BVI holding invests in US biotech company

The US biotechnology firm LyGenesis announced that the investment was made by the British Virgin Islands-registered holding company Juvenescence Ltd., in the amount of US$3 million.
LyGenesis is working with lymph nodes to regrow functioning organs with patient’s own body, focusing on patients with end-stage liver condition, and the investment will enable the completion of work required for human clinical trials.

LyGenesis was established on the basis of academic research, which was partially funded by the National Institutes of Health and conducted at Pittsburgh’s McGowan Institute for Regenerative Medicine, and revealed that a variety of different cells types and tissues, including the liver, could engraft and grow within lymph nodes. LyGenesis licensed patents for the technology from Pittsburgh.

Orca Exploration reported financial results for year 2017

BVI-incorporated international public company Orca Exploration Group Inc. announced its financial results for the year ended December 31, 2017. For the reported year, company’s revenue was US$51.9mln, which is 21% decrease from US$65.9mln in the previous year. The company announced net loss of US$2.5mln in 2017, compared to net income of US$2.2mln in the year 2016.

Net cash flows from operating activities of the BVI company for the year were US$48.2mln, which is an increase by 141% from US$20.0mln in the previous year. Orca’s funds flow from operations for the year was US$14.8mln, which is 53% decrease from US$31.9mln in 2016. This decrease is primarily the consequence of the fall in the company’s operating revenue and lower sales of Additional Gas volumes. Orca Group’s working capital decreased 3% to US$69.6mln, as compared to US$72.0mln in the end of 2016.

The shareholders meeting will be held by the Board of Directors of Orca Group on June 6, 2018.

Talon Metals announced financial results for the year ended December 31, 2017

Talon Metals Corp., the British Virgin Islands-incorporated exploration company listed on TSX, reported financial results for the year ended December 31, 2017. The company reported a net loss for the year in the amount of US$3.2 million or $0.02 per share (basic and diluted). This compares to net loss for the previous year in the amount of US$1.4 million, or US$0.01 per share. The increase in net loss in 2017 is primarily the result of a loss on the fair value revaluation of the Resource Capital Fund unsecured convertible loan and administration expenses.

Capitalized exploration costs and deferred expenditures on the Tamarack Nickel-Copper-PGE Project amounted to $1.8 million for the year ended December 31, 2017. The total capitalized exploration cost on the Tamarack Nickel-Copper-PGE Project amounted to US$38.9 million.

Aura Minerals announced Loan Facility and Off-Take Agreement with LDC Metals

Aura Minerals Inc., the mining company which redomiciled from Canada to the British Virgin Islands, after a competitive bid process entered into a US$20,000,000 loan facility and a off-take agreement with Louis Dreyfus Company Metals, for the restart of operations and copper concentrates to be produced from its wholly-owned Aranzazu mine in Mexico.

Under the terms of the loan facility, the company’s wholly-owned subsidiary may draw-down the full amount of it in three tranches. The loan includes 12-month grace period and is subject to customary conditions, including the repayment of company’s outstanding loan with Auramet International LLC. The facility will be guaranteed by the company and its interests in the project and the San Andres mine. The Off-Take Agreement covers 100% of the copper concentrates produced from the project.