Monthly Archives: April 2014

Canadian Quantum enters into investment agreement with BVI-registered company

Canadian Quantum Energy Corporation, TSX-listed company actively engaged in exploring oil and gas opportunities in Western Canada, has entered into an investment agreement with British Virgin Islands-registered company Lang International Holdings Limited. Under the terms of the agreement, on or before May 2, 2014 the BVI company or any of its associates will provide a short term loan to Canadian Quantum, in the amount of US$350,000. This loan, secured against the personal property of the Canadian company, will be repaid on the earlier of the closing of the Equity Private Placement, no later than May 30, 2014. If any amount of the loan is unpaid following the Maturity Date, it will bear interest of 12 per cent per annum.

Canadian Quantum intends to complete a private placement offering of Common Shares (Equity Private Placement) pursuant to which Lang or any of its associates would purchase 12,750,000 Common Shares at a price of US$0.10 per Common Share for gross proceeds of US$1,275,000. Concurrently with the closing of the Equity Private Placement, a subsidiary of Canadian Quantum will purchase certain seismic equipment from Lang at a purchase price of 10,971,000 Common Shares. Canadian Quantum also intends to complete a private placement offering of series 1 convertible secured debentures in the aggregate principal amount of up to US$1,875,000, pursuant to which Lang or any of its associates will purchase Series 1 Debentures and the remaining amount will be subscribed for by the holders of the currently outstanding debentures.

Talon Metals announced year 2013 financial results

Talon Metals Corp., a BVI-registered corporation focused on mineral exploration, announced fiscal results for the year ended December 31, 2013. The company reported a net loss of US$7.2 million, or US$0.08 per share (basic and diluted). The net loss for year 2013 as compared to US$18.4 million loss in the year ended December 31, 2012, was caused by the same factors, including due diligence and administration expenses, and losses from Talon’s investment in Tlou Energy.

In fiscal year 2013, the company reported capitalized exploration costs on the Trairão Iron Project in Brazil in the amount of US$0.9 million, as compared to US$2.6 million for the previous year. The total capitalized exploration cost on this project amounted to US$17.6 million to December 31, 2013.

BVI-based logistics company announced financial results for Q4 of fiscal 2014

UTi Worldwide Inc. announced financial results for fiscal 2014 fourth quarter period, ended January 2014. Also, the BVI company filed its Annual Report on Form 10-K, which includes its consolidated financial statements for fiscal year ended January 31, 2014.

In fiscal fourth quarter of 2014, UTi Worldwide reported revenues of US$1,076.4 million – 2.1 per cent lower than in the same period of fiscal 2013. Net revenues were US$370.0 million (0.3 per cent decrease as compared to US$371.1 million in 2013). In Q4 2014, net loss attributable to the company was US$50.7 million, or US$0.48 per diluted share, as compared to US$142.8 million, or US$1.38 per diluted share in the same period of 2013.

Earnings before interest expense, income taxes, depreciation and amortization (EBITDA) made US$14.1 million in the fourth quarter of 2014, compared to US$17.1 million in 2013.

In the reported period, company’s operating expenses less purchased transportation costs were US$401.5 million. Adjusted operating expenses less purchased transportation costs were US$384.4 million, compared to US$378.9 million in the same period last year. In the fourth quarter of fiscal 2014, UTi Worldwide recorded tax provision of US$11.0 million on a pre-tax loss of US$38.2 million.

Eric W. Kirchner, CEO of UTi Worldwide Inc., commented on the reported results saying that they “continued to reflect a lackluster global economy and difficult operating conditions. While we experienced increased activity in both business segments during the fourth quarter, pricing pressure continued to weigh on margins. Operating expenses were higher in the fourth quarter primarily because of increased amortization, severance expenses and temporary deployment costs related to the roll-out of the new systems. We were able to partially offset these higher costs through expense reduction measures.”