Archive for the ‘BVI Company Loans’ Category

Chaarat Gold issues convertible loan notes to raise US$15mln

Friday, April 14th, 2017

BVI-incorporated mining company Chaarat Gold Holdings Ltd has raised US$15 million through issue of short term senior secured loan notes which are convertible at a price of 30p per share and redeemable in September 2018. The amount of notes available to directors of the British Virgin Islands company was limited to 5%. Labro, the company of Chaarat’s chairman Martin Anderson, already owning 34.1% of the shares, will subscribe for US$375,000 of the notes. Martin Wiwen-Nilsson, who is grouped with Labro, has also applied for US$375,000 worth of notes.

The additional funding will be used for the first phase of development of company’s project in the Kyrgyz Republic: to increase the reserve base of the project, to construct a new section of the access road, and to start engineering design and recruit construction and operating teams.

Talon Metals signed amending agreements with Kennecott Exploration and Resource Capital Fund

Friday, December 30th, 2016

Talon Metals Corp. entered into an amending agreement with Kennecott Exploration Company, in respect of the Exploration and Option Agreement between BVI company’s subsidiary Talon Nickel (USA) LLC and Kennecott Exploration signed in June 2014. Under the terms of the amending agreement, Talon Nickel and Kennecott Exploration will co-fund a winter exploration program at the Tamarack Project for the amount of approximately US$3,500,000. The proportional share funded by Talon Nickel is 18.45 per cent.

Also, the BVI corporation entered into an agreement with Resource Capital Fund VI L.P. to amend a loan agreement signed in November 2015 between Talon Metals, RCF and some subsidiaries of Talon. According to this Loan Amending Agreement, RCF agreed to increase the principal amount of the unsecured loan previously advanced to the company by US$2,000,000(from US$14,000,000 to US$16,000,000). Talon Metals has agreed to issue to Resource Capital Fund
15,000,000 common share purchase warrants, each exercisable for one common share at a price of CDN$0.11 per Warrant Share for a period of 48 months from the date of issuance of such Warrants.

By words of Sean Werger, President of Talon, “The decision by RCF to increase the amount of the loan by US$2 million provides Talon with the working capital it needs to co-fund the winter exploration at Tamarack… It also provides Talon with a much stronger treasury after the winter exploration program.”

Orca Exploration Group receives approval of IFC financing

Thursday, June 18th, 2015

Orca Exploration Group Inc. announced that it has received World Bank board approval of the International Finance Corporation financing, and decided to proceed with the first phase of the Songo Songo development programme. World Bank’s approval is for an investment by IFC of up to US$60mln in PanAfrican Energy Tanzania Limited, the operating subsidiary of the BVI company. The operations are planned to start by September 2015.

The IFC investment is a subordinated, income participating loan with flexible terms of repayment and maximum tenor of approximately 10 years. Completion of the investment is subject to final agreement of specific terms, including satisfaction by IFC of the sustained payment performance of the Tanzania state utility, TANESCO, in respect of ongoing gas deliveries by the Company.

Following the approval of the IFC financing, the Company entered into a drilling contract with Paragon Offshore plc, in order to execute the offshore phase of the development programme for the Songo Songo gas field.

Paper company owned by BVI investors gets $250,000 grant

Friday, August 14th, 2009

Potsdam Specialty Paper Inc. received the $250,000 grant from Empire State Development Corp., and will use it to improve the management in the cash flow in the next months and to safeguard the jobs of 79 employees of the paper mill in Unionville, New York. The company is a new business venture owned by  Seafront Paper Ltd., a group of investors from the British Virgin Islands who bought the MeadWestvaco Corporation plant.

The Potsdam paper grant is part of $16.3 million funding announced by Empire State Development Corporation’s Board of Directors in NY aimed at retaining 699 existing jobs and creating 271 new jobs across the state. By words of company’s General Manager Ronald F. Charette, the grant will help them to get some cash flow and working capital.

He said that in recent months the BVI-owned plant has received $800,000 in low-interest loans. The paper mill was also recently recertified for inclusion in the state’s Empire Zone program, which implies substantial tax and investment incentives.

As the mill is now owned by BVI investors, it is considered to be a startup company, and the $250,000 grant has been awarded to cover initial startup and operating costs during the company’s first year of business.