Chaarat Gold Holdings Limited, the BVI-registered company engaged in metals exploration in Kyrgyz Republic, announced that it has conditionally raised funds of approximately US$83.4 million via the proposed issue of 103,290,468 ordinary shares of US$0.01 each, through a placing and direct subscriptions at a price of 50 pence per ordinary share.
The BVI company has received commitments to subscribe for 100,142,670 new ordinary shares to raise approximately £50.1 million. Additionally, Chaarat has received commitments to subscribe for 3,147,798 new ordinary shares through direct subscriptions.
Chaarat Gold Holdings is currently in the process of compiling a Definitive Feasibility Study for the Tulkubash Project and a Pre-Feasibility study on the much larger Kiziltash project in the Kyrgyz Republic, and significant part of the net proceeds of the fundraising will be deployed towards developing the required infrastructure for both projects.
The subscription shares will represent approximately 2.1 per cent of the enlarged issued share capital of the company following First Admission, which will be 150,181,698 ordinary shares. The placing shares will represent approximately 40.0 per cent of the issued share capital of the BVI company following Second Admission, which will be 250,324,368 ordinary shares.
Orca Exploration Group, a public company registered in the British Virgin Islands and focused on natural gas exploration, production, development and marketing, made an announcement that its Board of Directors approved raising of approximately Cdn$19.2 mln before expenses. The transaction will be conducted by way of rights issue. Under the terms of the rights issue, the BVI company will issue maximum of approximately 4,915,687 Class B shares, which makes approximately 18% of Class B Shares currently issued and outstanding.
The subscription price is Cdn$3.90, representing a 11% discount to the closing price of the Class B shares on 14 June, 2010, which was Cdn$4.40.
The completion of the rights issue is not conditional upon Orca Exploration receiving any minimum amount of subscriptions. According to the Chairman and CEO of the BVI company, the capital raised by the rights issue, along with cash coming from expanding Tanzanian operations, will be used to add value through the exploration prospects in the Elsa field offshore Italy and the other offshore Tanzania. The received funds will also strengthen company’s ability to take advantage of additional exploration and development opportunities.
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 company Pansoft Company Limited, one of the leading enterprise resource planning software solutions and services providers for the oil and gas industry in China, has announced its three-year growth strategy, which was approved at its recent board meeting. It was stated by Mr Hugh Wang, Chairman of the board of the BVI company, that the company is experiencing continued growth despite the period of global financial crisis and recession in the world economy.
The recent previous board meeting of Pansoft Company was held on December 13, 2008. Then, a three-year budget and multi-year plan for business expansion of the BVI company were approved. Executing the growth strategy, Pansoft should quickly scale up in the coming years and emerge as the predominant software solutions and services provider in China’s management software market.
The BVI company is planning to expand through organic growth as well as mergers and acquisitions. Pansoft will focus on expanding its project scope and service offerings to the subsidiaries of its large clients. Additionally, leveraging its business model, the BVI company is planning to launch similar solutions and services outside of the energy industry. Also, in the current favorable price environment, Pansoft is actively seeking attractive acquisition targets, to enter another high growth industry through mergers and acquisitions.
As a part of new strategy, Pansoft went on public trading at NASDAQ on January 23. Company’s management has scheduled several conferences with investors and analysts in the U.S. from January 23 to January 30, 2009 to present its business strategies.