BVI Company Financial News » Financing

Orca Exploration announces raising of capital through the rights issue

admin — Sat, 19 Jun 2010 09:41:15 +0000

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.

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

admin — Fri, 23 Oct 2009 08:09:32 +0000

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.

Subsidiary of the BVI company China Natural Resources announces entering into Bank Financing Agreement

admin — Tue, 05 May 2009 14:42:36 +0000

BVI-registered China Natural Resources, Inc. announced in the end of April that its China-based indirect 70%-owned subsidiary Guizhou Yongfu Mining Co., Ltd. had entered into a bank financing arrangement in order to fund construction and development of the Yongsheng Coal Mine – a coal mine located in Huajuexiang, Guizhou Province in the People’s Republic of China.

The subsidiary of the BVI company, Guizhou Yongfu, is the owner of the mining rights to the Yongsheng Coal Mine. The long-term loan in the amount of US$29.30 million is being provided by China Minsheng Banking Corp. Ltd., and is to be paid in annual installments of principal commencing in 2013 and terminating in 2017. Its interest is payable quarterly at an annual rate equal to 30% above the over-5-year official lending rate (currently 5.94% per annum).

The US$14.65 million balance of the loan is expected to be drawn down as needed in accordance with the construction plan for the coal mine, which is currently anticipated to be in December 2009. The Yongsheng Coal Mine is not operating yet. The estimated cost of mine construction and development is approximately US$52.74 million to US$58.61 million, and BVI company’s subsidiary plans to finance the balance of the estimated construction costs through a combination of internally generated funds and additional third-party loans.

Digicel Completes US$335 Million Offering

admin — Sat, 14 Mar 2009 00:39:12 +0000

On March 11, Digicel Limited announced that it closed a corporate bond offering of US$335 million, priced at a coupon of 12%. J.P. Morgan and Credit Suisse were joint book-runners on the deal.

The proceeds of this offering will be used to acquire a 35.8% stake in Digicel Holdings (Central America) Limited (DHCAL), which currently owns mobile phone operations in Panama and Honduras launched in November-December 2008. Digicel Limited will pay US$215 million for the stake in DHCAL, and from the rest proceeds will provide funding for general corporate purposes. The balance of the money raised in the transaction and not used for the acquisition will remain in Digicel Limited for general corporate purposes.

Since 2001, Digicel has become the largest wireless telecoms operator in the Caribbean; with more than 7 mln customers, it has become the leading brand in the region, and now it is entering the Central American market.