Orca Exploration Group Inc., BVI-domiciled public company engaged in exploration, development and supply of natural gas in Tanzania, announced its intention to initiate a Normal Course Issuer Bid for purchase of its Class “B” Subordinate Voting Shares. The purchase is to be made exclusively through the facilities of the TSX Venture Exchange, subject to its approval, and pursuant to its rules governing normal course issuer bids.
Purchases made pursuant to the Issuer Bid will not exceed 1,724,685 of the Class “B” shares of Orca representing up to 5% of the total of 34,493,706 Class “B” Shares. The Bid provisions will be in effect from October 10, 2012 to October 9, 2013 or earlier if the Bid is completed or terminated at the option of the BVI corporation. Pursuant to the Bid, Orca Exploration will spend maximum of US$5,000,000.
The company considers that the purchase of Class “B” shares under the Bid will contribute to the facilitation of an orderly market and be in the best interests of the corporation and its shareholders.
Chaarat Gold Holdings Limited, exploration and development company operating in the Kyrgyz Republic and incorporated in the British Virgin Islands, reported unaudited results for the six month period ended June 30, 2012. According to the highlights of the financial report, the company continues to make progress due to the simplification of legal and taxation regime in the Kyrgyz Republic and to the significant improvements in the political climate of the country in the last six months.
The company also informed about the continuing progress on the Tulkubash Project, where a major milestone was achieved in June 2012 with the issue of the mining licence to the company. The formal allocation of land at the Chaarat deposit has also been approved, and the BVI company has continued its capital investment with the aim of commencing production in the second half of 2013.
As of 30 June 2012, total assets of the BVI company were US$85,905,831. The loss per share for the six months ended 30 June 2012 was USD 4,837,919.
Tongxin International Ltd., BVI-registered and China-based manufacturer of engineered vehicle body structures and parts for the commercial automotive industry, announced its summary of preliminary unaudited financial results for the year ended December 31, 2011. For this period, the BVI company reported the decrease of total revenues, which made US$101.8 million, compared to US$104.7 million previously reported for the year ended December 31, 2010.
Also, for the year ended December 31, 2011, the cost of goods sold was US$92.3 million, and selling, general and administrative expenses were US$14.9 million. As a result, operating loss of Tongxin International was US$5.4 million – that is less than the unaudited operating loss of US$9.4 million for the year ended December 31, 2010. The increase in expenses is influenced by the ongoing lawsuits and investigation in the United States.
By the end of the reported period, cash, cash equivalents and restricted cash (security deposit) totalled approximately US$10.1 million. Total current assets at December 31, 2011 were approximately US$60.6 million, if compared to US$65.3 million in the previous year. This year, total current liabilities were approximately US$78.8 million, compared to US$74.2 million at December 31, 2010.