Archive for the ‘BVI Company Private Placement’ Category

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LJ International enters into agreement to raise US$41 mln

Friday, April 15th, 2011

NASDAQ-listed company LJ International Inc., incorporated under the law of the British Virgin Islands and conducting its business mainly in China, entered into a definitive agreement for a private placement of shares of its indirect wholly-owned subsidiary Enzo Jewelry, Inc., with a consortium of investors led by the private equity firms FountainVest Partners and Spring Capital Asia.

FountainVest Partners is one of the largest private equity funds dedicated to investing in China and focused on companies that are leading in the industry. Spring Capital Asia is an independent private equity firm that invests exclusively in China, and is one of the leading growth investors in Chinese companies operating in the lower mid-market.

The investors have agreed to make an initial investment of US$41.38 million, including an investment of US$31.40 million in newly issued ENZO shares and an acquisition of existing shares of ENZO from LJI in the amount of US$9.98 million.

As a result of the transaction, the investors will hold approximately 28.27% of ENZO’s total issued share capital in the form of a newly created class of redeemable convertible preferred shares. LJ International intends to apply the net proceeds from the investment towards capital expenditures for new store openings, marketing expenses and general working capital. The closing of the investment transaction is expected to be completed during the current quarter of the year.

Posted in BVI Company Private Placement, BVI company contracts, BVI company investments | No Comments »

Asia Now Resources Corp. closed Private Placement transaction with BVI company

Monday, November 29th, 2010

Asia Now Resources Corp., a mineral exploration company focused on developing ore deposits in China, announced the closing of a non-brokered private placement whereby the Chinese company issued 42,400,000 new common shares to China Gold Pte. Ltd., an indirect wholly-owned subsidiary of Hong Kong-listed Lippo China Resources Limited, and 2,842,000 new common shares to Prime Orient Investments Limited, the company incorporated in the British Virgin Islands and engaged in investment holding. 

By terms of the transaction, the price will be US$0.30 per common share for gross proceeds of approximately US$13,572,600. The net proceeds from the private placement will be used primarily for exploration activities in Yunnan Province, PRC.

As a result of the private placement, China Gold becomes the holder of approximately 49.9% of all issued and outstanding common shares of Asia Now on an undiluted basis and approximately 47.7% on a fully diluted basis. Immediately after closing of the transaction, BVI-registered Prime Orient holds approximately 2.6% of all issued and outstanding common shares of Asia Now on an undiluted basis, and approximately 2.4% on a fully diluted basis.

The shares issued to China Gold as well as the shares issued to Prime Orient are subject to a “hold period” expiring on March 13, 2011, established in accordance with applicable securities legislation and the TSX Venture Exchange Corporate Finance Manual.

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BVI-registered Homeland Energy Group completes private placement with GMR Energy Limited

Monday, December 7th, 2009

Homeland Energy Group Ltd., a coal producing company with operations in South Africa, registered in the British Virgin Islands and publicly traded on TSX entered into an agreement with Nedbank Capital, a division of Nedbank Limited, to amend the terms of the existing credit facility.
 
Under the terms of the agreement, Homeland is to invest R70 million by January 2010. The first step to meet this obligation for the BVI company was to complete private placement with GMR Energy Limited, which is its largest shareholder, by issuing up to 27,465,100 common shares, or 10% of the Company’s current outstanding capital. In anticipation of this private placement, Homeland has received an advance from GMR of approximately CAD$2.7 million. Also, as required under the amendment of the credit facility with Nedbank, GMR has agreed to loan to the BVI company approximately CAD$4.2 million by November 30, 2009.

Homeland Energy Group is currently exploring its alternatives to raise the balance of the funds required to satisfy Nedbank, including rights offering. If such rights offering is undertaken, GMR will be entitled to have the loan repaid to the extent of their participation in the rights offering.

The required sum of R70 million will be reinvested in the business through working capital, ongoing commissioning requirements and necessary capital expenditures. This is necessary to establish the required infrastructure to access the life of mine reserves.

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PTQ approves share transaction with its BVI subsidiary

Friday, June 5th, 2009

The Canadian gold producer Petaquilla Minerals Ltd. informed about its intention to distribute to its shareholders one share of its BVI-registered wholly-owned subsidiary Petaquilla Infraestructura Ltd. for each four shares of PTQ, held on the record date for the distribution. The distribution of the shares of the BVI company will be effected by the plan of arrangement or some other tax-efficient mechanism. The completion of the transaction is expected in the third quarter of 2009.

Petaquilla Infraestructura Ltd. was incorporated in the British Virgin Islands for overseeing the construction, operation and management of infrastructure facilities needed for the development of the Petaquilla Mining District in Panama. The company is engaged in activities in the field of construction, power, and mining services.

BVI-based PQI has announced a private placement subscription of two million shares at CAD $1.00. After the closing of the private placement, PQI will have 52 million shares issued and outstanding and CAD $2 million in cash.

After closing the private placement and the completion of the arrangement, PTQ will retain between 12% and 23% of the issued shares of PQI; the PTQ shareholders will hold between 47% and 58% of the issued shares of the BVI company. PTQ also announced the sale of 28% of PQI.

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