Monthly Archives: October 2013

BVI company announced listing its shares on CNSX

Portage Biotech Inc., the British Virgin Islands company engaged in researching and developing pharmaceutical and biotech products, made an announcement that the common shares of Portage will be listed for trading on the Canadian National Stock Exchange effective October 28, 2013, in US currency, under the symbol PTB.U.

The shares of the BVI company will also continue to be quoted and traded on the OCBB Board of NASDAQ, under the trading symbol PTGEF.

Chief Financial Officer Mr. Kam Shah commented on company’s listing: “Portage is looking forward to this listing on the CNSX. Listing on this recognized stock exchange will provide additional liquidity to our shareholders, access to larger capital markets, make our shares eligible for tax free savings and RRSP accounts for our Canadian investors and increase our visibility and creditability as a Canadian listed public company.”

FracRock International signed merger agreement with Vision Global Solutions

FracRock International, Inc., an oilfield service and technology company, based in the jurisdiction of the British Virgin Islands, and Vision Global Solutions, Inc. signed a definitive merger agreement, pursuant to which Vision will acquire FracRock. After completion of the stock-for-stock transaction merger, the company will be named Eco-StimSM Energy Solutions, Inc.

The Chairman of FracRock International Bjarte Bruheim stated in his comments on signing the merger agreement, “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.

By words of J. Chris Boswell, BVI company’s president and chief executive officer, 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.”

Pursuant to the merger agreement and the other transactions contemplated thereby, the officers and directors of FracRock will become the officers and directors of Vision upon consummation of the merger.

BVI-based group reported results for fiscal year ended 30 June 2013

Ratel Group Limited, an international mining exploration company incorporated in BVI and focused on mineral exploration and development in Africa, has published the Annual Financial Statement for the fiscal year ended 30 June 2013. The document is available on the company’s home page.

The Group’s total capital is defined as equity attributable to equity holders of the parent and cash and cash equivalents amounted to $30,459,174 at 30 June 2013.

On 28 March 2013, Ratel Group and RTG Mining Inc completed the merger of Ratel Group and Ratel Merger Ltd., a wholly-owned subsidiary of RTG, and the surviving corporation formed by the Merger is a wholly-owned subsidiary of RTG. The restructuring transaction was fully completed on 15 April 2013.

Zanaga Iron Ore announced interim financial results

Zanaga Iron Ore Company Limited (ZIOC), a holding company registered in the British Virgin Islands, has reported its unaudited interim financial results for the six months period ended 30 June 2013. In this period, ZIOC had a loss of US$9.0m, compared to a profit of US$0.5 m in the year to 31 December 2012.

General expenses of the BVI company made US$2.5m – the same as in 2012. Also, ZIOC reported foreign exchange loss of US$2.2m, compared to US$0.4m gain, which can be attributed to the impact of the weakening of UK sterling against the US$.

According to the company’s report, cash balances have decreased by US$5.3m since 31 December 2012. Company’s cash balance was US$35.1 million as at 30 June 2013. Operating activities utilised US$2.9m, share buyback activity US$0.3m and foreign exchange differences US$2.