West African Iron Ore Corporation, the TSX-listed company focused on development of its mineral resources in the Republic of Guinea, announced that it has arranged an unsecured convertible debenture financing agreement with Sky Alliance Resources Inc. – a privately owned international mining and consulting firm incorporated in the British Virgin Islands and based in Hong Kong.
The BVI company will finance up to CAD$2.0 million by up to four drawdowns of CAD$500,000., each of them in the form of a convertible debenture with 8% annual interest rate and a term of 5 years. During this term, Sky Alliance Recources will have the option to convert all or any portion of the outstanding Debentures into common shares of West African, at a price of CAD$0.10 per share for the first CAD$500,000, and for all other drawdowns at the market price at the time of drawdown, subject to a minimum conversion price of CAD$0.10 per share.
BVI-registered Sky Alliance Resources, directly and through its wholly-owned subsidiary, has ownership and control of 24,697,000 common shares of West African, which represent14.09% of the issued and outstanding common shares of the Canadian company. Assuming conversion of the first drawdown of the debenture, Sky Alliance would own and control 29,697,000 common shares, representing 16.49% of the then issued and outstanding common shares of WAI.
The debenture was acquired by the BVI company for investment purposes. Sky Alliance’s shareholders plan to fully support West African’s efforts to complete its initial NI43-101 technical report and raise additional funds for business development.
Talon Metals Corp., a TSX-listed company based in the British Virgin Islands, reported financial results for the first quarter of 2013. For the three month period ended March 31, the BVI company announced a net loss in the amount of US$1.3 million, or $0.01 per share (basic and diluted), as compared to a net loss of US$1.0 million or $0.01 per share (basic and diluted) for the three months ended March 31, 2012. The net loss for the three months of 2013 was primarily the result of administration expenses and Talon’s share of loss in Tlou Energy Limited.
In the first quarter of 2013, capitalized exploration cost on the Trairão Iron Project was US$0.4 million, as compared to US$1.0 million for the first three months of the previous year. Total capitalized exploration cost on the project amounted to US$$17.0 million, as of March 31, 2013.
Euro Tech Holdings Company Limited, registered in the British Virgin Islands and headquartered in Hong Kong, announced financial results for the 12 month period ended December 31, 2012. In reported year (fiscal 2012) Euro Tech’s revenues were approximately US$21,645,000, compared to US$20,213,000 in the 12 months period ended December 31, 2011. The increase of the revenues of the company was mainly due to increase in revenues from engineering activities.
Also, in 2012 the company reported net loss of approximately US$429,000, as compared to net income of approximately US$521,000 for the previous year. The net loss in fiscal 2012 was primarily due to no profit contributions from the affiliate, particularly Blue Sky, and research and development costs of $930,000 spent for Ballast Water Treatment Systems (BWTS).
Mr. T.C. Leung, Chairman and CEO of the BVI company, commented:”We are very positive about our investment in developing our BWTS for the global markets, despite some delays in the installation of the BWTS for seaboard test. We reckon the close co-operation with international engineering companies for projects outside China is the right direction for our company in view of fierce competitions for projects in China, and the wastewater treatment for shale-gas drilling is what we plan to pursue in the near future with some of these engineering companies.”
In view of the keen competitions from local contractors for projects in China, the Company has been seeking more co-operations with international engineering companies for various wastewater engineering projects outside China. Currently Euro Tech is negotiating on a feasible co-operation with an European manufacturer of BWTS which are complimentary to the BWTS developed by the company.
Nam Tai Electronics, Inc., the British Virgin Islands-registered corporation working in the spheres of electronics manufacturing and design services, announced its unaudited results for the first quarter of the year ended March 31, 2013. In this period, the company reported net sales in the amount of $177.5 million, – an increase of 102.1% if compared to the net sales of $87.8 million in the same quarter of 2012.
Gross profit in Q1 2013 was $7.3 million, as compared to $4.6 million in the first quarter of 2012. Also, in the reported period of 2013 gross profit margin was 4.1%, 1.2% lower than in the same period of the last year.
Operating income for the first quarter of 2013 was $1.1 million, compared to $0.9 million in the last year. Net income in this year’s period was $5.0 million, or $0.11 per diluted share, as compared to the net loss of $3.6 million, or $0.08 per diluted share, in Q1 2012.
The main factors that affected the improvement of company’s results in the first quarter of 2013, were as follows: the increase in sales revenue by more than 102%, if compared to the same period of last year; also, Nam Tai had $3.4 million in other and interest income, including $1.0 milliion million reversal of legal liability provision for litigation, $0.8 million income from certain sanctioned payment for ending the legal dispute and $0.8 million interest income; finally, the BVI company has improved its operating and net income through streamlining its organization structure.