FracRock International, Inc., an oilfield service and technology company incorporated in the British Virgin Islands, signed definitive agreement with Vision Global Solutions, Inc., which is a shell company. Under the terms of the merger agreement, Vision will purchase FracRock in a stock-for-stock transaction. Prior to the merger, Vision will undertake a 480:1 reverse stock split. Upon completion of the merger, the combined company will be named Eco-StimSM Energy Solutions, Inc.
Upon consummation of the merger, the officers and directors of FracRock will become the officers and directors of Vision.
The Chairman of the BVI company, Bjarte Bruheim, stated in his comments to the transaction: “This merger is the next step in progressing the FRI business plan as we are now focused on building backlog for our proprietary unconventional field management system while bringing an eco-friendly well stimulation and completion service offering to the international markets.”
J. Chris Boswell, FRI’s CEO and president, said: “This merger will provide FRI a public platform so that capital can be accessed more quickly to support the purchase of equipment needed to execute multi-year service contracts as we secure them.”
RTG Mining Inc., an international mining exploration company incorporated under the law of the British Virgin Islands, has entered into an agreement with its joint venture partner, Elephant Copper Ltd. Under the terms of the agreement, the company sells 51 per cent interest in the Mkushi Copper Project in Zambia. The completion of the sale is expected in mid September 2013.
The purchase price of the transaction in the amount of US$13.1m will be satisfied by issuing US$6.6m in new fully paid ordinary shares in Elephant Copper, and a US$6.5m unsecured redeemable convertible note, which will be repayable on or before 1 January 2015, if not converted earlier.
Elephant Copper Ltd. is now in the process of completing a “go public event” through a transaction. It will also repay, on or before 1 January 2014, certain debts owing to RTG, which are currently in the order of US$1.35m.
Orca Exploration Group Inc., an international public company registered in the British Virgin Islands, focused on natural gas exploration, production and development in Tanzania, reported financial results for the second quarter of 2013.
In the three months period ended June 30, 2013, the company reported a loss of US$6.8 million, or US$0.19 per share diluted – a decrease of 331 per cent as compared to first quarter’s earnings of US$3.0 million, or US$0.08 per share diluted.
During the second quarter, working capital of the BVI company decreased by 59 per cent, from US$54.8 million at 31 March 2013 to US$22.5 million at 30 June 2013.
Among other company’s highlights in the reported period, a total amount of US$35.2 million has been received from TANESCO since the end of the first quarter of 2013. Of them, US$19.8 million was received during the second quarter, and a subsequent payment of US$15.4 million – in July 2013. At June 30, TANESCO owed Orca Exploration US$46.3 million; current TANESCO arrears are US$31.2 million.
The BVI company also reported the decrease of industrial sales volume by 11per cent, and the decrease of power sector sales volumes by 4 per cent. Revenue of US$12.0 million was down 9 per cent as compared to US$13.2 million in the first quarter of 2013.
Orca Exploration continued during the quarter preparing a full field development plan for Songo Songo, and in July 2013 submitted a plan to the Ministry of Energy and Minerals of Tanzania.