Aura International Services Ltd., the company incorporated in the British Virgin Islands, announced that it has acquired the securities of Ecuador Gold and Copper Corp., Canadian exploration and mining company focused on the Condor Gold Project located in the Zamora region of Ecuador.
As a result of the closing of a non-brokered private placement, the BVI companyacquired 9,090,909 common shares of Ecuador Gold, at a price of US$0.11 per share for gross proceeds of US$1,000,000. At the moment, Aura is the beneficial owner of 32,900,433 common shares and 11,904,762 share purchase warrants of the Canadian company, which represent approximately 25.58% of the issued and outstanding voting securities of the Company on a non-diluted basis and 31.89% of the issued and outstanding securities of the Company, assuming exercise of the warrants held by the BVI corporation.
The issued common shares will be subject to a 4-month hold period from the date of issuance. The shares were acquired for investment purposes, and Ecuador Gold may change its beneficial ownership or control depending on market or other conditions.
BVI-registered company Xcite Energy Limited announced its results for the year ended 31 December 2012. Xcite Energy, which is engaged in oil exploration and development of oil resources in the North Sea, has successfully completed pre-production extended well test on the Bentley field, producing over 149,000 barrels of Bentley crude which was sold to a major refiner in Europe. After the end of the well test, Bentley field is now substantially de-risked and development-ready.
Also, the company signed US$155 million Reserved Based Lending facility, which will form a substantial part of the funding requirement for further development of the Bentley field.
Xcite Energy reported strengthened balance sheet for year 2012, with new equity capital financing in the amount of GBP63.4 million and new debt financing of US$60 million. At the end of the year, cash balance was GBP25.6 million.
Rupert Cole, Chief Executive Officer of Xcite Energy, commented on the announced results: “2012 has been an excellent year for Xcite, with the successful, and, most importantly, safe, conclusion of a US$250 million project in the North Sea, on time and on budget, which is a testament to the skill and experience of our team. This is an immense achievement by any standards.”