Monthly Archives: March 2014

Polo Resources participates in share placement in ASX-listed company

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British Virgin Islands-based international exploration group Polo Resources Ltd, having interests in oil and gas, gold, coal, iron ore and phosphate, announced its participation in a Share Placement in ASX listed Australian gold exploration company Blackham Resources Limited, focused on the development of its 100% owned Matilda Gold Project in Western Australia.

The BVI company will purchase 4,761,905 ordinary shares in Blackham at a price 21 cents per share, for a total consideration of A$1 million and with an interest in approximately 4.2% of enlarged undiluted issued ordinary share capital of the Australian company.

Blackham will use funds raised through this and previous placements to accelerate drilling programmes aimed at conversion of resources into reserves and targeting high priority
exploration areas.

UTi Worldwide announced closing of private offerings

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UTi Worldwide Inc., an international, non-asset-based supply chain services and solutions company incorporated in the British Virgin Islands, has completed both of its private offerings. The previously announced offerings consisted of US$350 million aggregate principal amount of 4.50 per cent Convertible Senior Notes due in 2019, and US$175 million of 7 per cent Convertible Preference Shares.

The BVI company granted the initial purchasers an option to purchase up to an additional US$50 million aggregate principal amount of the Notes, which option increased the aggregate principal amount of the Notes to US$400 million. The net proceeds of the private offerings were approximately US$555 million, planned to be used by the company for debt repayment and other general corporate purposes.

UTi Worlwide intends, at its next annual general meeting, to seek the shareholder approval to have the option to settle the Notes in cash upon conversion.