LonZim Plc, which has been established for the principal purpose of making investments in Zimbabwe announced that it had acquired the remaining 20% of British Virgin Islands-registered Blueberry International Services Ltd. - an offshore company that controls 60% of Celsys Limited, a Zimbabwean publicly listed company operating in the telecommunications and security printing sector. The BVI registered Blueberry International Limited also is the sole owner of Zimbabwean private industrial chemical manufacturer and distributer - Gardoserve Limited, the company trading under the "Millpal" brand.
The stake in the BVI company was acquired from Coast2Coast Communications Investments for US$1,362,500. This deal followed LonZim's GBP 2,431,000 worth acquisition of an initial 80% of BVI offshore company in January 2008. At that moment LonZim also entered into a 'put and call option' agreement with Coast2Coast with option period valid till 1 October 2012. In accordance to this agreement under the call option LonZim can acquire the remaining 20% in Blueberry at the same price. Under the put option LonZim can be required to acquire the remaining 20 per cent in Blueberry at a price of US$1,362,500.
Wednesday, March 19, 2008
Friday, March 14, 2008
BVI-controlled Yuhe Poultry Limited goes public, and investors are to invest $21 mln in private financing
First Growth Investors, Inc. today reported the closing of a stock exchange transaction with the shareholder of Bright Stand International, Ltd., the British Virgin Islands company which owns 100% of Yuhe Poultry Limited and Weifang Taihong Feed Co., Ltd., collectively named "Yuhe Poultry".
Yuhe Poultry is one of the leading broiler producers in China, which reported consolidated net sales of approximately $16 million and consolidated net income of approximately $5 million, for the nine months ended September 31, 2007.
As a result of the exchange transaction with the BVI company, Yuhe Poultry and Weifang Taihong Feed became indirect wholly-owned subsidiaries of First Growth. The companies will operate on a consolidated basis upon the business plan of Bright Stand and its Chinese-based subsidiaries.
First Growth closed a private placement of its capital stock whereby it received approximately $18 million in gross offering proceeds, before payment of commissions and fees. Also, the shareholders of BVI-based Bright Stand sold shares of First Growth to participants in the private placement, resulting in gross proceeds of approximately $3 million to the selling shareholder.
As a result of the share exchange transaction, BVI registered Bright Stand's shareholders, including participants in the $3 million private offering, was issued 126,857,134 shares of Firsth Growth's common stock in exchange for shares of Bright Stand.
Roth Capital Partners, LLC was the placement agent in the $21 million financing transaction.
Yuhe Poultry is one of the leading broiler producers in China, which reported consolidated net sales of approximately $16 million and consolidated net income of approximately $5 million, for the nine months ended September 31, 2007.
As a result of the exchange transaction with the BVI company, Yuhe Poultry and Weifang Taihong Feed became indirect wholly-owned subsidiaries of First Growth. The companies will operate on a consolidated basis upon the business plan of Bright Stand and its Chinese-based subsidiaries.
First Growth closed a private placement of its capital stock whereby it received approximately $18 million in gross offering proceeds, before payment of commissions and fees. Also, the shareholders of BVI-based Bright Stand sold shares of First Growth to participants in the private placement, resulting in gross proceeds of approximately $3 million to the selling shareholder.
As a result of the share exchange transaction, BVI registered Bright Stand's shareholders, including participants in the $3 million private offering, was issued 126,857,134 shares of Firsth Growth's common stock in exchange for shares of Bright Stand.
Roth Capital Partners, LLC was the placement agent in the $21 million financing transaction.
Tuesday, March 4, 2008
China Natural Resources enters into agreement to acquire copper smelter in Mongolia
In the end of February, BVI-registered mining corporation China Natural Resources, Inc. announced that it had entered into an agreement with Feishang Group Limited, the company engaged in the smelting and refining of copper for distribution in China. Pursuant to this deal that took place on February 20, China Natural Resources will acquire from Feishang Group L 100% of the issued and outstanding capital stock of Mark Faith Technology Development Limited and its operating subsidiary.
Mark Faith owns all of the outstanding capital stock of China-based Bayannaoer City Feishang Copper Company Limited, operating in Inner Mongolia. Feishang Copper commenced trial production in May 2007, and the commercial production is expected to be commenced in early July 2008, upon the receipt of necessary certifications and permits from the Chinese authorities.
The purchase price for the shares of Mark Faith is equal to the lesser of the audited consolidated net asset value of Mark Faith as at December 31, 2007, and will make RMB24,252,464 (approximately US$3,300,000). Additionally, the BVI company will pay FGL RMB47,291,576 (approximately US$6,500,000), in satisfaction of outstanding indebtedness of Mark Faith to FGL.
At the time of signing the Agreement, China Natural Resources paid FGL RMB30,000,000 (approximately US$4,110,000). The balance of RMB41,544,040 (approximately US$5,691,000) will be paid at a closing that is expected to be made on or before March 7, 2008.
CEO and Chairman of China Natural Resources, Mr. Feilie Li, said that this is “an important step taken by us towards adopting an integrated operating model that includes mining, ore processing, smelting and refining of copper and other non-ferrous metals. “
China Natural Resources continues promoting other natural resources development projects: in January, the BVI-based corporation entered into an agreement with Chinese state-owned Jiangxi Province Coal Group Company, to establish an equity joint venture company focused on exploration and mining of coal and other mineral resources in Guizhou Province and other regions of China.
Mark Faith owns all of the outstanding capital stock of China-based Bayannaoer City Feishang Copper Company Limited, operating in Inner Mongolia. Feishang Copper commenced trial production in May 2007, and the commercial production is expected to be commenced in early July 2008, upon the receipt of necessary certifications and permits from the Chinese authorities.
The purchase price for the shares of Mark Faith is equal to the lesser of the audited consolidated net asset value of Mark Faith as at December 31, 2007, and will make RMB24,252,464 (approximately US$3,300,000). Additionally, the BVI company will pay FGL RMB47,291,576 (approximately US$6,500,000), in satisfaction of outstanding indebtedness of Mark Faith to FGL.
At the time of signing the Agreement, China Natural Resources paid FGL RMB30,000,000 (approximately US$4,110,000). The balance of RMB41,544,040 (approximately US$5,691,000) will be paid at a closing that is expected to be made on or before March 7, 2008.
CEO and Chairman of China Natural Resources, Mr. Feilie Li, said that this is “an important step taken by us towards adopting an integrated operating model that includes mining, ore processing, smelting and refining of copper and other non-ferrous metals. “
China Natural Resources continues promoting other natural resources development projects: in January, the BVI-based corporation entered into an agreement with Chinese state-owned Jiangxi Province Coal Group Company, to establish an equity joint venture company focused on exploration and mining of coal and other mineral resources in Guizhou Province and other regions of China.
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