Category Archives: BVI Company Private Placement

Atlas Mara reported financial results for period ended 31 December 2014

Atlas Mara Limited, African financial services institution, incorporated in the British Virgin Islands, announced its unaudited financial results for the thirteen months period ended 31 December 2014. During this period, the company raised US$625 million in equity capital by way of the company’s IPO and private placement. By making four acquisitions, the BVI company established its presence in seven sub-Saharan African countries, and some of Africa’s leading economic trade blocs.

Also, during this year Atlas Mara Limited received more than US$125 million of development finance institution funding to facilitate asset growth at operating subsidiaries and reduce cost of funding.

The BVI company reported a US$63.1 million loss, based on unaudited results. The adjusted pro forma net profit made US$7.2 million, excluding non-recurring transaction and integration expenses and including acquisitions. As at the end of the year, book value per share was US$9.73, tangible book value per share was US$7.54.

BVI company arranged private placement

British Virgin Islands-registered oil and gas exploration company Eco Atlantic Oil and Gas Limited announced a non-brokered private placement of CDN$3,200,000 through the issue of 8,000,000 common shares of the BVI company, at a price of $0.40 per Common Share.

To participate in the private placement, the company has entered into agreements with some subscribers, including Azimuth Ltd., an exploration and production company jointly owned by Seacrest Capital Ltd. and Petroleum Geo-Services ASA, insiders and new investors.

CEO of Eco Atlantic, Gil Holzman, commented on the private placement: “The strengthening of our treasury allows us to further advance our work program offshore Namibia.”

The transaction is expected to close on November 16, 2012, subject to the receipt of all required regulatory approvals, including the approval by the TSX Venture Exchange.

LJ International enters into agreement to raise US$41 mln

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.

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

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.