West African Minerals Corporation announced that it has issued 52,797,738 new ordinary shares at a placing price of 7p per share, together with one warrant for each two shares, to raise approximately £3.7 million before expenses subject to admission. Each warrant is exercisable for one new ordinary share at a price of 10p per ordinary share for a period of two years.
The new shares will rank equally with the existing ordinary shares in issue and application will be made for them to be admitted to trading on AIM. The placing shares will represent 15.44 per cent of the enlarged share capital of the BVI corporation. The Warrants are unlisted and will not be admitted to trading on AIM.
Some major shareholders of West African Minerals Corporation had indicated that they were willing to support a fund raising should this be approved by the Board. Following the issue of the Placing Shares, the company’s issued share capital will consist of 341,893,917 ordinary shares, with voting rights.
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.
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.
BVI-domiciled China Cablecom Holdings Ltd., a consolidated cable network operator in China, on October 9 2009 announced the completion of its placement of US$33 million in aggregate principal amount of 12% Senior Secured Notes, which is due October 2015; then the company announced the immediate redemption of US$13.9 million of Senior Secured Notes, arranging for the cash repayment and reducing the aggregate principal amount of New Notes from US$33 million to US$19.1 million.
The BVI company will use net proceeds from the transaction to satisfy the remaining obligations to the Hubei SOE. The New Notes are not registered with the Securities and Exchange Commission and may not be offered or sold in the U.S.
On the same day, China Cablecom Holdings announced the closing of a comprehensive restructuring of its outstanding debt obligations, which strengthens the BVI company’s balance sheet by reducing the overall principal amount of its long-term debt obligations and eliminating cash interest obligations on the new debt securities issued in exchange for its outstanding notes. Under the restructuring, China Cablecom’s existing debt holders exchanged approximately US$47 million in current debt obligations for an aggregate total of $23.5 million in new secured and unsecured promissory notes, and 65,799,286 newly issued shares of Class A Preferred Stock, representing approximately 66.2% of the company’s ordinary shares outstanding after the closing of the restructuring and a concurrent offering of new senior secured notes.