BVI corporation merges with India-based Jindal Steel and Power Limited

BVI-registered CIC Energy Corp. has entered into a binding merger agreement with Jindal Steel & Power (Mauritius) Limited, a wholly owned subsidiary of India's steel producer Jindal Steel and Power Limited, and Jindal (BVI) Ltd., a wholly-owned subsidiary of Jindal.

By terms of the merger agreement, CIC Energy will merge with Jindal BVI, and the last one will remain the surviving entity. Upon completion of the transaction, the holders of the outstanding shares of CIC Energy will receive CDN$2.00 per share. The consideration values total equity of the BVI corporation at approximately CDN$116.0 million on 58.0 million shares.

Jindal Steel and Power Limited, the Indian company listed on the National Stock Exchange and the Bombay Stock Exchange, has also significant presence in the mining, power generation and infrastructure sectors. The company is part of the US$15 billion diversified D.P. Jindal Group.

PetroKamchatka Plc announced farm-in agreement with BVI-based oil and gas exploration company

PetroKamchatka Plc, an international oil exploration company incorporated in Jersey, entered into a non-arms length farm-in agreement with East Siberian Resources Ltd., the company incorporated in the British Virgin Islands and managing oil and gas projects in the Krasnoyarsk region and on Sakhalin Island, Russia. The BVI company is 100% owned by the Alltech - a direct investment company, based in Russia.

Under the terms of the farm-in agreement, PetroKamchatka may earn up to 51% of the outstanding shares on fully diluted basis in two wholly-owned Cyprus subsidiaries of the BVI company – Elranio Holdings Ltd. and Lesona Holdings Ltd. Elranio is an indirect holder of 100% interest in an exploration and production license on the eastern coast of the Sakhalin Island. Lesona indirectly holds one oil production licence and one exploration and production licence located in Eastern Siberia.

PetroKamchatka intends to pursue a fund raising for approximately US$50 million, for full funding of the work program contemplated by the farm-in agreement and for general corporate purposes. The fund raise will be undertaken by a brokered private placement of common shares of the corporation at a market determined price.

Upon the execution of the farm-in agreement, PetroKamchatka intends to diversify its focus area from exploration in Kamchatka to exploration in Eastern Siberia and the Sakhalin region of Russia. Accordingly, the corporation will seek shareholder approval to change its name to “EastSiberian Plc”.

Westbridge Energy Corporation completed acquisition of BVI company

Westbridge Energy Corporation, the Canada-listed oil and gas exploration and development company, acquired 100% of the shares in the capital of Kayuco Universal Ltd., incorporated in the British Virgin Islands.

Under the terms of the transaction closed, Westbridge acquired all of the issued and outstanding common shares of the BVI company in exchange for 10 mln shares in its capital, at a deemed issue price of C$.20 per share and a cash payment of US$3 million.

Westward Energy LLC received finder’s fee in the amount of 1,000,000 common shares of Westbridge, for introducing the acquisition to the company. Finder’s fees of a total of C$80,000 as well as 692,800 finder’s warrants were also paid to certain third parties.

As a condition for the completion of the deal, Westbridge completed a non-brokered private placement financing of subscription receipts for gross proceeds of C$4,000,000 at a price of C$0.25 per receipt. 

Kayuco Universal Ltd. is a private BVI-based company whose principal asset is an 80% interest in an oil and gas petroleum exploration licence to explore within block number 1811B, which is located in the Namibe basin off the northern coast of Namibia. Company’s interest in the field covers an area of approximately 5,854 sq. km.