Monthly Archives: November 2012

Talon Metals Corp. reported third quarter financial results

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Talon Metals Corp., a mineral exploration company focused on the acquisition, exploration and development of metal projects in Brazil, reported financial results for the third quarter of 2012.

For the three month period ended September 30, 2012, the BVI company reported a net loss of $800,893, or $0.01 per share (basic and diluted), – compared to a net loss of $2,444,896, or $0.03 per share for the third quarter of 2011. Capitalized exploration for the third quarter of the year 2012 amounts to $474,950 and relates mainly to the Trairão Iron Project in Brazil. This compares to $5,211,412 for the same period of last year, when it was related to work done on the Trairão Iron Project and the Rio Verde projects.

For the nine month period ended September 30, 2012, net loss was $5,056,481 or $0.05 per share (basic and diluted), compared to a net loss of $12,288,549 or $0.14 per share (basic and diluted) for the first nine months of last year. Capitalized exploration for the nine months ended September 30, 2012 amounts to $2,435,970, compared to $11,233,827 for the same period of 2011.

BVI company arranged private placement

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British Virgin Islands-registered oil and gas exploration company Eco Atlantic Oil and Gas Limited announced a non-brokered private placement of CDN$3,200,000 through the issue of 8,000,000 common shares of the BVI company, at a price of $0.40 per Common Share.

To participate in the private placement, the company has entered into agreements with some subscribers, including Azimuth Ltd., an exploration and production company jointly owned by Seacrest Capital Ltd. and Petroleum Geo-Services ASA, insiders and new investors.

CEO of Eco Atlantic, Gil Holzman, commented on the private placement: “The strengthening of our treasury allows us to further advance our work program offshore Namibia.”

The transaction is expected to close on November 16, 2012, subject to the receipt of all required regulatory approvals, including the approval by the TSX Venture Exchange.

Nam Tai Electronics published unaudited results for Q3 2012

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British Virgin Islands-registered company Nam Tai Electronics, Inc. published its unaudited financial results for the third quarter of the year, ended September 30, 2012. In this period, company’s financial results improved significantly, compared to the third quarter of 2011.

BVI company’s sales increased by 198.0% in the third quarter of 2012, compared to the same quarter of 2011, when sales were US$127.6 million. Gross profit in Q3 2012 was US$34.8 million -an increase of 511.1%, compared to UUS$5.7 million in the third quarter of last year. Gross profit margin was 9.2%, – 4.7% higher than in 2011.

For the three months ended September 30, 2012, operating income of Nam Tai Electronics was US$26.8 million, compared to the operating loss of US$0.9 million in the third quarter of year 2011. Net income was US$24.6 million, or US$0.54 per share (diluted) – that is more than significant increase of 2,142.2%, as compared to last year’s net income of US$1.1 million, or US$0.02 per share.

Nam Tai also continues work on its expansion projects in Wuxi City and Shenzhen City in China.