Aura Minerals Inc. announced completion of new offtake agreement

BVI-incorporated company Aura Minerals Inc. announced that its wholly-owned subsidiary, Aranzazu Holding S.A. de C.V., has completed a competitive bidding process for a new offtake agreement with Trafigura México, S.A. de C.V., pursuant to which Trafigura has agreed to purchase 100% of the copper and gold concentrate produced at Aranzazu during the term of the New Agreement.

The New Agreement is effective as of the beginning of 2022 and until the end of 2024. The current offtake agreement in place with IXM Metals will remain in force until the end of 2021.

As a result of a strong competitive process and improved market conditions for copper, Aura expects Aranzazu to achieve material savings under the New Agreement, improving gross margins by 4 percentage points compared to the terms of the Existing Agreement.

Luxoft completed acquisition of CMORE Automotive

Luxoft, a DXC Technology Company, announced the completion of its acquisition of CMORE Automotive on April 9, 2020. Definitive agreement to acquire the independent services provider, dedicated to the development and validation of Al-driven mobility systems, was announced on March 5, 2020, and final approval was received by the company on March 24, 2020.

The acquisition adds to Luxoft’s capabilities in data-driven development, testing and validation of Autonomous Drive/Advanced Driver Assistance Systems and strengthens the company’s ability to design and deploy transformative AD/ADAS programs for clients at scale.

Dmitry Loschinin, executive vice president, DXC Technology, and president and chief executive officer, Luxoft, commented on the completion of the acquisition: “With CMORE Automotive, Luxoft will extend its spectrum of AD/ADAS initiatives, from enabling customers to amplify their fusion, perception and driving function development, testing and validation capacities to delivering transformative AD/ADAS solutions at scale. I want to welcome the CMORE Automotive team to the DXC family.”

Richard Woller, chief executive officer, CMORE Automotive, said: “We are excited to be a part of the DXC family and its Autonomous Drive team and looking forward to accelerate customers’ in-car series projects with end-to-end AI-driven development, testing and validation of AD/ADAS solutions at scale.”

BVI company’s subsidiary entered into Merger Agreement with China-based Jumei

Jumei International Holding Limited, China-based fashion and lifestyle solutions provider, has entered into a definitive Agreement and Plan of Merger with business company Super ROI Global Holding Limited, incorporated under the laws of the British Virgin Islands, and BVI company’s wholly-owned subsidiary Jumei Investment Holding Limited, incorporated in the Cayman Islands.

Under the terms of the Merger Agreement, Jumei Investment Holding and Super ROI Global Holding Limited will acquire all of the outstanding class A ordinary shares of the company, par value US$0.00025 per share and American depositary share each representing ten Class A Ordinary Shares. 

The subsidiary of the BVI company will promptly start a tender offer to acquire all of the outstanding Class A Ordinary Shares of Jumei International Holding Limited at a price of US$2.0 per share or US$20.0 per ADS in cash, without interest and less US$0.05 per ADS cancellation fees, US$0.02 per ADS depositary service fees and other related fees and taxes. After completion of the tender offer, which will be subject to several conditions, the BVI company will purchase all remaining shares through a “short-form” merger of Jumei Investment Holding Limited and Jumei International Holding Limited.

The Merger Agreement, the offer and the merger were unanimously recommended by the board of directors of the Chinese company. The merger is expected to close in the second quarter of 2020; upon its completion, Jumei International Holding Limited, will become a privately-owned company wholly owned directly by the BVI corporation.

Aura Minerals purchases Gold Road Mine from Para Resources Ltd

Aura Minerals Inc., the mining company incorporated in the British Virgin Islands, and Para Resources Inc. entered into a binding term sheet together with PPG Arizona Holdings LP, an affiliate of Pandion Mine Finance, LP. Pursuant the terms of the agreement, the BVI company will purchase from Para all of the issued and outstanding shares of its wholly-owned subsidiary Z79 Gold (USA) Corp., for nominal cash consideration and the assumption of liabilities from Para to PPG of approximately US$35mln, under the restructured pre-paid forward gold purchase agreement dated August 3, 2018. The closing of the Transactions is expected to occur on or about March 13, 2020.

Z79 is the owner of 94% interest in Gold Road Mining Corp., which owns the Gold Road Mine in Arizona, also the company owns 94% interest in TR-UE Vein Exploration, Inc., which owns different options to acquire parcels of land adjacent to the Gold Road Project.

President and CEO of the BVI company Mr. Rodrigo Barbosa said today: “We believe that Gold Road has a good strategic fit with Aura’s portfolio. With our technical and managerial expertise we should be able to help Gold Road unlock value and grow.”

Luxoft announces Joint Venture formation

BVI-registered Luxoft (DXC Technology Company) and LG Electronics announced that they will form an automotive joint venture to advance the deployment of production-ready digital cockpit, in-vehicle infotainment, rear-seat entertainment (RSE) and ride-hailing systems based on the webOS Auto platform. Luxoft will lead the deployment of webOS Auto platform in production-ready systems in automotive by contributing its global delivery network and its engineering at-scale delivery organization. It is expected that the joint venture will start operations in the first quarter of 2020. The transaction is subject to regulatory approval and other customary closing conditions.

webOS Auto is an open platform for collaboration and for shared and intelligent mobility, providing unique features and functionality, and incorporating all essential components to offer improved comfort and convenience to passengers and drivers.

Dmitry Loschinin, executive vice president, DXC Technology, and president and CEO, Luxoft, said in his comments: ”This new venture reinforces Luxoft’s capabilities in the design, development and deployment of large-scale digital cockpit and connected mobility solutions based on open platforms… The combined strengths of LG and Luxoft will create invaluable synergy to deploy webOS Auto, the platform for digital, consumer-grade experiences to automakers and their key partners.”

Scotiabank selling its BVI branch to Trinidad-based bank

Scotiabank made an announcement that it has reached an agreement for the sale of 100% of the shares of its British Virgin Islands branch to Trinidad-based Republic Financial Holdings Limited, which is the owner of the Republic Bank group of banks. The new agreement is the latest in a series of transactions the Canadian bank was making to unload its Caribbean assets, after the sale of its banking operations in Anguilla, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, St. Maarten and St. Vincent and the Grenadines to Republic Bank.

The BVI agreement is subject to regulatory approval and customary closing conditions. The Canadian bank did not disclose the terms of the agreement, but the notice on the Trinidad and Tobago Stock Exchange put the $120 million price.

In 2017, according to the survey by the Caribbean Association of Banks, 21 of the 23 banks in 12 Caribbean countries had lost at least one correspondent banking relationship, defined as an agreement between foreign and domestic bank where a correspondent account is established at one bank for the other.

Kingsferry Capital Management Group sells common shares of Canadian company

BVI-regulated investment management company Kingsferry Capital Management Group Limited announced that it has sold 752,000 common shares of Canada-based Home Capital Group Inc. These common shares, sold on behalf of a managed account during the period between 13 and 15 of November, 2019 at an average price of C$34.02 per common share for gross proceeds of C$25,580,549, represent approximately 1.31% of the issued and outstanding common shares.

Prior to the sales transaction, the BVI group controlled over 6,364,800 common shares, which represented approximately 11.10% of the issued and outstanding common shares, and as a result of the disposition it exercises control and direction of over 5,612,800 common shares (approximately 9.79% of the issued and outstanding common shares). As Kingsferry Capital now controls or directs less than 10% of the common shares, it is no longer a “reporting insider” and also is not subject to early warning reporting obligations.

Biotechnology company closed private financing from BVI-registered Juvenescence Ltd.

LyGenesis, Inc., a biotechnology company focused on organ regeneration, announced the closing of US$4 million in private financing of convertible notes from BVI-registered holding company Juvenescence, Ltd. and Longevity Vision Fund. This convertible debt financing will allow LyGenesis to start transition of liver regeneration program into clinical development stage.

Greg Bailey, MD, Co-Founder and CEO of Juvenescence and a member of LyGenesis’s Board of Directors, said in his comments: “We are thrilled to continue our financial support of LyGenesis as they transition into clinical development.” Sergey Young, founder of Longevity Vision Fund, said “The progress of LyGenesis’s technology is emblematic of the rapid advances we are witnessing as biotechnology transitions from bench research, to preclinical models, and now into the clinic.”

NF Energy Saving Corporation completed acquisition of pharmacy chain company

NF Energy Saving Corporation, China-based provider of integrated energy conservation solutions, has completed the acquisition of Chinese pharmacy chain company Boqi Zhengji Pharmacy Chain Co., Ltd. 

Previously, NF Energy entered into a stock purchase agreement with British Virgin Islands-registered Lasting Wisdom Holdings Limited, as well as Hong Kong company Pukung Limited, China-based companies Beijing Xin Rong Xin Industrial Development Co., Ltd. and Boqi Zhengji Pharmacy Chain Co., Ltd., and several individual sellers. The aggregate purchase price for the shares consists of a cash consideration of RMB 40,000,000 (USD 5,643,181) and up to 1,500,000 shares of common stock of the company.

Mr. Tiewei Song, CEO and President of NF Energy Saving Corporation, commented on the completion of the acquisition: “We are pleased to complete the acquisition of Boqi Zhengji Pharmacy as promised. The acquisition is a substantial milestone for us to shift to the health industry while the market is booming.”

Luxoft becomes a Global Platinum Partner of Fenergo

Luxoft Holding Inc., a BVI corporation recently purchased by DXC Technology Company, has joined the partner eco-system of Fenergo, the leading provider of client lifecycle management solutions for financial institutions. Luxoft and Fenergo will collaborate to better enable global financial institutions to implement Fenergo’s platform and launch digital transformation. The strategic alliance of the companies will enable global financial institutions to serve clients faster, and address compliance issues related to Know Your Customer (KYC) and Anti-Money Laundering (AML). The partner eco-system of Fenergo consists of 300 global organisations.

Luxoft will offer Fenergo’s clients professional consulting services to enable the rapid systems integration and deployment of Fenergo’s platform and suite of digital capabilities. Luxoft enables digital business transformation, enhances customer experiences and boosts operational efficiency through its strategy, consulting, and engineering services. 

Executive vice president of DXC Technology and president and CEO of Luxoft has commented: “Fenergo shares our vision to provide clients transformative digital solutions at scale by deploying best-in-class KYC, AML and digital onboarding capabilities with an outcome-based approach. Our partnership with Fenergo aligns with our strength and success in financial services, and presents new opportunities to grow our business, expand our partner ecosystem, and deliver exceptional value to our clients.

Premier African announced completion of loan into Namibian mine

Premier African Minerals Limited confirmed the completion of the strategic loan by the BVI company to MN Holdings Limited, which is the owner and operator of the Otjozondu Manganese Mine in Namibia, and the appointment of Mr Herbert to the board of directors.

As it was announced in July, the BVI company and Cambrian Limited entered into secured loan agreement with MNH, worth US$1.35mln and with annual interest rate of 10% per annum. Under the existing share authorities on the date of signing the loan agreement, Premier African Minerals could only issue 1,009,889,850 of the loan shares for a value of £454,450.

On 6 August 2019, the BVI company received shareholders approval to increase its authorised share capital, and has elected to issue the balance of the 753,778,580 loan shares at a value of £339,200 at the issue price. Subject to an orderly market agreement, these shares may only be sold by MNH through the company’s broker to ensure an orderly market is maintained. Application will be made for the second loan shares to be admitted to trading on AIM and admission is expected to take place on or around 3 September 2019. Following the issue of the shares, Premier's issued share capital consists of 9,753,778,580 Ordinary Shares with voting rights.

BVI company completed acquisition of Terraco Gold

BVI-incorporated Sailfish Royalty announced completion of the previously announced acquisition with Terraco Gold Corp. As previously agreed, the BVI company has acquired all of the issued and outstanding shares of Terraco, in exchange for consideration of 0.12 of a common share of Sailfish for each Terraco share. The consolidated growth-oriented Royalty Company will hold an array of precious metals royalties, ranging from the exploration stage through to production, geographically diversified within Nevada, Mexico, Brazil and Nicaragua.

Former Terraco shareholders will hold approximately 37.2% of the issued and outstanding common shares of Sailfish. The outstanding options of Terraco have been adjusted in accordance with their terms and the Exchange Ratio such that 1,626,120 outstanding options of Sailfish have been reserved for exercise.

Also, the BVI company announced that it has repaid in full the US$12,031,055 outstanding senior unsecured convertible debenture held by Solidus Resources, LLC, the wholly-owned subsidiary of Waterton Precious Metals Fund II Cayman, LP. Shares of Terraco were delisted from the TSX Venture Exchange at close of business on August 20, 2019.

Concurrently with the closing of the Arrangement, Wexford Spectrum Trading Limited and Wexford Catalyst Trading Limited loaned Sailfish US$12,031,055, the proceeds of which were used by Sailfish on behalf of TGC Holdings Ltd. , a wholly-owned subsidiary of Terraco, to repay the Debenture.

Premier African Minerals announced loan to MN Holdings Limited

BVI-registered Premier African Minerals Limited, jointly with Cambrian Limited, announced a strategic loan to MN Holdings Limited, the owner and operator of the Otjozondu Manganese Mining Project in Namibia, for a total amount of US$1.35mln with annual interest of 10% and with a maturity date of 1 October 2021. By this loan, Premier African expands into an operating and revenue generating manganese mining operation.

George Roach, CEO of the BVI company, said in his comments: "Otjozundu is a producing revenue generating manganese mine based in Namibia currently involved in an expansion programme. The loan to Otjozundu will enable it to conclude the purchase of significant additional plant and equipment from the nearby Purity Mine to allow Otjozundu to steadily increase production and revenues.”

The Otjozundu Manganese Mining Project is located some 150 kilometres north east of Windhoek and is in a well-known and established manganese district. Otjozundu is wholly owned by MNH, which acquired the project from Shaw River Manganese Limited for A$4.952 million in 2018.

The loan proceeds will be specifically used by MNH to purchase additional mining fleet and processing equipment from Purity Mining which has operated in an adjacent area. In accordance with the Loan Agreement, Cambrian has already provided US$350,000 in cash to MNH and Premier African will provide the remaining US$1 million (as Lender) in the form of 1,763,668,430 new ordinary shares of the company.

Sailfish Royalty entered into Arrangement Agreement with Terraco Gold Corp

Sailfish Royalty Corp., a precious metals royalty and streaming company incorporated in the British Virgin Islands, and Terraco Gold Corp., a gold royalty company focused on Spring Valley Gold Project located in Nevada, entered into a definitive arrangement agreement on June 19, 2019. Sailfish has agreed to acquire all of the issued and outstanding shares of Terraco, in exchange for consideration of 0.12 of a common share of Sailfish for each share of Terraco. The existing options and warrants to acquire Terraco shares will be converted into options and warrants to acquire Sailfish Shares, each in accordance with their terms.

The consideration offered by the BVI corporation represents a premium of approximately 53% to the trailing 20-day volume weighted average price of the Terraco Shares as at the above stated date.

The consolidated company will hold and array of precious metals royalties, and the geographical diversification will include Nevada, Mexico, Nicaragua and Brazil. The company will also hold royalties with such property owners as Waterton Global Resource Management, Eldorado Gold Corporation and Endeavour Silver Corp., and will be supported by Wexford Capital LP, an SEC registered investment advisor with approximately US$3 billion of assets under management.

Akiba Leisman, CEO of the BVI corporation, stated in comments on the agreement: “We are very pleased to announce this exciting transaction which brings together our combined royalty portfolios into a new, growth-oriented royalty vehicle. Terraco’s royalty holdings on the development-stage Spring Valley Gold Project in Nevada will give our shareholders exposure to one of the best known undeveloped mining properties in the region.”