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BVI-registered company announced Normal Course Issuer Bid

Monday, October 17th, 2011

British Virgin Islands-registered international public company Orca Exploration Group Inc. announced its intention to initiate a Normal Course Issuer Bid for purchase of its Class “B” Subordinate Voting Shares through the facilities of the TSX Venture Exchange. Purchases made pursuant to the Bid will not exceed 1,701,345 of the Class “B” shares of Orca representing up to 5% of the total amount of 34,026,900 Class “B” shares. The Bid provisions will be in effect from October 10, 2011 to October 9, 2012.

Orca Exploration Group believes that the purchase of Class “B” shares under the Bid will contribute to the facilitation of an orderly market and be in the best interests of the BVI corporation and its shareholders. The Class “B” shares will be purchased by Orca on the open market exclusively through the facilities of the TSX Venture Exchange pursuant to its rules governing normal course issuer bids.

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Adex Mining signed subscription agreement with BVI-registered Great Harvest

Friday, September 3rd, 2010

Adex Mining Inc. announced that it has signed a subscription agreement with Great Harvest Canadian Investment Company Limited, an investment holding company registered in the British Virgin Islands and based in Hong Kong. The agreement is for funding the development of Adex’s wholly-owned  Mount Pleasant Mine Property located in Canada.

The Agreement between the companies provides for a private placement to Great Harvest of 40,000,000 units at a price of US$0.12 per unit, each unit consisting of one common share of Adex and one common share purchase warrant.

According to the agreement, in addition to the private placement the BVI company is required to provide or arrange for the provision of Adex Mining loan facilities in an aggregate amount of up to US$50,000,000 to be used for the commercial development of the Property. If an aggregate minimum of US$10 million of the Facilities are made available to be drawn down by the Company within 180 days of the delivery to Great Harvest of the report of the results of the Feasibility Study, Great Harvest will have the right to purchase 1.2 Common Shares for each dollar of the facilities made available to be drawn down by the Company within one year of the completion of the Feasibility Study, on or before May 31, 2011. The maximum number of common shares issuable pursuant to the share purchase right is 60,000,000.

The transactions under this agreement are subject to TSXV approval and the approval of the shareholders of the company, at a Special Meeting of Shareholders scheduled for October 14, 2010. The Private Placement is expected to close by the end of October.

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Orca Exploration announces raising of capital through the rights issue

Saturday, June 19th, 2010

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.

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Canadian company closes non-brokered private placement through BVI-registered LLCs

Friday, October 23rd, 2009

Minco Gold Corporation, a Canadian mining company involved in the direct acquisition and development of high-grade, advanced stage gold properties in PRC, announced that it has closed private placement financing previously announced on September 24, 2009. The financing placed 5,000,000 common shares in the capital stock of the corporation, at a price of $0.88 per share for gross proceeds of $4,400,000 with IDG-Accel China Growth Fund II L.P. and IDG-Accel China Investors II L.P.

IDG-Accel Fund acquired indirectly the ownership of 4,622,000 common shares through Blue Sky Strategic Holdings I, Ltd., a limited liability company organized under the laws of the British Virgin Islands, and IDG-Accel China Investors II L.P. acquired indirectly the ownership of  378,000 common shares through Blue Sky Strategic Holdings II, Ltd., also registered in BVI.

5,000,000 common shares of the company represent approximately 10.40% of its outstanding common shares. The net proceeds from the offering will be used for the continued exploration and development of Minco Gold’s properties in China and for general corporate purposes.

IDG-Accel Fund and IDG-Accel Investors are limited partnerships based in the Cayman Islands. General partner of IDG-Accel Fund is IDG-Accel China Growth Fund II Associates L.P., also registered in the Cayman Islands. The general partner of IDG-Accel Investors, as well as of IDG-Accel China Growth Fund II Associates L.P., is the Cayman Islands-based IDG-Accel China Growth Fund GP II Associates Ltd.

Both BVI companies, Blue Sky Strategic Holdings I, Ltd. and Blue Sky Strategic Holdings II, Ltd., are  wholly owned by IDG-Accel Fund and IDG-Accel Investors.

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