Archive for the ‘Loans & Repayments’ Category

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

Tuesday, May 5th, 2009

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.

Posted in BVI company contracts, Credit agreements, Financing, Loans & Repayments | No Comments »

China Cablecom Holdings receives default notice

Friday, May 1st, 2009

China Cablecom Holdings, Ltd., a BVI-registered consolidated cable network operator and acquirer in the Shandong province of China, announced that it has received a notice of default from one of the lenders to its subsidiary China Cablecom Limited. The notice was received as a result of the failure of BVI company’s subsidiary to make its scheduled April 9, 2009 principle and interest payment of approximately US$2.2 mln.

In his turn, the lender informed that the April 2009 principle and interest payment and all other obligations, along with related penalties, under the promissory note held by such lender were immediately due and payable.

All promissory notes issued in connection with the bridge financing that preceded China Cablecom’s merger with Jaguar Acquisition Corp, include similar principal and interest obligations making approximately US$11 mln – including the US$2.2 mln amount owed to the lender mentioned above. Currently, the BVI company is in the process of discussing and obtaining agreements from the other holders of such promissory notes while it negotiates with its joint venture partners in China regarding its financial obligations.

Posted in Default Notice, Loans & Repayments, Promissory Notes | No Comments »

Talon Metals (BVI) announces financial results for the period ended September 30, 2008

Wednesday, November 19th, 2008

British Virgin Islands-registered mineral exploration company Talon Metals Corp. reported financial results for the period ended September 30, 2008. For the third quarter 2008 the company reported net loss in the amount of $4,185,194 or $0.16 per share (basic and diluted), while by the results for the second quarter 2008 its net earnings were US$1,023,538, or US$0.04 per share. The third quarter net loss also compares to earnings of $8,171 or $0.00 per share for the same period of 2007, and earnings in the amount of $8,476,072 or $0.31 per share for the first nine months of 2007.

Capitalized exploration for the three and nine month periods ended September 30, 2008, was $343,399 and $1,279,240 respectively, relating mainly to the Agua Branca and Sao Jorge projects. These amounts compare to  $307,415 and $1,364,137 respectively for the same periods of 2007.

By the end of the period ended September 30, $3 million loan of Talon Metals to another BVI corporation, Saber Energy Corp., was advanced to $6 million. Talon’s due diligence review of Saber is in progress, and both companies are planning to negotiate a pre-merger agreement on or before March 24 of the next year.

Posted in BVI company interim financial results, Credit agreements, Loans & Repayments, Merger agreements | 1 Comment »

New status update of defaulted loan to BVI-based Newco Group Ltd.

Tuesday, February 19th, 2008

Some weeks ago, the Nevada-based oil and gas company JMG Exploration, Inc. announced termination of the share exchange with British Virgin Islands-registered Newco Group Ltd. The BVI company had failed to repay a $3 million loan and accrued interest that was due December 31, 2007, and the termination was effective from that date.

JMG Exploration has already updated the status of defaulted loan to the BVI company. Now, JMG announced that on February 8 it entered into an extension agreement allowing Newco to repay the loan and accrued interest until April 30, 2008. If the note is not paid by that time, Newco agreed to have the 1,427,684 shares of Iris which secure the loan immediately transferred to JMG as payment in full of the outstanding obligations.

In the current status update, JMG Exploration informed that both companies have also released each other from any liabilities resulting from the failure of the Share Exchange Agreement to be consummated. The US company also reported that the Fellows project was sold effective January 31, 2008, for approximately $385,000.

Posted in Loans & Repayments | No Comments »

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