Monthly Archives: July 2009

China Natural Resources’ subsidiary receives loan from the Bank of China

China Natural Resources, Inc., the company operating in China and domiciled in BVI, announced that its indirect 60%-owned subsidiary based in China, Bayannaoer Feishang Copper Company Limited, had entered into a series of agreements relating to US$36.59 mln bank loan from the People’s Bank of China.

Under the terms of the loan from the Bank’s Shenzhen Branch, its principal amount is to be repaid during the period from October 1, 2010 to July 1, 2013, when the then outstanding principal amount of the bank loan is due to be paid. The bank loan is secured by all the land, building, plant and machinery of Feishang Copper, the subsidiary of the BVI corporation.

The primary borrower is Shenzhen Feishang Enterprise Co. Ltd., a related party through common control by the Chairman of China Natural Resources, Mr. Feilie Li. He commented on the loan saying that it “signifies the bank’s recognition of the Company’s copper smelting business and relatively low debt position.” By his words, the BVI company will continue the acquisitions strategy in coal and non-ferrous metal/iron projects. 

The purpose of the bank loan is to finance the operation of Feishang Copper, which is engaged in the smelting and refining of blister/anode copper and sulfuric acid for distribution in the PRC.

Three and six months financial results of CIC Energy Corp.

Canada-listed coal exploration company CIC Energy Corp. (BVI) announced its financial results for the three and six months periods of 2009. For the second quarter ended May 31, 2009, the BVI company reported net loss of $2.12 million or $0.04 per share (basic and diluted). The narrowed loss for the period, if compared to $2.61 million, or $0.05 per share (basic and diluted), loss for the same period of 2008, is explained by a reduced stock-based compensation and higher than usual gain in currency exchange.

The net loss for the six month period ended May 31, 2009 was $1.85 million or $0.04 per share (basic and diluted), compared to $4.09 million loss for the same period last year. Capital expenditure on exploration properties amounted to $142,407,000 for the last two quarters, capitalized exploration costs totaling $17,523,000.

CIC Energy is at development stage now, it has not starter operations and did not report revenue for the quarter. Company’s main project is the development of the Mmamabula Energy Complex in Botswana.

Annual report filed by BVI-registered China Technology Development Group

On June 26, 2009, China Technology Development Group Corporation, a British Virgin Islands-registered corporation providing solar energy products and solutions in China, focusing on a-Si thin film technology, announced that it has filed its annual report for the year ended December 31, 2008.

The consolidated statement for the year 2008 included following operations data: interest income  US$12,000, net income per share from discontinued operations in the amount of US$0.01. According to the consolidated balance sheet for this year, total assets made US$9,177,000, shareholders’ equity was US$6,189,000.

The annual report on Form 20-F is filed with the U.S. Securities and Exchange Commission, and its full version can be accessed on the investor relations section of company’s website.

$40 million offering closed by BVI-registered A-Power Energy

A-Power Energy Generation Systems Ltd., a BVI-registered company providing distributed power generation systems in China, has announced the closing on $40 million offering of senior convertible notes.

The proceeds of the deal are to be used primarily for purchasing components for A-Power’s wind turbine assembly business. The notes will mature in five years, and will be initially convertible at $10.637 per common share for a total amount of 1.5 mln common shares. The BVI company said it can redeem the notes starting from November 19, 2011, at 110 per cent of the principal amount, plus any accrued and unpaid interest.