BVI Company Financial News » Proceeds from Investment sales

China Natural Resources sells 60% interest in Mark Faith Technology Development

admin — Wed, 07 Oct 2009 11:13:59 +0000

China Natural Resources, Inc., a company registered in BVI and making its operations in China, announced that on September 29, 2009 it completed the disposition of 60 per cent equity interest in Mark Faith Technology Development Limited to Joysight Limited. The purchase price of the company made USD 21mln, evidenced by an unsecured promissory note executed and delivered by Joysight Limited, which bears interest of 5 per cent per annum and is due on February 26, 2010.

Joysight Limited is an unrelated third party, which was the owner of the 40 per cent equity interest in Mark Faith that was not owned by China Natural Resources. Now the company became the owner of the full stock of Mark Faith.

Mark Faith engages in the smelting and refining of copper in Inner Mongolia region of the China Republic, through its wholly owned subsidiary Bayannaoer City Feishang Copper Company Limited. Earlier this year, China Natural Resources made an announcement that its indirect subsidiary Bayannaoer had entered into a series of agreements to receive US$36.59mln loan from the People’s Bank of China. Now the BVI company has sold its interest in Mark Faith to concentrate its resources on the core coal and nonferrous metal mining businesses.

Regal’s Ukrainian operations after entering into an agreement with BVI company: oil major Shell goes out of the deal

admin — Tue, 04 Dec 2007 15:41:47 +0000

Anglo-Dutch oil major Shell has gone out of a deal to take a 51% stake in the Ukrainian gas assets of UK’s explorer Regal Petroleum PLC. This decision followed Regal’s appointment of a new chief executive, and was explained in Shell’s statement by the fact that the management change at Regal was not expected by Shell, and their memorandum of understanding was agreed with the previous management team.

Last week, Regal announced that chairman Francesco Scolaro and chief executive Neil Ritson had resigned, and both posts will be taken by David Greer â€“ until recently a senior Shell employee.

Regal lost two appeals against the above ruling, before entering into an agreement with British Virgin Islands-registered company Alberry Ltd, to help have the licences upheld. In return for this service, Alberry was invited to purchase ordinary shares of Regal Petroleum Corp. Limited (RPC), making 15% of RPC share capital, for Â£100,000 in cash. Keeping the remaining 85% of RPC, Regal agreed to buy this stake back for $51 million in case the BVI company would be successful.

In December 2006, the UK company announced that all actions had been dismissed by the Ukrainian supreme court; in June 2007, Regal said it paid Alberry 13,910,623 Regal shares Â£30 million worth to buy back the stake.

RPC is an indirect subsidiary of Regal Petroleum PLC and the holding company for Regal Petroleum PLC in Ukraine. Regal re-commenced the production from its operations in Ukraine in August 2006, but the Ukrainian assets of the company are still in the centre of legal disputes, already for two years.

BVI-registered Talon Metals Corp. sells common shares of Brazauro Resources Corporation

admin — Mon, 15 Oct 2007 10:25:56 +0000

Talon Metals Corporation (formerly BrazMin Corp.), domiciled in the British Virgin Islands, has announced the sale of 8,214,500 common shares of Brazauro Resources Corporation, representing about 62% of its original share position. Gross proceeds of the sale were approximately $6.6 million. Dr. Fiona Childe, President and CEO of Talon, has said that the proceeds from the sale of the Brazauro shares will further strengthen BVI company’s treasury, allowing to proceed with corporate objectives.

Prior to the sale, Talon was the holder of 13.15 million common shares of Brazauro, representing 17% of the outstanding common shares of Brazauro; now Talon holds 4.9 million common shares of Brazauro â€“ that is approximately 6% of the outstanding common shares of Brazauro. Common treasury of the BVI company will be approximately $15.6 million, which will not be invested in asset backed commercial paper. Talon Corp. has 27,054,222 shares outstanding and 32,503,722 shares fully diluted.