Belizean bank demerges its non-Belizean businesses into BVI company

The board of Belize bank BCB Holdings Ltd., listed on the Bermuda Stock Exchange, has proposed the reorganisation of the company to its shareholders.

The proposed reorganization is through the demerger of company's non-Belizean businesses into a company Waterloo Investment Holdings Ltd., which was recently incorporated in the British Virgin Islands as the new holding company for the non-Belizean businesses.

The company intends to demerge via a declaration and payment of a dividend by BCB Holdings to shareholders, followed by a capital reduction and repayment to those shareholders satisfied by the transfer of the non-Belizean businesses and the new loan note to Waterloo.

Polo Resources Completes investment in Canadian company's assets

The British Virgin Islands-registered company Polo Resources Limited made an announcement that it has completed the acquisition of 51% interest in Nimini Holdings Limited, which owns AXMIN Inc.'s Sierra Leone Gold assets, for a cash consideration of US$7.5 million. Both Polo Resources and AXMIN now hold a 51% and 49% interest, respectively, in Nimini, which is a private British Virgin Islands company, holding 100% interest in the Sierra Leone Gold assets.

Under the terms of the deal, Polo is to solely fund the first US$2 million of the project exploration expenditures after which both parties are to jointly fund exploration expenditures on a pro rata basis. The parties who choose not to participate will face dilution of their respective interest in the project.

Executive Co-Chairman of Polo Resources, Mr. Neil L. Herbert, commented saying that these gold projects have a substantial resource upside potential and are a significant value opportunity for the company.

AXMIN Inc. is a Canadian exploration and development company working in Central and West Africa, having projects in Central African Republic, Mali, Mozambique, Sierra Leone and Senegal. The company is listed on the Toronto Stock Exchange.