Wednesday, March 28, 2012

BVI-registered Minexco Minerals Corp. signed agreement for gold exploration

Canada-based company U3O8 Corp., focused on exploration and resource expansion of uranium and green commodities in South America, and British Virgin Islands-incorporated private company Minexco Minerals Corporation signed definitive agreement. According to this agreement, Minexco Minerals Corp. will acquire from Canadian company non-core exploration properties in Guyana. This transaction will be followed by the consolidation of exploration properties around Minexco's Tamakay gold concession. The principal targets in the consolidated exploration area are gold and potential for gold-copper deposits.

Under the terms of the transaction, Minexco will issue up to nine million shares (approximately 13% of shares outstanding) to U3O8 Corp. at a deemed price of Cdn$0.30 per shares, in consideration for seven grassroots concessions' transfer to Minexco. Also, U3O8 Corp. may acquire up to an additional US$1.2 million worth of Minexco Shares or units in subsequent financings for a period up to 18 months.

The BVI company will finance the exploration within an area of interest, which has been jointly defined by the two parties to comprise Minexco's Tamakay Gold Project and U308 Corp's seven non-core properties. Exploration will be carried out by U3O8 Corp's Guyana team on a contract basis.

U3O8 Corp's President and CEO, Dr. Richard Spencer, has been appointed to Minexco's board. U308 Corp will also receive preferential right to participate in future financings undertaken by Minexco, as long as U308 Corp. continues to hold at least 10% of Minexco's shares outstanding.

Friday, March 23, 2012

BVI corporation controlling Macau gaming company enters into LOI with Elray Resources

Elray Resources has entered into a binding Letter of Intent with Golden Match, an investment holding company incorporated in the British Virgin Islands. The two companies will enter into an Acquisition Agreement, by terms of which Elray will acquire all of the outstanding shares of Golden Match.

The principal business of BVI-based Golden Match is holding a profit share agreement with a VIP Room Gaming promoter, by terms of which they receive 80 percent of profit from the promoters. The promoter currently participates in the promotion of many major luxury VIP gaming facilities in Macau, China, the largest gaming market in the world, which include the MGM, Venetian, Wynn, Galaxy and City of Dreams.

VIP gaming operations in Macau consist of VIP rooms, and gaming promoters secure VIP rooms through agreements in which they receive either a commission on turnover or a split of the casino net gaming win or loss on a pre-gaming tax basis.

The BVI-registered Golden Match is promoting Casinos in Macao SAR pursuant to a license issued by the Gaming Inspection and Coordination of Bureau of the Government of Macao SAR.

Current CEO of Elray Brian Goodman said: “Elray will now be well positioned to develop and grow as a gaming entity internationally. The Macau opportunity together with the US listing will enable the company to raise growth capital, acquire other promoters in Macau as well as in other jurisdictions and negotiate more favorable terms with casinos due to its heightened profile.”

Thursday, March 8, 2012

Management arm of an offshore law firm acquired by Intertrust Group

Offshore law firm Walkers, having its offices in many jurisdictions including the British Virgin Islands, has announced the sale of its management services business to Intertrust Group Holding SA.

Walkers Management Services, which is providing corporate, fiduciary and company secretarial services, is headquartered in the Cayman Islands. It employs people in the CI, in the BVI, Hong Kong, Dubai, Delaware and Dublin, and generates sales of more than US$50 million.

As a combined group, trust and corporate management services provider Intertrust will operate with more than 1,100 people across 30 offices in 21 countries. According to Intertrust CEO David de Buck, the firm will gain market leading position in the Cayman Islands with the acquisition and expand the group's global network by adding offices in the British Virgin Islands, Dubai and Delaware.

According to the announcement of the offshore law firm, the sale of its management services arm to Intertrust Group Holding SA followed a comprehensive strategic review of the Walkers Group.

The acquisition is subject to regulatory approval and expected to be completed in the next months, J.P. Morgan Securities LLC is acting as financial adviser to WMS.