China Information Technology, Inc., BVI-registered internet services operator providing internet-based ad distribution and ad display terminal sharing systems in China, in October 2017 entered into contracts for the sale of 5,000 CNIT cloud-based ad terminals for Jiangsu Province, and for the sale of 1,500 CNIT cloud-based ad terminals for Changde, the third largest city in Hunan Province. The terminals are to be installed in office buildings, residential communities, shopping malls and various outdoor locations.
The contract for Jiangsu Province, announced on October 25, 2017, was signed with advertising agency Jiangsu Taoping IoT Technology Limited, and is expected to generate US$1.5 million sales and service revenue to China Information Technology. This agreement is the fourth for the company this year for the sale of its cloud-based ad terminals in East China.
The contract for Changde in Hunan Province was announced on October 19, and signed with advertising agency Changde Taoping New-media Technology Limited; it is expected to generate US$0.5 million sales and service revenue to the BVI company.
Company’s CEO Mr. Jianghuai Lin restated company’s projection of 2018 revenue of $30 to $33 million and adjusted net income of $9 to $11 million, with sales of additional 120,000 cloud-based ad terminals.
Sea exploration company Nautilus Minerals Inc. entered into a Funding Mandate Agreement with Deep Sea Mining Finance Ltd, a newly incorporated private company in the British Virgin Islands. According to the agreement, the international expertise and financial relationships of two major shareholders of Nautilus Minerals will be used to assist in advancing the development of Solwara 1, the company’s copper-gold project under development.
The BVI company is intended to be 50 per cent owned by USM Finance Ltd, a wholly-owned subsidiary of USM Holdings Ltd, an affiliate of Metalloinvest Holding (Cyprus) Limited , and 50 per cent owned by Mawarid Offshore Mining Ltd., a wholly-owned subsidiary of MB Holding Company LLC.
Deep Sea Mining Finance has been appointed as the exclusive financial advisor of Nautilus, in respect of US$350 million financing needed to complete the development of the Solwara 1 Project. The exclusive right of the BVI-incorporated company may be terminated, however, if it fails to arrange binding commitments in respect of financings of at least US$50,000,000 by December 4, 2017 (Interim Financing). Nautilus will pay to DSMF an initial retainer fee of US$75,000, and an additional fee of US$30,000. Also, it will pay US$350,000 as reimbursement for costs and expenses of DSMF incurred in connection with the Interim Financing.
The agreement will remain in effect until the earlier of January 1, 2019. It is subject to receipt of all necessary approvals from the TSX.
West African Minerals Corporation, the mining and exploration group focused on West Africa region and incorporated in the British Virgin Islands, published its final audited results for the year ended 31 March 2017. According to the annual report, total assets of the company were £22.2mln. This 0.9% decrease as compared to t£22.4mln in 2016 was due to operational losses of £0.5mln. Cash in bank equated £3.1mln, compared to £3.6mln in 2016.
In the financial year 2017, the group reported total comprehensive loss of £0.2mln, compared to £0.7mln loss in the previous year. Loss per share (basic and diluted) was 0.14 pence (0.15 pence in 2016).
The BVI company has reduced operational and corporate expenditure to a bare minimum, preserving its cash position during the year. This strategy included significant reduction of exploration field activities, operational team, reduction in the lease area under exploration in Cameroon, and rationalisation of company’s overheads. The company is planning to continue with this strategy in the next financial year.