Thursday, July 12, 2018

SPI Energy entered into amendment agreement with BVI-incorporated company

SPI Energy Co., Ltd., the global provider of renewable energy solutions, entered into an amendment agreement with respect to the company’s convertible bond financing from December 2014, when the company had entered into a definitive agreement with Union Sky Holdings Group Limited and issued a convertible promissory note of US$20mln to a special purpose vehicle of Union Sky.

The maturity date for this note was June 28, 2016, and in February 2017, SPI entered into an amendment agreement with the purpose to extend the maturity dates of the note to April 2017, January 2018 and January 2019. However, there has been no repayment made pursuant to this amendment, and on June 29, 2018 the company entered into another amendment agreement with the SPV and Magical Glaze Limited, registered in the British Virgin Islands. Pursuant to this agreement, all the rights and obligations under the agreement and the first amendment have been transferred to the BVI company, with the extension of the last maturity date to December 2020.

Monday, July 2, 2018

BVI group provided update on Swala transaction

Orca Exploration Group Inc. announced that it has agreed to extend to July 13, 2018 the date of the completion of the second and third closing of the previously announced investment by Swala Oil & Gas plc in BVI company’s subsidiary PAE PanAfrican Energy Corporation. There is no guarantee that the transactions will be completed by this date, or on the terms previously disclosed. 

Orca Exploration also announced the closing of the deferred consideration portion of the first closing of the Swala Investment, pursuant to which Orca has received Swala convertible preferred shares of US$3,966,500 worth.

Orca is an international public company engaged in natural gas exploration, development and supply in Tanzania through its wholly-owned subsidiary, PAET. Swala is an independent oil & gas exploration company having a significant Tanzanian ownership.

Wednesday, June 20, 2018

Luxoft Holding announced the acquisition of Smashing Ideas agency

Luxoft Holding, Inc., global IT service provider of innovative technology solutions, registered in the British Virgin Islands, announced the acquisition of Smashing Ideas, a digital design and innovation agency based in Seattle, US. The BVI company purchased Smashing Ideas from Penguin Random House, the world’s largest trade-book publisher, which was its owner since 2011.

Smashing Ideas provides consultations across the product design and development lifecycle, with a focus on accelerating innovation for their Global 500 clients. The acquisition of this agency increases Luxoft’s digital research, strategy, and design capabilities, and expands the range of services provided by both companies. The increased capabilities will positively impact all lines of business of the BVI company: Digital Enterprise, Financial Services and Automotive, and Luxoft’s horizontal digital transformation practice, Luxoft Digital.

Friday, May 11, 2018

Chaarat Gold Holdings provides update on its acquisition proposal

Chaarat Gold Holdings Limited, the AIM-listed exploration company registered in the British Virgin Islands, made the proposal in relation to the acquisition of the Kumtor mine from Centerra Gold Inc. The mine is valued by the previous owner at US$800mln. It is proposed that the consideration will be funded by US$400mln in cash from Chaarat. Also, it is proposed that subject to the Kyrgyz government’s approval US$400mln of Centerra shares currently held by Kyrgyzaltyn will be transferred to Centerra and cancelled in exchange for 50 per cent of direct preferred interest in the Kumtor mine.

As a result of the transaction, the BVI holding will own all of the common equity of Kumtor, and control over management and operations of the mine. Kyrgyzaltyn will own all of the preferred equity of Kumtor, and be entitled to 50 per cent of the economic benefits of the mine. Chaarat will fund the cash component of the offer through a mixture of debt and equity, backed by two major international financial institutions.

There is no certainty at the moment about the completion of this acquisition, as Chaarat has yet to receive an engagement with respect to its proposal.

Saturday, May 5, 2018

Chaarat temporarily suspends AIM trading in connection with acquisition proposal

Chaarat Gold Holdings Limited, the BVI-incorporated holding company of the Chaarat Group, which is focused on gold mining and exploration in the Kyrgyz Republic, has temporarily suspended trading of its ordinary shares on AIM from 24 April 2018. This was done in connection with the proposal that Chaarat has made in relation to the potential acquisition of the Kumtor mine from Centerra Gold Inc. 

The proposed acquisition due to its size would be a reverse takeover. For this reason trading in Chaarat’s ordinary shares was suspended in accordance with the AIM Rules, and will remain suspended pending the publication on the required AIM Admission Document. At this stage, there is no certainty that the proposed acquisition will be completed, and Chaarat will provide updates in respect of further developments.

Friday, April 13, 2018

Telecoms group announced the sale of BVI-registered subsidiary

Telecommunications group VEON has agreed to sell its Beeline-branded mobile operating subsidiary in Tajikistan to local investment partners. The group has signed an agreement on the sale of British Virgin Islands-registered Vimpelcom AG, which owns 98 percent of Tajikistan’s mobile operating subsidiary Tacom to ZET Mobile Limited. Currently this company holds 2 percent stake in the mobile operator. The completion of the deal is dependent on regulatory approval.

Previously it was confirmed that Beeline will be retained locally despite any change of ownership. Currently the brand is in fourth place in the Tajikistan’s cellular market.

VEON group, which is headquartered in Netherlands, has been planning an exit from Tajikistan’s mobile sector for more than a year, over concerns at the country’s taxation system.

Saturday, February 24, 2018

Aura Minerals and Rio Novo received shareholders approval of the merger

Aura Minerals inc., the mining company which redomiciled from Canada to the British Virgin Islands, and Rio Novo Gold Inc. announced that the merger of Aura and Rio Novo, proposed in the end of 2017 to create strong portfolio of long term mining properties, was approved by the respective shareholders of each company at their Special Meetings of shareholders. The joint management proxy circular of the companies was issued on January 23, 2018.

The closing of the merger transaction, as a result of which the combined entity will operate under the Aura name, is subject to certain customary conditions, including reception of all necessary regulatory approvals. The effective date of the merger is expected to be on or after March 2, 2018.

Friday, February 9, 2018

MIE Maples Investments announced selling shares of Journey Energy Inc.

MIE Maple Investments Limited, BVI-registered subsidiary of MIE Holdings Corporation, announced that it has sold an aggregate of 12,700,000 common shares in the capital of Journey Energy Inc. to Journey for cancellation, for an aggregate consideration of $21,336,000 (approximately $1.68 per share).

The shares disposed of represent 24.8 per cent of the issued and outstanding shares of Journey Energy. Before selling the shares, the BVI company beneficially owned and controlled 16,355,798 shares, representing 31.9 per cent of the issued and outstanding shares. After closing the disposition, MIE beneficially owns and controls 3,655,798 shares representing 9.5 per cent of the issued and outstanding shares. The company disposed of shares for investment purposes.

Saturday, February 3, 2018

Brookmount Exploration completed share exchange agreement with BVI company

Brookmount Explorations Inc., the United States exploration and development company, has announced the execution of a share exchange agreement with the shareholders of SL Group Holdings Limited, incorporated in the British Virgin Islands.

Under the terms of the agreement, Brookmount Explorations has acquired all the issued and outstanding shares of the BVI company. Upon completion of the transaction, shareholders of SL Group Holdings Limited will get voting control of Brookmount Explorations, Inc. and SL Group Holdings will become a wholly owned subsidiary of the US company.

For Brookmount Exploration, the transaction will mean acquisition of 90% interest in a fully operational and producing gold mining business based in Indonesia; the remaining 10% interest will be held by the Indonesian operating partner.

Monday, January 15, 2018

HK listed company’s shareholder sold $103 million stake to BVI company

Coolpad Group, Hong Kong-listed Chinese smartphone maker which is part of LeEco technology conglomerate, announced that its top shareholder Leview Mobile HK Limited sold HK$807.7 million ($103 million) shares to the British Virgin Islands company Power Sun Ventures Limited, which became the single largest shareholder after this transaction. There are no details provided about Power Sun.

After Leview Mobile has sold 897.4 million shares to the BVI company, or 17.83% of Coolpad, at HK$0.9 a piece, its stake reduced from 28.78% to 10.95%. Data Dreamland Holding Ltd remained as the third-largest shareholder with 9.2% of Coolpad.

Thursday, January 4, 2018

BVI subsidiary of Chinese company to acquire interest in Yao Wan Vanadium Project

Sparton Resources Inc. announced that it has approved Memorandum of Understanding which has been entered into by VStar Industries Inc. and Warwick Mining Development Company Ltd. (WMD), for the advanced evaluation and possible acquisition of 70% interest in the Yao Wan Polymetallic Exploration License in Shaanxi Province of China. VStar Industries was recently incorporated in the British Virgin Islands and is 90% owned subsidiary of Sparton Resources, while WMD is a local Chinese private company.

The YW License has been extensively explored by WMD in the period between 2006 and 2015. Under the terms of the MOU, the BVI company will take responsibility for all advanced exploration and evaluation expenditures up to the point of a China compliant feasibility study. Further development of a mining project would be paid for jointly as to 70% V Star and 30% WMD.

Tuesday, December 19, 2017

Aura Minerals announced entering into merger agreement

BVI-registered Aura Minerals Inc. entered into an agreement with Rio Novo Gold Inc. to combine and create strong portfolio of long term mining properties. The combination will be effected by the plan of merger pursuant to which Aura will acquire all the shares of Rio Novo and Rio Novo shareholders will receive 0.053 of an Aura common share for each Rio Novo share.

The new combined entity will operate under the Aura name and will remain listed on the Toronto Stock Exchange. The combination is subject to the approval of a majority of the votes cast at special meetings of Aura and Rio Novo shareholders to be held on or about February 2018, as well as minority shareholder approval.

Northwestern Enterprises, which is holding approximately 52% of Aura's common shares and 65% of Rio Novo's common shares, entered into a customary voting and support agreement pursuant to which, among other things, it has agreed to vote its Aura common shares and Rio Novo common shares in favour of the transaction. Following closing the transaction, it is expected that the combined company will have approximately 43,039,156 shares issued and outstanding and Northwestern will hold an approximate 55.3% interest in the combined company.

Monday, December 4, 2017

Aura Minerals agreed to sell Serrote Project

Aura Minerals Inc., the mining company incorporated in the British Virgin Islands, agreed to sell Mineração Vale Verde Ltda, which is the owner of the Serrote da Laje Copper Gold project. Under the terms of the purchase and sale agreement, BVI company’s wholly owned subsidiary will sell 100% of its interest in Mineração to the purchaser group for an aggregate consideration of US$40mln, which comprises cash payment of US$30mln payable on closing, as well the delivery by the purchasers of a subordinated unsecured note in the principal amount of US$10mln. The transaction is planned to be closed before the end of February 2018, subject to customary closing conditions.

Rodrigo Barbosa, President and CEO of Aura Minerals, commented on the agreement: “Serrote is a first-class project and the decision to sell our interests followed careful consideration of our options. The consideration received from the sale unlocks significant value to our shareholders and accelerates our strategy to further develop our existing assets and pursue new growth opportunities.”

Saturday, October 28, 2017

Mkango Resources announced £500,000 placing with the BVI company

Mkango Resources Ltd., an exploration company working in the Republic of Malawi, has received conditional regulatory approval for the previously announced placing, according to which BVI-registered Talaxis Ltd, a wholly owned subsidiary of Noble Group, invested £500,000 at 3.5 pence per equity unit to acquire 14.5 per cent interest in Mkango.

The investment by the BVI company has been completed by placing 14,285,715 equity units of Mkango. The new shares are applied to be admitted to AIM. Following the placing, Talaxis will hold an interest of 14.5% in Mkango Resources. In connection with the placing, Talaxis has been issued 14,285,715 common shares of Mkango and Share purchase warrants to acquire up to 12 million Shares of Mkango. Each warrant is exercisable at a price of 6.6 pence until December 31, 2020.

Also, the 12 million Share purchase warrants previously issued to Noble Resources International Pte Ltd, a wholly owned subsidiary of Noble, will be cancelled. The BVI subsidiary will not exercise that proportion of its Talaxis Warrants which would result in it holding 20% or more of the outstanding Shares.

Following AIM admission, Mkango Resources will have 98,198,187 common shares in issue.