BVI company to close US$1.5mln private placement

Taoping Inc., the British Virgin Islands-based company formerly known as China Information Technology, Inc. and focused on providing internet-based ad distribution and ad display terminal sharing systems in China, this month announced the initial closing of a non-brokered private placement of 1 mln ordinary shares at a price of US$1.5 per share, for gross proceeds of US$1.5mln.

In September 2018, Taoping entered into a securities purchase agreement with certain investors, pursuant to which they agreed to purchase an aggregate of 2,000,000 ordinary shares of the BVI company at a price of US$1.50 per share, for US$3mln. It was expected by the company that the remaining 1 mln ordinary shares will be purchased by JW Capital Group for US$1.5mln before the end of the year. Net proceeds of the offering will be used to support global market expansion of Taoping.

The unit of Atlas Mara selling 24.9% of its Botswana subsidiary

ABC Holdings, financial services provider working in Africa, and a unit of BVI-registered Atlas Mara Limited, announced that it is selling 24.9% of its Botswana subsidiary, BancABC Botswana, to raise US$34 million.

According to BancABC Botswana, which is wholly owned by ABC Holdings, the funds raised from selling 180 million shares will be used for upgrading, developing and enhancing IT infrastructure and banking platforms across its operations in Africa.

The share sale is to close on November 23. The bank said that it is not a public trade, the shares were offered to private institutional investors and firm commitments were received for 148.6 million offered shares, which make 82.3% of the offer. However, Managing Director of BancABC Botswana noted that members of the public also have an opportunity to participate in the offer through the brokers.

Canadian company signed agreement with BVI-based Phoenix Capital Enterprises Ltd.

Cabo Drilling Corp., a drilling services company headquartered in British Columbia, Canada, announced that it has signed share purchase agreement with Phoenix Capital Enterprises Ltd., a corporation domiciled in the British Virgin Islands. Pursuant to the agreement, dated October 27, 2018, the Canadian company will effect business combination and reverse takeover transaction as a result of which it will acquire all of the issued and outstanding common shares of Tengri Resources Pte. Ltd., incorporated in Singapore, in exchange for cash and newly issued common shares of Cabo.

The transaction will be subject to relevant regulatory and stock exchange approvals, standard closing conditions, and the completion of due diligence investigations.

Tengri Resources Pte, a private company wholly owned by BVI-incorporated Phoenix, is the owner of 100% securities of Tengri Resources LLC, which is the 100% owner of Richfluorite LLC, which is the 100% owner of Jonsht Gazar LLC.