The British Virgin Islands-registered company Yucheng Technologiies Limited provided supplementary information to the first quarter 2011 financial results reported in May. The report included an unaudited corporate deposit account list identifying each corporate cash account and the balance and location of each account. The company also issued an unaudited quarterly cash flow statement disclosing the amount of cash used for operating, investing and financing activities.
Weidong Hong, Chairman and CEO of Yucheng, said that they have decided to actively disclose additional cash-related information to further demonstrate their financial strength and their dedication to transparency. By his words, Yucheng Technologies is “one of the most transparent companies among all Chinese companies listed in the United States”, and they would like to reiterate the firm commitment to the highest level of integrity.
Zaruma Gold Mining Ltd., the company domiciled in the British Virgin Islands, announced that pursuant to a private placement financing by Zaruma Resources Inc., it subscribed for and acquired ownership of 390,920,000 subscription receipts of Zaruma Resources. The price is Cdn$0.05 per Subscription Receipt, for aggregate consideration of Cdn$19,564,000. This represented approximately 83.79% of the 466,562,418 Subscription Receipts issued pursuant to the Private Placement. Each Subscription Receipt represents the right to receive one unit of the Corporation, without payment of additional consideration and without any further action on the part of the BVI company.
Prior to the acquisition of the Subscription Receipts, Zaruma Gold Mining Ltd. owned 2,300,000 common shares and 2,300,000 warrants of the corporation. Upon the satisfaction of the Escrow Release Conditions and the conversion of the Subscription Receipts into Units of the Corporation, the BVI company will have ownership of 393, 220,000 common shares. This amount represents approximately 66.63% of the then issued and outstanding common shares of the corporation on an undiluted basis, or 786,440,000 Common Shares or approximately 79.97% on a partially diluted basis.
The subscription receipts were acquired by the BVI company for investment purposes.