Archive for the ‘BVI company contracts’ Category

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Albidon Limited publishes update on the transaction with Jinchuan Group

Tuesday, November 10th, 2009

Albidon Limited, nickel exploration and development company registered in the British Virgin Islands, published shareholder update where confirmed the settlement of previously announced transaction with Jinchuan Group Limited. On November 2, 2009, the BVI company already confirmed shareholder approval for its restructuring and recapitalization by Jinchuan Group. In this release Albidon Limited confirmed that settlement of the Transaction took place on November 4, 2009, which included settlement under the Deed of Company Arrangement (DOCA), settlement under the share subscription agreement, and settlement under the secured convertible note deed.

The Deed of Company Arrangement was approved by the creditors of the BVI company on June 18, 2009. The terms of the document include Jinchuan providing funds to the company sufficient to meet creditor claims. The Deed of Company Arrangement was signed by all parties on 7 July 2009.

Jinchuan is a company producing nickel, copper, cobalt, rare and precious metals as well as chemicals. It works in industries of non-ferrous mining, concentrating, metallurgy and chemical engineering. It is the major producer of nickel and cobalt in China. Currently, Jinchuan is the largest shareholder of Albidon Limited, holding 18.4% of its shares, as well as US$55mln in secured debt.

Posted in BVI company contracts, Loans & Repayments | No Comments »

China Natural Resources sells 60% interest in Mark Faith Technology Development

Wednesday, October 7th, 2009

China Natural Resources, Inc., a company registered in BVI and making its operations in China, announced that on September 29, 2009 it completed the disposition of 60 per cent equity interest in Mark Faith Technology Development Limited to Joysight Limited. The purchase price of the company made USD 21mln, evidenced by an unsecured promissory note executed and delivered by Joysight Limited, which bears interest of 5 per cent per annum and is due on February 26, 2010.

Joysight Limited is an unrelated third party, which was the owner of the 40 per cent equity interest in Mark Faith that was not owned by China Natural Resources. Now the company became the owner of the full stock of Mark Faith.

Mark Faith engages in the smelting and refining of copper in Inner Mongolia region of the China Republic, through its wholly owned subsidiary Bayannaoer City Feishang Copper Company Limited. Earlier this year, China Natural Resources made an announcement that its indirect subsidiary Bayannaoer had entered into a series of agreements to receive US$36.59mln loan from the People’s Bank of China. Now the BVI company has sold its interest in Mark Faith to concentrate its resources on the core coal and nonferrous metal mining businesses.

Posted in BVI company contracts, Proceeds from Investment sales, Sales of shares | No Comments »

Chinese corporation announces private placement of its shares with BVI company

Tuesday, September 29th, 2009

SINA Corporation, a leading online media company and value-added information service provider in China, announced that it has entered into a definitive agreement with the British Virgin Islands-registered company New-Wave Investment Holding Company Limited, established and controlled Sina’s CEO and other company’s managers.

The companies have agreed upon a private equity placement of Sina’s ordinary shares with the BVI company. At the closing of the transaction, Sina will receive gross proceeds of USD 180 mln, and New-Wave will receive approximately 5.6 mln ordinary shares in Sina. Sina expects to use the financing proceeds of share placement for general corporate purposes and future acquisitions. By words of Yan Wang, Chairman of Sina, this private placement “will enhance Sina’s liquidity position and ability to execute on strategic undertakings.”
 
The closing of the financing is subject to customary conditions. The shares issued to the BVI company will be subject to a six month lock-up, and will have customary registration right pursuant to a Registration Rights Agreement entered into between Sina and New-Wave.

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BVI holding Chaarat Gold places 18.6 mln new Ordinary Shares

Tuesday, May 19th, 2009

Chaarat Gold Holdings Ltd, the BVI-registered holding, announced that it has placed 18,558,281 new Ordinary Shares at 12% per share, representing approximately 20.5% of the issued ordinary share capital immediately after the placing, to raise approximately £2.1million net of expenses for the company.

The shares are being placed with both existing and new investors, as well as company directors. After the completion of the placing, the BVI company will have cash resources of approximately  £2.3 million. The shares are issued credited as fully paid, and will rank on the same level as the existing ordinary shares.

The company will apply for the placing shares to be admitted to trading on the London Stock Exchange AIM market, and it is expected that admission will take place and that trading will commence in such shares on or about 11 May 2009.

Canaccord Adams has entered into a placing agreement with the BVI company, pursuant to which it agreed to use its reasonable endeavours to place the shares at the Placing Price.

Upon admission, the company will have 90,441,714 Ordinary shares of $0.01 each in issue. The shares are being placed with both existing and new investors, as well as company directors.

Posted in BVI Company placing agreement, BVI Company share placement, BVI company contracts | No Comments »

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