Category Archives: BVI Company strategy

Aura Minerals announced completion of share consolidation

BVI-registered mining company Aura Minerals Inc. completed the previously announced consolidation of its common shares, on the basis of one new share for ten old shares. The consolidation is effective from December 31, 2018, and common shares will begin trading on the TSX Exchange on January 7, 2019.

As a result, the number of issued and outstanding shares will be reduced from 43,377,336 to 4,337,733, while shareholder’s percentage ownership and proportional voting power will remain the same, except for minor changes and adjustments made due to the treatment of fractional shares.

Registered shareholders of the BVI company will receive letter of transmittal from the Aura’s transfer agent, which will enable registered shareholders to exchange their old share certificates representing pre-consolidation shares for post-consolidation shares.

Eco Oil and Gas Limited Ltd reported financial results for nine months ended 31 December 2016

BVI-registered and Canada-based oil and gas exploration company Eco (Atlantic) Oil & Gas Ltd. announced its financial results for the three and nine month period ended December 31, 2016, as well as provided and update on its corporate achievement for the first half of 2017.

For the nine month period, Eco Oil & Gas reported continued reduction of general and administrative costs, compensation expenses and professional fees from a total of CDN $1,144,000 for the same period of the previous year to CDN $798,000. The BVI company has met all of its current work commitments under the various Petroleum Agreements’ and is being cost carried and sufficiently funded to continue its exploration projects for the current fiscal year.

In February 2017, Eco Oil & Gas Ltd. completed admission of its common shares to trading on the AIM market of the London Stock Exchange. CDN $8.4mln raised by the company will allow it to augment the activities achieved during the nine month period ended December 31, 2016. Company’s cash and cash equivalents make $6.9mln by the date of the report, following the admission and financing.

Also, the BVI company completed sale of its interest in Eco Atlantic Ghana Ltd. to PetroGulf Ltd., which has significantly reduced its liabilities and has allowed it to focus attention on the Guyana and Namibia operations.

Sable Mining changes its name and delists from AIM market

BVI-registered resource and mining company Sable Mining Africa Ltd has announced the results of the Extraordinary General Meeting held on October 7 2016. As a result of the company EGM, the BVI company cancelled trading of its Ordinary Shares on the AIM market, starting from 17 October 2016. Following the cancellation, the company will continue to investigate putting in place a Matched Bargain Facility to assist shareholders to trade in Ordinary Shares, and to maintain and update the website.

Also, at the EGM the resolution was passed to change the company name to Consolidated Growth Holdings Limited. From the date of trade cancellation, company’s existing website will be replaced in a new one at www.cgh-limited.com.

Andrew Groves, CEO of Sable Mining, said in his comments on the changes that the company believes the Cancellation to be in the best interests of its shareholders, and will continue to strive to maximise shareholder value following the cancellation.

Orca Exploration issued information about discussions with third parties

In July, BVI-based Orca Exploration Group Inc. issued press release as an answer to speculations regarding potential sale of the company, where announced that it is in discussions with the third parties which have made unsolicited approaches to the company relating to its sale, asset disposal, strategic investments and other transactions.

The company stated in the press release that it has not entered into any agreement and cannot assure that these discussions will lead to a binding agreement. Also, Orca will not make further announcements regarding these proposals until either an agreement has been reached or discussions are terminated.

The BVI group also announced that it has recently received a US$5.96 million payment from TANESCO against arrears. Currently, TANESCO owes Orca Exploration US$52.4 million of which US$46.0 million is overdue, and Orca continues to pursue the full repayment of arrears.