Category Archives: BVI Company placing agreement

Talon Metals Corp. announced financing arrangements

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.

BVI-based mining company published fundraise update

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.

BVI-registered Chaarat Gold Holdings Ltd announced more than £2 million share placement

British Virgin Islands-registered Chaarat Gold Holdings Limited announced the issue of 5,700,000 new ordinary shares of US$0.01, at a placing price of 46 pence per share, to ASVI Inc. ASVI is a company based in Malaysia, providing high end technical support to mining projects.

Following the issue of the Placing Shares there will be 147,033,900 ordinary shares of US$0.01 in issue. The Placing, which is being conducted under the existing power granted to the Directors to allot shares, is expected to be completed on 15 November 2010, on admission of the Placing Shares to trading on AIM.

The anticipated investment of approximately £2 million by China Nonferrous Metals International Mining Co Ltd has been canceled due to the regulatory delays in obtaining approval for the investment. ASVI indicated its interest in purchasing the shares from the canceled subscription, thus generating approximately 15% more cash for the company than through the CNMIM investment.

CEO of Chaarat Dekel Golan in his comments on the transaction said that ASVI’s substantial expertise will assist Chaarat, by providing high level consulting advice including on the exploration and project development of the Chaarat projects.

BVI holding Chaarat Gold places 18.6 mln new Ordinary Shares

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.