Sparton Resources Inc. announced that it has approved Memorandum of Understanding which has been entered into by VStar Industries Inc. and Warwick Mining Development Company Ltd. (WMD), for the advanced evaluation and possible acquisition of 70% interest in the Yao Wan Polymetallic Exploration License in Shaanxi Province of China. VStar Industries was recently incorporated in the British Virgin Islands and is 90% owned subsidiary of Sparton Resources, while WMD is a local Chinese private company.
The YW License has been extensively explored by WMD in the period between 2006 and 2015. Under the terms of the MOU, the BVI company will take responsibility for all advanced exploration and evaluation expenditures up to the point of a China compliant feasibility study. Further development of a mining project would be paid for jointly as to 70% V Star and 30% WMD.
Showing posts with label Memorandum of Understanding. Show all posts
Showing posts with label Memorandum of Understanding. Show all posts
Thursday, January 4, 2018
Thursday, February 7, 2013
FracRock announced strategic JV with US oilfield service company
FracRock International, Inc., a privately held oilfield service and technology company registered in the British Virgin Islands, signed an agreement with Manek Energy LLC, an oilfield service company based in Texas.
By the terms of this agreement, Manek Energy will contribute new 40,500 horsepower hydraulic frac equipment package and a fully trained, experienced hydraulic fracturing team to FracRock, in exchange for an interest free note, which will be automatically convertible into shares of FracRock upon the occurrence of certain events. The owners of the Texas company will also be entitled to FracRock Board representation.
Under the terms of the previously announced Memorandum of Understanding (MOU), the BVI company will provide its unique eco-friendly methodologies to assist operators in developing the Vaca Muerta shale play in Argentina in an environmentally responsible manner.
The agreement is conditioned upon the completion of a definitive agreement. The transaction is expected to be closed within 60 days.
FracRock's Chief Executive Officer, J. Christopher Boswell, said in his comments: "This agreement is an important step in the evolution of our Company. We visited with many North American based, pressure-pumping companies and the team at Manek stood out as the best partner for FracRock. They're very knowledgeable, experienced and dedicated to generating results for their clients. The owners of Manek also own and operate a successful E&P company, Richland Resources, and have expressed a willingness to share their valuable experience at drilling and completing economical shale wells in North America."
By the terms of this agreement, Manek Energy will contribute new 40,500 horsepower hydraulic frac equipment package and a fully trained, experienced hydraulic fracturing team to FracRock, in exchange for an interest free note, which will be automatically convertible into shares of FracRock upon the occurrence of certain events. The owners of the Texas company will also be entitled to FracRock Board representation.
Under the terms of the previously announced Memorandum of Understanding (MOU), the BVI company will provide its unique eco-friendly methodologies to assist operators in developing the Vaca Muerta shale play in Argentina in an environmentally responsible manner.
The agreement is conditioned upon the completion of a definitive agreement. The transaction is expected to be closed within 60 days.
FracRock's Chief Executive Officer, J. Christopher Boswell, said in his comments: "This agreement is an important step in the evolution of our Company. We visited with many North American based, pressure-pumping companies and the team at Manek stood out as the best partner for FracRock. They're very knowledgeable, experienced and dedicated to generating results for their clients. The owners of Manek also own and operate a successful E&P company, Richland Resources, and have expressed a willingness to share their valuable experience at drilling and completing economical shale wells in North America."
Friday, June 22, 2012
Mineseeker completed joint venture formalities in South Africa
British Virgin Islands-based company Mineseeker Operations has completed all the necessary joint venture agreements with its South African partner MMRR Risk Management. As a result of this, Mineseeker Operations South Africa has been established, which is fully compliant with the corporate legal framework in South Africa.
Now the BVI company will move forward with the next steps in contract negotiations for minefield surveys with the South African and Angolan governments.
By words of Mineseeker Commercial Director, Mark Dorey, all the formalities and necessary documentation for the joint venture have now been completed, while the Memorandum of Understanding was signed in March of this year, after a series of negotiations. 74 per cent of the joint venture is held by Mineseeker, and 26 per cent is owned by local partners of the BVI company, in accordance with South African Black Economic Empowerment regulations that govern the corporate structural requirements of foreign joint venture partners. Mineseeker will issue a comprehensive corporate release to inform shareholders and investors on the progress.
Now the BVI company will move forward with the next steps in contract negotiations for minefield surveys with the South African and Angolan governments.
By words of Mineseeker Commercial Director, Mark Dorey, all the formalities and necessary documentation for the joint venture have now been completed, while the Memorandum of Understanding was signed in March of this year, after a series of negotiations. 74 per cent of the joint venture is held by Mineseeker, and 26 per cent is owned by local partners of the BVI company, in accordance with South African Black Economic Empowerment regulations that govern the corporate structural requirements of foreign joint venture partners. Mineseeker will issue a comprehensive corporate release to inform shareholders and investors on the progress.
Tuesday, February 28, 2012
BVI company to carry negotiations in Southern Africa
Mineseeker Operations Overseas Limited, a BVI company focused on developing innovative technologies in the sphere of aearial survey and mapping, holds a series of meetings concerning the Memorandum of Understanding signed by the company. Mineseeker has already formed a joint venture company, Mineseeker Southern Africa Ltd, and will open negotiations for aearial survey contracts aimed at liberating large sections of land affected by unexploded ordnance.
Mineseeker CEO Mike Kendrick and the Commercial Director of the BVI company Mark Dorey are visiting the area for four days of meetings, scheduled with governments and stakeholders representing the contaminated areas, to formalize and scope the projects, and to establish the commercial structure and pricing of the potential contracts.
The BVI company will be looking for further investment partners in order to meet its objectives in African region, and will meet with the company that has made a specific proposal for the funding of the coconut factory in Mozambique.
A report on the results of the meeting will be available when the management team of the BVI company returns to the UK.
Mineseeker CEO Mike Kendrick and the Commercial Director of the BVI company Mark Dorey are visiting the area for four days of meetings, scheduled with governments and stakeholders representing the contaminated areas, to formalize and scope the projects, and to establish the commercial structure and pricing of the potential contracts.
The BVI company will be looking for further investment partners in order to meet its objectives in African region, and will meet with the company that has made a specific proposal for the funding of the coconut factory in Mozambique.
A report on the results of the meeting will be available when the management team of the BVI company returns to the UK.
Friday, July 9, 2010
BVI-registered holding signs MoU to acquire full stake in COG Holding
Sino Invent Holdings Limited, a British Virgin Islands-registered company and a wholly-owned subsidiary of China Oil And Gas Group Limited, signed a memorandum of understanding with Sino Advance Holding Limited, an investment holding company also incorporated in BVI. Subject to the MoU, Sino Invent will acquire a 100% stake in HK-based China Oil and Gas Group (Holdings) Limited (COG Holdings). Pursuant to the agreement, China Oil and Gas will pay a refundable deposit in the amount of US$25.66 million to Sino Advance.
China Oil and Gas Group is an investment holding company engaged in natural gas and energy related business. COG Holdings is holding 70% stake in the joint venture company Shandong Shuanghe Mining, engaged in the exploration and exploitation of coal mines.
China Oil and Gas Group is an investment holding company engaged in natural gas and energy related business. COG Holdings is holding 70% stake in the joint venture company Shandong Shuanghe Mining, engaged in the exploration and exploitation of coal mines.
Monday, February 1, 2010
Hanseatic & Baltic Properties Plc signed MoU with BVI- and Cayman-based companies
The investment company Hanseatic & Baltic Properties Plc announced the signing of a legally binding Memorandum of Understanding with P.T. Citramegah Karya Gemilang (CKG), incorporated in the Republic of Indonesia, and the British Virgin Islands-incorporated companies Prestigious Assets Management Limited, Sarris Limited, Olympiad Investments Limited, Trinova Holdings Limited, Mirae Asset Solutions (HK) Limited and Jersey Hills Holdings Limited. According to the MoU, Hanseatic & Baltic will acquire from these companies the entire issued share capital of the Cayman Islands-based company United Sino Limited. The consideration for the acquisition under the terms of the MoU agreement will be 30 billion ordinary shares at a price of GBP 0.001 each.
If the proposed acquisition goes ahead, the vendors would own 99.7% of the entire issued share capital of Hanseatic & Baltic prior to including shares raised as a result of the intended placing.
The purchasing company has previously issued convertible instruments which may result in a total of an additional 705, 750,000 ordinary shares being issued. The company would have 30,798,118,046 ordinary shares issued on a fully diluted basis, and the vendors would own 97.4% of the entire issued share capital of the company prior to including shares raised as a result of the intended placing.
It is proposed that United Sino Limited incorporates a subsidiary in Libya, in which it will own 65% of the entire issued share capital. The agreement provides that Sino shall enter into a construction management agreement with this subsidiary which terms include that the subsidiary shall pay to Sino 40% of its profit as management fees.
If the proposed acquisition goes ahead, the vendors would own 99.7% of the entire issued share capital of Hanseatic & Baltic prior to including shares raised as a result of the intended placing.
The purchasing company has previously issued convertible instruments which may result in a total of an additional 705, 750,000 ordinary shares being issued. The company would have 30,798,118,046 ordinary shares issued on a fully diluted basis, and the vendors would own 97.4% of the entire issued share capital of the company prior to including shares raised as a result of the intended placing.
It is proposed that United Sino Limited incorporates a subsidiary in Libya, in which it will own 65% of the entire issued share capital. The agreement provides that Sino shall enter into a construction management agreement with this subsidiary which terms include that the subsidiary shall pay to Sino 40% of its profit as management fees.
Subscribe to:
Posts (Atom)