Polo Resources Limited signed for acquisition of 70 percent in BVI company

Polo Resources Limited, an international coal mining and exploration group incorporated in BVI, announced the signing of an Option Deed under which it is granted an option to acquire approximately 70 per cent of the issued share capital of MinFer Holdings Limited. MinFer, a British Virgin Islands-registered company, together with its wholly-owned subsidiary MinFer Do Brazil Mineracao Ltda, is engaged in the acquisition and exploration of iron ore projects in Brazil. MinFer's subsidiary is the holder of options to acquire a number of interests in iron ore projects in Brazil.

The option has been granted by MinFer and shareholders representing 70 percent of the issued shares of MinFer, and is granted in consideration of Polo funding an agreed work program up to a maximum non-refundable sum of US$1,000,000.

The Option is exercisable within 90 days including the date of the Option Deed. If exercised, the consideration payable by the BVI company to the MinFer shareholders to acquire all of the Option shares is up to US$20,000,000. These consideration shares will be subject to a lock in for 12 months from their date of issue. The decision to exercise the Option will be classed as a related party transaction under AIM Rule 13.

LonZim purchases remaining stake in BVI-based Bluberry International Services

LonZim Plc, which has been established for the principal purpose of making investments in Zimbabwe announced that it had acquired the remaining 20% of British Virgin Islands-registered Blueberry International Services Ltd. - an offshore company that controls 60% of Celsys Limited, a Zimbabwean publicly listed company operating in the telecommunications and security printing sector. The BVI registered Blueberry International Limited also is the sole owner of Zimbabwean private industrial chemical manufacturer and distributer - Gardoserve Limited, the company trading under the "Millpal" brand.

The stake in the BVI company was acquired from Coast2Coast Communications Investments for US$1,362,500. This deal followed LonZim's GBP 2,431,000 worth acquisition of an initial 80% of BVI offshore company in January 2008. At that moment LonZim also entered into a 'put and call option' agreement with Coast2Coast with option period valid till 1 October 2012. In accordance to this agreement under the call option LonZim can acquire the remaining 20% in Blueberry at the same price. Under the put option LonZim can be required to acquire the remaining 20 per cent in Blueberry at a price of US$1,362,500.