Category Archives: BVI Company Private Placement

Talon Metals announced closing of non-brokered Private Placement

BVI-registered Talon Metals Corp. announced the completion of a non-brokered private placement of 20,235,000 common shares at a price of US$0.0868 per common share for aggregate gross proceeds of US$1.75mln. Finder’s fee of 6% cash and 6% warrants are payable in connection with certain orders under the private placement, each warrant is exercisable to acquire one common share for a period of 36 months following the closing date at an exercise price of US$0.116 per common share.

The net proceeds from the private placement will be used by Talon Metals for ongoing test work in advance of the exploration program. The private placement is subject to the final approval of the TSX.

Also, the BVI corporation continued to progress discussions with battery and vehicle manufacturers, to optimize the value chain for nickel, from the mine to the battery.

BVI holding announced Results of General Meeting

Chaarat Gold Holdings Limited announced resolutions passed at the General Meeting held on 26 April 2019, according to which the company decided to extend the previously announced Capital Raising.

The BVI-registered gold mining company confirmed that to date gross proceeds made approximately US$1.34mln, from the issue of 3,433,897 new ordinary shares of USD 0.01 each at 30p per New Ordinary Share in the Placing. Also, there is the commitment to subscribe for US$10mln of Convertible Bonds which the company has already secured, as announced on 1 April 2019. The company expects to receive the subscription proceeds for the Convertible Bonds by 31 May 2019.

Admission of the New Ordinary Shares, which was applied for on the London Stock Exchange, is expected to be effective on 2 May 2019. Chaarat Gold Holdings received indication of additional demand for the Capital Raising., so it was decided to extend the closing date of the Placing and the Convertible Bond issue from 26 April 2019 to 3 May 2019.

Following the announcement made on 1 April 2019, the Company decided to increase the size of the Placing due to the demand from one of the leading global institutional investors.

Chaarat Gold Holdings announced Capital Raising of US$11mln

BVI-incorporated mining company Chaarat Gold Holdings Limited proposed to raise Capital up to US$11mln, through a Convertible Bond issue of US$10mln and placing of ordinary shares of US$1mln, for the issue price of 30p. The new investor provided secured commitment to subscribe for US$10 mln , while the Board and senior management of the company are interested to participate in the Placing for approximately US$1mln.

The fund raising in the amount of US$11 mln completes the short-term funding plans of Chaarat Gold. To facilitate the introduction of long-term investing partners, the Board of the BVI company will consider additional subscriptions from current shareholders and new investors totaling up to US$5 mln. General Meeting for shareholders is expected to be held on or about 26 April 2019.

The capital raising will provide Chaarat with growth capital of approximately US$41 mln, at the same time it will assist in widening company’s shareholder base, which has already risen after company’s acquisition of the Kapan mine in Armenia, which transformed the BVI company from developer to producer. One of the key strategic objectives is to minimise dilution to shareholders.

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.