Thursday, February 28, 2008

BVI-based Homeland Energy Corp. completes merger with Chrysalis, and acquires 15.6% of Australian company Altona Resources

Homeland Energy Corp., a private BVI-registered company focused on energy exploration and development in South Africa, reported that its merger partner, Chrysalis Capital IV Corporation, has made another step in the process of the Reverse take-over of Chrysalis (a Capital Pool Company) by Homeland, having lodged its Filing Statement on SEDAR. The Filing Statement is actually a comprehensive compilation of information on both corporate entities merging, and on the structure, composition and financial state of the final entity.

When the Reverse take-over will be closed, the traded entity will be called Homeland Energy Group Ltd. and will commence trading on the Toronto Stock Exchange under the assigned ticker symbol of “HEG” in the beginning of March 2008.

Also, pursuant to the previously announced share exchange offer by Chrystalis, Homeland deposited 26,982,980 of its common shares stock – that is 78% of the issued and outstanding Homeland Common Shares. Chrystalis reported the intention to istruct the depositary, Equity Transfer & Trust Company, to take up and pay for all of the Common Shares of the BVI company, at the moment of the closing of the Qualifying Transaction.

Another announcement made by Homeland Energy was about the acquisition of 15.6% of Altona Resources Plc, through a share exchange of the BVI company with two of Altona's major shareholders. Altona is Perth-based company focused on the delineation of a coal resource in South Australia. Stephen Coates, President and CEO of Homeland Energy, has commented that by this deal the company continues “to augment its investment in energy companies and create a geographically diverse portfolio of energy-focused projects”. The transaction was completed on February 13, 2008, through the purchase of 44,250,000 shares of Altona Resources, by issuing 737,500 new fully paid shares of Homeland Energy. As the result of this share issue, Homeland's total number of shares outstanding will be 34,521,826.

Also, on February 8, 2008 the BVI company received notification by a strategic investor that he would be exercising the first of its three options, under an MOU signed on December 15, 2007, to acquire up to a total of a 50% interest in Homeland's South African subsidiary, Homeland Mining & Energy SA (Pty) Ltd., for a price of US$15,000,000.

Sunday, February 24, 2008

BVI-based A-Power is planning to acquire Liaoning International Construction & Engineering Group

BVI-registered company A-Power Energy Generation Systems, Ltd. has announced a week ago that it has entered into an agreement in order to acquire Liaoning International Construction and Engineering Group (LICEG), - one of China's leading construction and engineering companies.

Liaoning International Group was incorporated under the Construction Commission of the Liaoning Province, and is one of a limited number of construction and engineering companies in China having Class-A license that permits it to undertake international power and infrastructure projects, and construct various power systems, energy and infrastructure projects of any size in the country.

BVI-domiciled A-Power is the owner of a Class-B construction license, and it must work with Class-A companies to complete the construction of its distributed power generation systems over 25 MW in size.

Since being incorporated in 1993, LICEG has completed a large number of projects not only in China, but in Africa, Eastern Europe and the Asian Pacific region. In the latest fiscal year for which audited financials are available (2006), company's recorded revenue made approximately US$70 million, and net income was about US$2.3 million.

Monday, February 18, 2008

Learning Quest Technologies, Inc. completed share exchange with British Virgin Islands company Color Man Holdings Limited

Learning Quest Technologies, Inc. (LQTI) published news release where informed about the purchase of Expressway Toll Business of Pingdingshan Pinglin Expressway Co., Ltd., via transaction with BVI-registered and Hong Kong-based holding company. Learning Quest Technologies Incorporated completed share exchange with British Virgin Islands company Color Man Holdings Limited (CMH), and CMH's sole stockholder, Joylink Holdings Limited, which is also registered in BVI.

Pursuant to the share exchange agreement, LQTI issued 54,400,000 newly issued common stock shares (that is 68% of company's 80,000,000 issued and outstanding shares, on the date of the transaction), to Joylink in exchange for all of the issued and outstanding capital stock of BVI-based Color Man Holdings Ltd, transferred by Joylink to LQTI. As a result of the above transaction, BVI-based Color Man Holdings Ltd became a wholly owned subsidiary of LQTI.

CMH is the sole stockholder of Hong Kong company Wise On China Limited (WOC), whose wholly owned subsidiary and sole operating entity is Pingdingshan Pinglin Expressway Co., Ltd. (PING), formed under PRC law as a Wholly Foreign Owned Enterprise, and doing business in the PRC.

Incorporated in 2003, PING was granted the right to manage and operate the Pingdingshan-Linru portion of the Nanjing-Luoyang expressway, which was part of the PRC's National Expressway Network Plan worked out by Chinese government. According to the information in the press release, at the moment of the closing of the transaction, the operations of PING are the only operations of LQTI.

Tuesday, February 12, 2008

BVI-domiciled China Natural Resources Inc. enters into new coal mining joint venture

China Natural Resources Inc., the company registered in BVI and based in Hong Kong, made an announcement that on January 26, 2008 it had entered into an agreement with Jiangxi Province Coal Group Company, a state-owned enterprise and the largest integrated coal producer in Jiangxi Province, China, to establish Guizhou Puzheng Mining Co. Ltd. as an equity joint venture company in Guizhou Province, the PRC.

The joint venture company Guizhou Puzheng Mining Co. Ltd. will be 64% owned by BVI-based China Natural Resources, and its main focus will be exploration and mining of coal and other mineral resources in Guizhou Province and other regions in China.

Mr. Li Feilie, the Chairman and CEO of China Natural Resources Inc., has commented that the joint venture company will become a solid platform for the company, “to develop the coal market in the PRC, with particular focus on Guizhou Province, through acquisition and integration of the existing coal mining operations with the use of more advanced coal mining, selecting and processing technologies."

BVI-domiciled China Natural Resources Inc. is one of important natural resources development companies operating in China, receiving most of its earnings from the sale of zinc and iron.

Friday, February 8, 2008

Uranium 308 Corp. to acquire 10% ownership of BVI-registered Mongolia Metals Limited

Uranium 308 Corp., a mineral exploration and development company with primary focus on uranium exploration in Mongolia, has announced it has entered into and completed a share purchase agreement with its subsidiaries Mongolia Energy Limited, Tooroibandi Limited, British Virgin Islands-registered Mongolia Metals Limited, and Hong Kong-based Mongolia Metals Limited, a company organized under the laws of Mongolia and a wholly-owned subsidiary of MML. According to this agreement, Uranium 308 Corp. has issued 12,000,000 shares of its common stock to Mongolia Metals Limited, in exchange for Mongolia Energy Limited receiving a 10% ownership interest in BVI-based Mongolia Metals Limited.

Tooroibandi has allowed Hong Kong company the use of certain land holdings controlled by Tooroibandi and located approximately 70 km southeast of Ulaanbaatar, the capital of Mongolia, for exploration and development. In its turn, in accordance with the terms of the Share Purchase Agreement, Tooroibandi receives a 1% ownership interest in HKMML.

Dennis Tan, the President of Uranium 308 Corp., commented that “the share purchase agreement involving Uranium 308, MEL, Tooroibandi, MML and HKMML secured company's access to what are to be substantial tin resources on the four properties, and with it shareholder exposure to substantial potential upside that could result from their exploration and development."

Friday, February 1, 2008

JMG Exploration Updates Status of Defaulted Loan to BVI-registered Newco Group Ltd.

About a week ago, the Nevada-registered JMG Exploration, Inc. reported the termination of the share exchange with BVI-registered Newco Group Ltd., which was contemplated by the Share Exchange Agreement with ESAPI Ltd., a company organized under the laws of the Commonwealth of the Bahamas. Now, JMG Exploration updates status of defaulted loan to the BVI company.

The oil and gas corporation JMG Exploration reported on the acquisition of the BVI holding company Newco Group in August 2006, and the transaction was expected to be closed until December 31, 2007. Previously, JMG announced that Newco had failed to repay a $3 million loan and accrued interest that was due December 31, 2007, and that the loan was in default. A previous offer to allow Newco until March 31, 2008 to repay the $3 million loan was not accepted.

Now, Nevada corporation announces about its intention to exercise its remedies as a secured creditor, - including transferring the shares of Indian company Iris Computers Ltd. that secure the loan into the name of JMG.

In case the BVI company does not repay the loan and JMG transfers the pledged Iris shares in JMG's name, JMG will have effective majority control of Iris because of the 39% equity interst in the company represented by the pledged Iris shares, and JMG's irrevocable proxy from ESAPI representing an additional 14.5% equity interest in Iris. Then, JMG's Board of Directors will either sell the investment, or retain and perhaps even increase it.