Category Archives: BVI company acquisitions

Orca Exploration Group planning to start Normal Course Issuer Bid

Orca Exploration Group Inc., the BVI-registered international public company engaged in natural gas exploration, development and supply in Tanzania, announced its intention to start a Normal Course Issuer Bid for the purchase of its Class B subordinate voting shares. The Bid is subject to the approval of the TSX Venture Exchange, and will come into effect from June 14, 2019 to June 14, 2020.

Purchases made pursuant to the Bid will not exceed 1,000,000 shares, which represent approximately 3 per cent of the total outstanding class B shares. Purchases pursuant to the Bid will be made by Mackie Research Capital Corporation, under the terms of the automatic purchase plan which allows Mackie to repurchase shares under the Bid during the Corporation’s self-imposed blackout periods.

The automatic share purchase plan will be implemented for a 12 month term from June 14, 2019, and is subject to earlier termination by Orca Exploration.

BVI-based Juvenescence Ltd entered into share purchase agreement with AgeX Therapeutics

BVI-registered Juvenescence Limited, a global leader in developing therapeutics focused on extending human age, signed a strategic agreement with AgeX Therapeutics, according to which 14.4mln shares of AgeX will be purchased by the BVI corporation from clinical-stage biotechnology company BioTime, Inc. 50% of the purchase price of US$43.2mln will be paid to BioTime in cash, and the second half of the sum will be a 2-year convertible/redeemable note with an annual interest rate of 7%.

Greg Bailey, the CEO of Juvenescence, has said in his comments: “BioTime and AgeX have been trail blazers in regenerative medicine. The assets they have created with their lead scientist and the CEO of AgeX Mike West are remarkable, both for the unique qualities of their programs, but also for the breadth of cell lines and IP… Furthermore, we feel it is a great fit with the Juvenescence team of drug developers and scientists. First and foremost, we look forward to developing and bringing products to the patients as novel treatments to potentially offset some of the maladies of getting old.”

Management of Juvenescence Limited, through their previous roles in pharmaceutical companies with marketed products, have taken multiple products to commercialization with annual peak sales being over US$70 billion. It has sourced and created a pipeline of therapeutic candidates, all of which have the potential to positively modify aging.

BVI company made US$28mln offer to buy stores of Vitamin World

Valuable Hero International, the British Virgin Islands-registered company which is an afiiliate of a Chinese dairy producer Feihe International Inc., made a US$28 million offer to acquire 156 remaining stores of Vitamin World, the Holbrook-based retail chain that filed for bankruptcy protection in September 2017.

Beside paying US$28 million cash, the BVI company according to the new bid will also assume liabilities of about US$1.2 million for employees’ accrued vacation and sick days, and pay half the costs related to property leases that exceed US$2.4 million.

This bid followed the previous US$26 million bid with Holbrook-based Latium Enterprises which fell through. The expected closing date for the current one with Valuable Hero is on or before December 31, 2017. Under the agreement, the BVI company would receive a “break-up fee” of US$500,000 and expenses of up to US$350,000 in case the transaction is not consummated.

Vitamin World was previously owned by Nature’s Bounty Co., which sold 90% of the chain in February 2016 to Manhattan private equity firm Centre Lane Partners LLC for about US$25 million.

BVI-registered Northwestern Enterprises acquires shares of Aura Minerals

Northwestern Enterprises Ltd., the company domiciled in the British Virgin Islands, has entered into binding agreements with three separate sellers with the purpose to acquire ownership of 83,532,030 common shares of Aura Minerals Inc. These shares, representing approximately 29.2 per cent of the issued and outstanding Aura Shares, will be purchased by the BVI company in private transactions for US$0.09 per share, on or before April 30, 2016, subject to customary closing conditions.

Also, 53,828,874 Aura Shares, representing approximately 18.8 per cent of the issued and outstanding Aura Shares, will be transferred from Sercor Ltd. to Northwestern Enterprises. Both companies are controlled by one person, so beneficial ownership of the shares will not change.

After the above deals will have effect, the BVI entity will hold 137,360,904 shares of Aura Minerals, representing approximately 48 per cent of the total shares.