Monthly Archives: October 2010

China Cablecom Holdings reported unaudited results for Q2 2010

British Virgin Islands-registered company China Cablecom Holdings, Ltd. announced its unaudited financial results for the second quarter of 2010. BVI company’s subsidiaries Binzhou and Hubei generated year-over-year increase of revenue of approximately 30% in the reported period. The revenues of Hubei were $10.9 million, an increase of 29%  compared to the second quarter of 2009; Hubei earnings before interest and taxes represented company’s 55% share and were $2.6 million, this is 38% increase as compared to the second quarter of 2009. During the reported period, Hubei added nearly 23,000 subscribers. Binzhou reported revenues of $3.1 million, a 34% increase over the second quarter of 2009. Binzhou earnings before interest and taxes representing company’s 60% share was $1.4 million, a 54% increase over the second quarter of 2009.

In the reported period, China Cablecom’s consolidated revenues were $14 million compared to consolidated revenues of $10,7 million for the same period of the previous year. Operating expenses were $5.7 million compared to $4.7 million in the second quarter of 2009. In the second quarter of 2010, the BVI company reported net loss attributable to ordinary shareholders in the amount of $2.4 million, or$0.39 per share (basic and diluted), as compared to $4.4 million, or $1.37 per share in the second quarter of the previous year.

Also, China Cablecom reiterated its revenue guidance of $50-55 million for the full year of 2010. The BVI company expects earnings before interest and taxes in 2010 to be in the range of $14-15 million, accounting for the 60% economic ownership in Binzhou and 55% economic ownership in Hubei.

CIC Energy announced financial results for Q3 2010

CIC Energy Corp., BVI-registered company working on a coal project in South Africa, published its financial results for the third quarter period ended August 31, 2010. The company has reported a $1.5 million loss, or $0.03 per share, compared to $3.3 million loss, or $0.06 per share in the same period of the previous year.

For the nine month period ended August 31, 2010, the BVI company reported net loss of almost $7 million, or $0.13 per share, compared to a loss of $5.3 million, or $0.10 per share for the same period last year.

The year over year change in net loss for the three month period is primarily due to reduced interest received on cash and cash equivalents. For the nine month period, it is due to a combination of the reduced interest received on cash and cash equivalents and the reduction of profit on foreign exchange.

By August 31, 2010, capital expenditure on exploration properties amounted to $168 million, with capitalized exploration costs for the first nine months of 2010 totaling $7 million.

CIC Energy also said that last week it entered in negotiations to sell at least 51% of its common stock in a deal that values the company at $407.5 million. However the preliminary agreement is non-binding, and there is no assurance that the deal will be completed.

Orca Exploration Group completed Rights Offering

Orca Exploration Group Inc. announced closing of its previously announced rights offering. The BVI Group issued 4,955,687 Class B Subordinated Voting shares at a price of $3.90 per share, for gross proceeds of $19,327,179.

The Class B shares were issued to persons who exercised rights issued under the Rights Offering, and to the company Haywood Securities Inc.

Orca Exploration Group plans to use the proceeds of the Rights Offering for exploration and drilling in the Songo Songo West exploration prospect in Tanzania in the second half of 2011, and to accelerate the commercialisation of the company’s existing gas reserves in Tanzania through the infrastructure development. Some of the funds will be allocated to the development of energy infrastructure through the newly formed division of the company, EastCoast Transmission and Marketing.

Newly formed BVI company reported interim results for period ended 30 June 2010

Gold Mining Company Limited, a company incorporated in 2010 under the law of the British Virgin Islands and focused on making strategic investments primarily in gold and gold-related entities, announced its financial results for the half year period ending 30 June 2010. According to the results reported, the BVI company raised £845,000 following a private placement of 38,077,201 new Ordinary Shares.

As at 30 June 2010, by the end of the reported period, total assets of the recently formed BVI company were £ 753,538. Company’s total equity was £742,086, trade and other payables were £11,452. In the period from 10 February to 30 June 2010 company’s net cash generated from financing activities was £769,508. The company also reported net increase in cash and cash equivalents of £743,168.

On 26 May 2010, the BVI company issued 18,538,600 warrants to investors upon share subscription on the basis of one warrant for every two shares subscribed to.

Gold Mining Company Ltd. announced its achievements in the reported period, among them – company’s listing on Plus in June 2010, signing Heads of Terms Agreement to acquire the entire issued share capital of Kibe Investments No2 Limited. The primary asset of the company is the Rotguelden gold project in Austria, consisting of 15 underground mines including the previously operating  gold/copper/silver Rotguelden mine.

BVI company’s Chairman stated that, under the terms of the Agreement, the consideration for the acquisition is expected to be approximately £14 million, and will be satisfied by a cash payment of £850,000 to the vendors and the allotment of 400,000,000 Ordinary Shares of 0.5 pence each in the company. Additionally, Gold Mining Company Ltd. will provide Kibe with an unsecured term loan facility of up to €125,000. Being concluded, this deal will be classified as a Reverse takeover.