Wednesday, November 30, 2016

Eco Atlantic sold the interest of its wholly owned subsidiary

BVI-based oil and gas exploration company Eco Atlantic Oil & Gas Ltd. has entered into a Share Purchase and Sale Agreement, through its wholly owned subsidiary Eco Atlantic Ghana Limited, which holds company's interest in the Three Point West Deep Water Offshore Block Ghana’s economic waters . According to the agreement, Eco Atlantic sold its total interest in Eco Ghana to PetroGulf Ghana Limited.

Under the terms of the agreement, the BVI company is entitled to receive US$576,580 as reimbursement for past operating expenditures owed to the company on the Block, and the purchasing company assumes all obligations of Eco Ghana related to the sold block.

The sale has received the consent of GNPC as required by the Petroleum Agreement, and the consent of GNPC Explorco as required by the Joint Operating Agreement.

Sunday, November 20, 2016

DryShips Inc. signed purchase agreement with BVI company

Nasdaq-traded international company DryShips Inc. has entered into a Securities Purchase Agreement with Kalani Investments Limited, which is incorporated in the British Virgin Islands and not affiliated with the company. The agreement is for the sale of 20,000 newly designated Series E-1 Convertible Preferred Shares, preferred warrants to purchase 30,000 Series E-1 Convertible Preferred Shares, preferred warrants to purchase 50,000 newly designated Series E-2 Convertible Preferred Shares, prepaid warrants to initially purchase an aggregate of 372,874 common shares, and 100 common shares. 

The BVI company is entitled to receive 10,000 common shares but is electing to receive 100 common shares and the prepaid warrant will be immediately exercisable for 9,900 common shares. Gross proceeds from the sale will be approximately US$20 million, and DryShips may further receive up to an aggregate of US$80 million. The proceeds from the sale transaction will be used by the company for general corporate purposes and/or to repay indebtedness under its credit facilities.

Saturday, November 5, 2016

Capstream Ventures investing in BVI company shares

An investment issuer Capstream Ventures Inc. entered into an investment agreement with Red Anchor Trading Corp., a British Virgin Islands-registered company mainly operating in Bangkok, Thailand. Red Anchor is engaged in developing "HotNow" application, which is a marketing automation platform for retailers to offer various promotions in genres of their interests and within their proximity.

According to the Investment Agreement, Capstream has agreed to invest US$1.5 million in the BVI company, to purchase 9,375 of its ordinary shares, which make 15.9% of its voting shares on a fully diluted basis. The investment proceeds will be used for funding working capital of Red Anchor. The Agreement is subject to final TSXV approval.