Capital pool company Bacanora Minerals Ltd. has provided details concerning the binding letter agreement with the British Virgin Islands-registered Mineramex Limited, signed on July 17, 2009 and amended by an agreement of January 18, 2010.
The sole assets of Mineramex are 99.9% of shares of Minera Sonora Borax, S.A. De C.V. ("MSB") and 60% of shares of Minerales Industriales Tubutama, S.A. de C.V. ("MIT"), both being Mexican corporations holding exploration and development stage borate and other mining claims in northern Sonora State of Mexico. All of the issued and outstanding shares of BVI company are held by the UK company Tubutama Limited, which is, in turn, 100% owned by another UK company, Tubutama Borax.
By terms of the agreement, Bacanora acquires all of the outstanding shares of the BVI company, together with outstanding loans owing by MIT to Tubutama Borax PLC for a total purchase price of Cdn.$5,250,000. Upon closing the transaction, the company will also grant or reserve a 3% royalty to Tubutama in respect of all minerals that are produced from the lands held by MSB and MIT.
Also the agreement provides for the completion of a private placement of a minimum of 6,000,000 shares of capital company at Cdn.$0.25 per share, for minimum proceeds of $1,500,000. The Financing is expected to close concurrently with the closing of the proposed transaction.
Sunday, February 28, 2010
Sunday, February 21, 2010
Urex Energy sells Argentine subsidiary to BVI corporation
Urex Energy Corp., a Nevada-based company focused on active exploration and development of uranium properties in Argentina and New Mexico, announced that it has completed the sale of its 100% owned Argentine subsidiary, United Energy Metals SA, to the British Virgin Islands corporation Patagonia Resources Ltd.
It was reported in a news release dated December 1, 2009 that Urex signed a letter of intent with UrAmerica Ltd of London, UK, for the sale of United Energy Metals SA. The UK company then transferred the acquisition rights of United Energy Metals to the BVI corporation.
By terms of the agreement, US$500,000 cash will be paid to Urex, and UrAmerica will assume a maximum liability of US$275,000 for the outstanding debts of the purchased company
The exploration company plans to use the proceeds of the sale to pay down debt and to focus on developing its 100% owned La Jara Mesa Extension uranium property in New Mexico.
The company said it will use the proceeds of the sale to pay down debt and to focus on developing its 100% owned La Jara Mesa Extension uranium property in New Mexico. The La Jara Mesa property is in the process of obtaining exploration drill permits.
It was reported in a news release dated December 1, 2009 that Urex signed a letter of intent with UrAmerica Ltd of London, UK, for the sale of United Energy Metals SA. The UK company then transferred the acquisition rights of United Energy Metals to the BVI corporation.
By terms of the agreement, US$500,000 cash will be paid to Urex, and UrAmerica will assume a maximum liability of US$275,000 for the outstanding debts of the purchased company
The exploration company plans to use the proceeds of the sale to pay down debt and to focus on developing its 100% owned La Jara Mesa Extension uranium property in New Mexico.
The company said it will use the proceeds of the sale to pay down debt and to focus on developing its 100% owned La Jara Mesa Extension uranium property in New Mexico. The La Jara Mesa property is in the process of obtaining exploration drill permits.
Friday, February 12, 2010
Thunderbird provides update on Panamanian and Indian projects
BVI-registered company Thunderbird Resorts Inc., an international provider and operator of branded casinos and gaming facilities in a number of countries worldwide, has reported an update on the proposed transaction with Merit Gaming, LLC.
In December 2009, Thunderbird Resorts Group and Merit Gaming, LLC had executed a letter of intent for the purchase and sale of Thunderbird's 63.63% stake in International Thunderbird Gaming (Panama) Corporation, which owns six casinos in Panama. The transaction was subject to the fulfillment of certain conditions, including the expiration of certain first rights of refusal. Recently, the Thunderbird Group was notified that a holder of first right of refusal, Powelton Company, Inc., which is a privately held company incorporated under the law of the BVI, exercised its right to match the letter of intent between Thunderbird and Merit. While there is no assurance of closing the deal, Thunderbird and Merit will move forward to do it.
Also, Thunderbird Group announced an update on agreements with an Indian group to form Daman Hospitality Private Limited to develop and own a resort in Daman, India. Along with its joint venture partners, Thunderbird invested $16mln in the project, which requires approximately $13.5mln in additional equity and $26mln in senior secured debt. The $13.5mln has now been funded of which $7.5mln was funded by an international private equity firm in November-December 2009. Also, the Group announced that DHPL consummated a loan facility with a consortium of Indian banks for US$26mln in senior secured financing that has been guaranteed by the BVI Group and its Indian partner. Thunderbird anticipates the first funding of this loan to occur within the next 15 days.
In December 2009, Thunderbird Resorts Group and Merit Gaming, LLC had executed a letter of intent for the purchase and sale of Thunderbird's 63.63% stake in International Thunderbird Gaming (Panama) Corporation, which owns six casinos in Panama. The transaction was subject to the fulfillment of certain conditions, including the expiration of certain first rights of refusal. Recently, the Thunderbird Group was notified that a holder of first right of refusal, Powelton Company, Inc., which is a privately held company incorporated under the law of the BVI, exercised its right to match the letter of intent between Thunderbird and Merit. While there is no assurance of closing the deal, Thunderbird and Merit will move forward to do it.
Also, Thunderbird Group announced an update on agreements with an Indian group to form Daman Hospitality Private Limited to develop and own a resort in Daman, India. Along with its joint venture partners, Thunderbird invested $16mln in the project, which requires approximately $13.5mln in additional equity and $26mln in senior secured debt. The $13.5mln has now been funded of which $7.5mln was funded by an international private equity firm in November-December 2009. Also, the Group announced that DHPL consummated a loan facility with a consortium of Indian banks for US$26mln in senior secured financing that has been guaranteed by the BVI Group and its Indian partner. Thunderbird anticipates the first funding of this loan to occur within the next 15 days.
Thursday, February 4, 2010
Brazilian Gold Corporation through its BVI subsidiary signed Definitive Agreement on Boa Vista Project in Brazil
Brazilian Gold Corporation, the Canadian public company focused on acquisition, exploration and development of mineral properties in the Tapajos region of Brazil, signed a Definitive Agreement through its wholly owned British Virgin Islands-registered subsidiary Cabral Resources (BVI) Ltd. with Golden Tapajós Mineracão Ltda., Octa Mineracão, Ltda. and D'Gold Mineral, Ltda. The agreement is for the acquisition of a 51% interest in Boa Vista Gold Inc. that will be the indirect holder of the rights to the Boa Vista Project through its ownership of Golden Tapajós. 55% of Boa Vista Gold, which is incorporated in the British Virgin Islands, is owned by Octa Mineracão and 45% by D'Gold. The Definitive Agreement for this transaction was signed on January 21, 2010.
Under the terms of the Definitive Agreement, Octa and D'Gold are transferring their 100% interest in Golden to BVG. Cabral Resources (BVI) must undertake the following actions, in order to get a 51% interest in BVG: pay to Octa and D'Gold the amount of US$600,000 on the closing date which is on or before February 26, 2010, and incur US$3,000,000 in exploration expenses on or before the second anniversary date of signing the Definitive Agreement (First Option). Upon fulfilling this, Octa and D'Gold must notify Cabral within thirty days of whether it wants to form a Joint Venture or grant the Second Option to earn an additional 19% interest in BVG.
The Boa Vista Project is located near the southern border of the Tapajós Mineral Province. The Project includes a number of historic alluvial deposits partially explored by Golden Tapajós. Cabral Resources (BVI) Ltd. intends to undertake a systematic exploration program over the Project, and make detailed geological mapping, geochemical and geophysical surveys.
Under the terms of the Definitive Agreement, Octa and D'Gold are transferring their 100% interest in Golden to BVG. Cabral Resources (BVI) must undertake the following actions, in order to get a 51% interest in BVG: pay to Octa and D'Gold the amount of US$600,000 on the closing date which is on or before February 26, 2010, and incur US$3,000,000 in exploration expenses on or before the second anniversary date of signing the Definitive Agreement (First Option). Upon fulfilling this, Octa and D'Gold must notify Cabral within thirty days of whether it wants to form a Joint Venture or grant the Second Option to earn an additional 19% interest in BVG.
The Boa Vista Project is located near the southern border of the Tapajós Mineral Province. The Project includes a number of historic alluvial deposits partially explored by Golden Tapajós. Cabral Resources (BVI) Ltd. intends to undertake a systematic exploration program over the Project, and make detailed geological mapping, geochemical and geophysical surveys.
Monday, February 1, 2010
Hanseatic & Baltic Properties Plc signed MoU with BVI- and Cayman-based companies
The investment company Hanseatic & Baltic Properties Plc announced the signing of a legally binding Memorandum of Understanding with P.T. Citramegah Karya Gemilang (CKG), incorporated in the Republic of Indonesia, and the British Virgin Islands-incorporated companies Prestigious Assets Management Limited, Sarris Limited, Olympiad Investments Limited, Trinova Holdings Limited, Mirae Asset Solutions (HK) Limited and Jersey Hills Holdings Limited. According to the MoU, Hanseatic & Baltic will acquire from these companies the entire issued share capital of the Cayman Islands-based company United Sino Limited. The consideration for the acquisition under the terms of the MoU agreement will be 30 billion ordinary shares at a price of GBP 0.001 each.
If the proposed acquisition goes ahead, the vendors would own 99.7% of the entire issued share capital of Hanseatic & Baltic prior to including shares raised as a result of the intended placing.
The purchasing company has previously issued convertible instruments which may result in a total of an additional 705, 750,000 ordinary shares being issued. The company would have 30,798,118,046 ordinary shares issued on a fully diluted basis, and the vendors would own 97.4% of the entire issued share capital of the company prior to including shares raised as a result of the intended placing.
It is proposed that United Sino Limited incorporates a subsidiary in Libya, in which it will own 65% of the entire issued share capital. The agreement provides that Sino shall enter into a construction management agreement with this subsidiary which terms include that the subsidiary shall pay to Sino 40% of its profit as management fees.
If the proposed acquisition goes ahead, the vendors would own 99.7% of the entire issued share capital of Hanseatic & Baltic prior to including shares raised as a result of the intended placing.
The purchasing company has previously issued convertible instruments which may result in a total of an additional 705, 750,000 ordinary shares being issued. The company would have 30,798,118,046 ordinary shares issued on a fully diluted basis, and the vendors would own 97.4% of the entire issued share capital of the company prior to including shares raised as a result of the intended placing.
It is proposed that United Sino Limited incorporates a subsidiary in Libya, in which it will own 65% of the entire issued share capital. The agreement provides that Sino shall enter into a construction management agreement with this subsidiary which terms include that the subsidiary shall pay to Sino 40% of its profit as management fees.
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