated in the British Virgin Islands and headquartered in China, announced its unaudited financial results for fiscal year 2019 first quarter ended September 30, 2018.
For this period, company’s total revenues were US$138.7 million, which is 20.1% higher as compared to the same period of the previous year. Non-GAAP net income attributable to Hollysys was US$28.1 million, an increase of 27.9% compared to the first quarter of fiscal 2018.
Non-GAAP gross margin was at 37.2% (36.6% for the same period of the prior year). Diluted earnings per share were US$0.46, an increase of 27.8% as compared to the first quarter of fiscal 2018.
The BVI company reported that for the current quarter net cash provided by operating activities was US$36.6 million.
British Virgin Islands-registered oil and gas exploration company EOG Resources announced financial results for the third quarter of 2018. During this period, the company generated significant free cash flow and exceeded its production targets. Third quarter net income reported by the BVI company was US$1.2 billion, or US$2.05 per share, as compared to third quarter 2017 net income of US$101 million, or US$0.17 per share. Net cash from operating activities in this period was US$2.2 billion.
EOG generated $2.3 billion of discretionary cash flow in the third quarter 2018. Free cash flow of the company during the period was US$503 million, after considering exploration and development expenditures and dividend payments.
Chaarat, the AIM–quoted exploration and development company incorporated in the British Virgin Islands, announced that it has reassessed its borrowing needs and is reducing its current convertible debt placement from US$100 million to US$50 million. The reduction significantly reduces dilution for existing shareholders. It has been prompted by positive developments surrounding company’s proposed acquisition of polymetallic asset and accelerated project funding arrangements.
Also, the BVI company has completed the first phase of its fundraising, receiving commitments for approximately US$17.6m from new and existing customers. The company is now targeting commitments for up to US$50 million, and plans to raise the remaining US$32.4 million as soon as possible. The second phase of the fundraise, as announced on 28 August 2018, is ongoing and is expected to close by the end of September/early October 2018. Following positive feedback from potential investors, Chaarat will amend the terms of the up to US$100 million Convertible Notes. Upon closing of phase two of the fundraise, Chaarat will apply for a listing of the 2021 Notes, anticipated to be on the Frankfurt Open Market.