Hutchison Port Holdings, a private holding company registered in the British Virgin Islands and headquartered in Hong Kong, has started port expansion project in Pakistan. The Group Managing Director had a meeting with the Prime Minister of Pakistan Imran Khan and with Ambassador at Large for Foreign Investment Mr. Ali Jehangir Siddiqui, where he presented Hutchison Ports’ global network consisting of 52 ports and including the operations in Karachi for over 20 years. During the meeting, the director of the BVI holding was accompanied by Mr. Andy Tsoi, Managing Director Middle East & Africa and other senior executives of Hutchison Ports.
Hutchison Port Holdings confirmed the commencement of the construction of the second phase of Pakistan Deep Water Container Port project with US$240 million of new investment, to achieve a handling capacity of 3.2 million TEU upon completion. Total investment of Hutchison Ports in Pakistan will annually bring over US$96 million to the government in the form of taxes and concession fees.
Also, the representative of the BVI company highlighted the technologies and industrial practices brought to the country by Hutchison Ports, the most recent of which was Regional Operations Centre. The port industry of Pakistan for the first time received such technologies as the remote-controlled ship-to-shore cranes and semi-automated yard cranes.
21Vianet Group, Inc., a leading carrier- and cloud-neutral Internet data center services provider in China, entered into an agreement with Personal Group Limited, the company registered in the British Virgin Islands and wholly owned by Mr. Sheng Chen, the Executive Chairman of the Board of Directors of 21Vianet Group. Under the terms of the agreement, the Chinese company will issue up to 60,000 newly created Class C ordinary shares to Personal Group Limited, at a price of US$1.35 per share and subject to certain existing shareholders’ participation right. The issuance has been approved by the company’s audit committee and board of directors.
Under the investor right agreement, two of the existing shareholders of 21Vianet Group, King Venture Holdings Limited and Xiaomi Ventures Limited, have the participation right to subscribe up to 5,049 and 1,468 Class C ordinary shares, respectively, on the same terms as the Purchaser; if their participation right will be exercised, the number of shares issued to the BVI company will be reduced accordingly.
It was reported by the Board of the BVI-registered company Premier African Minerals Limited that together with Regent Mercantile Holdings Limited they agreed to extend the repayment terms of the convertible loan note for US$350,000, which was entered into in June 2019.
Under the terms of the Loan Agreement and related Subscription Agreement, signed with Regent, the BVI company had to make two equal payments on 1 August 2019 and 1 September 2019. In case Premier failed to make direct repayment of the Loan Agreement, Regent could convert any percentage of payment into new shares of the BVI company, at a conversion price equal to 90 per cent of the daily volume weighted average price.
According to the extension agreement, the Premier will have to repay the principal amount including any interest under the Loan Agreement until 31 January 2020. In consideration of the repayment extension for the period, Regent will have the right to elect a Conversion of the Principal Amount. Upon the expiry of the period the BVI company will have 5 days to settle any outstanding amounts under the Loan Agreement, including all outstanding interest thereon.
Talon Metals Corp. announced that it has raised total amount of C$9.825 million, and is about to close additional tranche of C$350,000 which will result in the BVI company raising a total of C$10.175 million. The raised funds will be mainly used to make the initial payment in respect of the Tamarack Project, under the existing joint venture agreement.
Also, Talon Metals entered into a series of conversion transactions with Resource Capital Fund VI L.P., which has eliminated approximately C$32 million in debt. The company has completed private placement offering of 39,375,000 common shares at a price of C$0.08 per share for gross proceeds of C$3.15 million. The second tranche is expected to have gross proceeds of C$350,000.
In addition, wholly owned subsidiary of the BVI company, Talon Nickel (USA) LLC, has agreed to grant a net smelter returns royalty to 10782343 Canada Limited, a subsidiary of Triple Flag Mining Finance Bermuda Ltd., in consideration of the payment of US$5.0 million. The company and its subsidiaries have agreed to guarantee the payment and performance obligations under the royalty agreement. The proceeds will be used by Talon Metals to make the initial US$6 million payment due under the JV Agreement.
As a result of the Convertible Loan Conversion and the Promissory Note Conversion, the C$3.15 million private placement and the issuance of shares to its joint venture partner, Resource Capital Fund will hold approximately 55.6% of the issued and outstanding shares of Talon.