West African Minerals Corporation, the British Virgin Islands-registered company focused on the sphere of iron ore mining and exploration, published its final audited report for the year ended 31 March 2013. Also, the BVI corporation announced the appointment of Brad Mills as President. Executive Co-Chairman and CEO of the Company Stephen Dattels resigned on 17 July 2013, to focus on outside business interests and on his family.
The 2013 Audited Annual Report and Accounts will be available shortly from the Corporation’s website www.westafricanminerals.com. Among the main operational highlights of West African Minerals, there is complete ownership and operational control of the company’s major asset in Cameroon, which became the result of acquisition of the remaining 5% minority interest in CMC Cameroon completed on 21 May 2012. Also, in the reported year, total assets of the company increased by 12.5% to £29.7 million as compared to £26.4 million in 2012. Total equity increased by 14.7% to £29.6 million in 2013 (£25.8 million in the previous year). The company reported loss per share (basic and diluted) having fallen down by 61.6% to £0.018 (£0.028 in 2012).
BVI-registered holding company Global-Tech Advanced Innovations Inc., operating in the sector of home appliances and electronic components, has filed its annual report for the fiscal year ended March 31, 2013. For this year, company’s net sales were US$81.1 million – this is approximately 16.4% increase from fiscal 2012 with net sales of US$69.7 million. Net loss for the year 2013 was US$2.0 million, or US$0.65 per share, compared to a net income of US$1.4 million, or US$0.46 per share, in fiscal 2012.
For the fourth quarter of fiscal year 2013, net sales were US$13.9 million (US$15.5 million in the fourth quarter of fiscal 2012). Also, in Q4 2013 net loss was US$2,3 million, or US$0.75 per share, compared to a net loss of US$1.5 million, or US$0.51 per share, for Q4 2012.
Despite losses in fiscal 2013, Global-Tech’s cash flow remained positive as net cash position increased approximately US$1.9 million to US$42.2 million, due to a significant reduction in accounts receivables.
Global-Tech Advanced Innovations Inc. owns subsidiaries that manufacture and market a diversified portfolio of products, for example, complementary metal oxide semiconductor (CMOS) and camera modules (CCMs). The primary focus of its subsidiaries is to develop and market high-quality products for the communications industry in China and export such products to markets in other countries throughout the world.
Bullman Minerals Inc. has completed the purchase of all of the issued and outstanding shares of Birimian Gold AS from Norwegian company Douro Gold AS and British Virgin Islands-registered private holding company Goldsea Investment Group Co., Ltd., which is controlled by a Chinese investment group.
According to the agreement signed in December 2012, and amended April 11, 2013, and May 16, 2013, Bullman Minerals issued 18 million common shares to assignees of Douro and 5 million shares to Goldsea, at a deemed price of US$0.20 per share. The company has also paid US$1 million to the Norwegian company for aggregate consideration of approximately US$5.6 million.
Birimian Gold wholly owns two Guinean resource exploration companies which each hold three licenses to properties in the Republic of Guinea, in West Africa.
Shareholders previously approved the Qualifying Transaction, by way of minority approval, at the shareholders’ meeting of Bullman Minerals held on July 4, 2013. Also, at that Meeting, the Board of Directors was expanded to five members and Tore Birkeland and Yong Ouyang were elected to the Board.
Some Senior Officer changes were made in the company with the closing of the Qualifying Transaction. The name of the company was also changed from Bullman Ventures Inc. to Bullman Minerals Inc., and its shares will trade under its existing symbol which will be changed from BUL.P to BUL.