Category Archives: BVI Company Private Placement

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

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.

PTQ approves share transaction with its BVI subsidiary

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.

BVI-registered CTDC signs agreement to raise $1,500,000 in a private placement of common shares

China Technology Development Group Corporation, the BVI-registered company providing solar energy products and solutions in China, announced recently that it has executed a Securities Purchase Agreement with several U.S. institutional accredited investors. Under the terms of this Agreement, the BVI company will raise $1,500,000 through private placement of common equity and warrants, by issuing 498,338 shares of its common stock at the price of $3.01 per share with 50% warrant coverage at exercise price of $6.00 per share through a private placement.

The warrants will have a five-year term following the closing of this transaction, and the proceeds are intended to be used by the China Technology Development Group Corporation (BVI) for preparing of the manufacturing band expansion of the SnO2 solar base plates, for working capital and for general corporate purposes.