Archive for the ‘Securities Purchase Agreement’ Category

AOL sells ICQ to BVI company

Monday, July 12th, 2010

On July 8, 2010 AOL  Inc. completed the sale of its instant messaging service ICQ to the Russian holding firm Digital Sky Technologies Limited, registered in the British Virgin Islands.  ICQ was sold for US $187.5 million in cash. The deal is subject to certain post-closing adjustments based on the amount of cash, working capital and indebtedness of the ICQ operations at closing.

AOL entered into a Securities Purchase agreement with BVI-based Digital Sky Technologies for the sale of its ICQ operations on April 28, 2010. The company is planning to use the money from this deal for buying media properties, paying some of its debt, or just covering some ad revenues.

Posted in BVI company acquisitions, BVI company contracts, BVI company holdings, Securities Purchase Agreement | No Comments »

Qiao Xing Universal purchases shares

Saturday, July 3rd, 2010

Qiao Xing Universal Resources, Inc, a BVI-incorporated company engaged in manufacturing and distribution of telecommunications terminal products, announced that its chairman and CEO resumed a share repurchase to buy back up to US$10 million in stock belonging to the Chinese resources company.

The share repurchase by the chairman of the BVI company resumed in April, 2010. He purchased 500,000 shares and plans to reach the $10 million limit next year. With approximately 36 percent interest in Qiao Xing, he is the largest shareholder of the company.

The share repurchase program was announced in September 2008 and had been on hold because of market uncertainty caused by the global crisis.

Posted in Securities Purchase Agreement, Share distribution | No Comments »

BVI-registered Origin Agritech completed the Second Notes Repurchase Agreement

Thursday, January 14th, 2010

Origin Agritech Limited, an agricultural biotechnology company operating in China and based in the British Virgin Islands, announced the completion of the Second Notes Repurchase Agreement with Citadel Equity Fund Ltd. According to the Second Notes Repurchase Agreement  as of December 30, 2009, the BVI company repurchased the remaining part of the outstanding 1% Guaranteed Senior Secured Convertible Notes from Citadel due 2012, by full repayment in cash of the agreed upon purchase price due to Citadel.

Origin Agritech issued the Notes to Citadel in an aggregate principle amount of US$40 million in June 2008, and repurchased $23.4 million in principle of these notes in July 2008 and January 2009. This is the last tranche of the aggregate principle amount of the remaining US$16.6 million, for a repurchase price of US$104,000 for each principal amount of US$100,000 of such Notes. These repurchased notes have been cancelled.

The Note repurchase provides the BVI company with an opportunity to eliminate expensive debt on its balance sheet, receive favorable financial terms, and provide it with significant flexibility for future growth and capital opportunities.

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BVI-registered CTDC signs agreement to raise $1,500,000 in a private placement of common shares

Monday, October 13th, 2008

China Technology Development Group Corporation, the BVI-registered company providing solar energy products and solutions in China, announced recently that it has executed a Securities Purchase Agreement with several U.S. institutional accredited investors. Under the terms of this Agreement, the BVI company will raise $1,500,000 through private placement of common equity and warrants, by issuing 498,338 shares of its common stock at the price of $3.01 per share with 50% warrant coverage at exercise price of $6.00 per share through a private placement.

The warrants will have a five-year term following the closing of this transaction, and the proceeds are intended to be used by the China Technology Development Group Corporation (BVI) for preparing of the manufacturing band expansion of the SnO2 solar base plates, for working capital and for general corporate purposes.

Posted in BVI Company Private Placement, Securities Purchase Agreement | No Comments »