Wednesday, April 25, 2012

Westbridge Energy announced acquisition of BVI company's interest

Oil and gas exploration and development company Westbridge Energy Corporation has entered into a binding letter of intent with Kayuco Universal Ltd. - a private company incorporated under the laws of the British Virgin Islands tax haven, whose principal asset is 80% interest in an oil and gas petroleum exploration licence granted by for exploration in Namibia.

Under the terms of the Letter of Intent, dated April 12, 2012, Westbridge will acquire 100 per cent of the issued and outstanding shares in the capital of the BVI company with consideration comprising 10 million common shares in the capital of Westbridge at a deemed issue price of C$20 per share to the selling shareholders, and a cash payment of US$3 million of which C$300,000 is to be paid by way of an advance deposit upon execution by the parties.

The acquisition is an arm's-length transaction, and it is not expected to result in a change of control. Under the policies of the Exchange, the transaction qualifies as a “Reviewable Transaction” and remains subject to regulatory approval.

Westbridge also announced a non-brokered private placement of subscription receipts of up to US$4 million, with a US$2 million minimum, priced at US$0.25 per subscription receipt.

Westbridge's shares shall resume trading on the Exchange on the open on April 18, 2012.

Wednesday, April 18, 2012

China GrenTech's shareholders approved merger with BVI company

China GrenTech Corporation Limited, China-based company providing radio frequency and wireless coverage products and services, announced that company's shareholders voted at an extraordinary general meeting in favor of the proposal to approve the previously announced amended and restated agreement and plan of merger dated January 20, 2012. The agreement is among China GrenTech, Talenthome Management Limited, a British Virgin Islands exempted company, and Xing Sheng Corporation Limited, a Cayman Islands exempted company wholly owned by the BVI company. Pursuant to the agreement, Xing Sheng will merge with and into China GrenTech, and Chinese company will continue as the surviving company wholly owned by Talenthome Management Limited.

The parties of the agreement expect to complete the merger as soon as practicable, subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement. If completed, the merger would result in China GrenTech becoming a privately held company wholly-owned by the BVI company, and Grentech's American depositary shares would be delisted from the NASDAQ Global Select Market.

Friday, April 13, 2012

BVI company signs Definitive Farm-Out Agreement

Eco (Atlantic) Oil & Gas Ltd., incorporated in the British Virgin Islands, has signed a definitive Farm-out Agreement with Bermuda-based Azimuth Ltd.

Azimuth is an exploration and production company backed by majority-owner Seacrest Capital Ltd. and Petroleum Geo-Services ASA. Pursuant to the agreement, Azimuth will earn 20% working interest in each of Eco Atlantic's offshore Namibia licenses, namely the “Cooper License”, the “Sharon License” and the “Guy License”, in return for funding 40% of the cost of 3D seismic surveys across all three licenses, the acquisition of which is expected to cost more than US$25 million.

The BVI company, through its wholly owned subsidiary Eco Oil and Gas Namibia (PTY) Ltd., currently holds 90% working interest in the licenses, and the Namibian National Oil and Gas Company (NAMCOR) holds a 10% working interest. As a result of this transaction, Eco Namibia's interest will be 70%, Azimuth will earn 20 % interest, and NAMCOR will retain its 10% carried interest.

Gil Holzman, President and CEO of Eco Atlantic, commented on the transaction, saying: “Eco Atlantic is excited to have executed the Farm-out Agreement thereby securing the relationship with Azimuth as a license and technical partner. This partnership will enhance the technical ability brought to analyze the Licenses, thereby reducing the execution risk and strengthening the Company's technical ability to perform its offshore Namibia 3D Geophysical program. The cost of the 3D program is approximately US $25million on all three offshore blocks, and the Company’s current balance sheet combined with Azimuth's contribution covers the majority of the cost associated with our program.”