Archive for the ‘Fund raising’ Category

Class Action lawsuit filed against DryShips connected to its transactions with BVI company

Monday, July 17th, 2017

A class action lawsuit has been filed against Dryships Inc. and some of its officers, according to Pomerantz Law Firm and Stull, Stull & Brody. The class action is on behalf of investors who acquired DryShips securities between June 8, 2016, and July 12, 2017, and seek to recover damages caused by defendants’ violations of the Securities Exchange Act of 1934. The Complaint alleges that the defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies.

In a number of transactions that started on or about June 8, 2016, the ocean going cargo operator raised hundreds of millions of dollars in capital by selling newly-issued shares directly to the BVI-registered company Kalani Investments Ltd., at a discounted price. This capital allowed DryShips to almost double the size of its fleet to 36 vessels. Kalani ultimately acquired securities convertible to more than $626 million in DryShips common stock, roughly 100 times DryShips’ stock market value as of early November 2016. Meanwhile, to counter share-value dilution and avoid NASDAQ delisting, DryShips executed a series of reverse stock splits. Since November 2016, DryShips’ share price has fallen approximately 99.9%.

Newly organized BVI company announced US$50 million public offering

Monday, June 19th, 2017

Bison Capital Acquisition (BCACU), a newly organized blank check company registered in the British Virgin Islands and headquartered in China, announced its plans to raise US$50 million in an initial public offering (IPO) on the week starting with June 19th. Bison Capital will issue 5,000,000 shares at the price of US$10.00 per share. Market capitalization of the company is US$53.8 million.

Bison Capital Acquisition was incorporated in the BVI as a business company with limited liability, and has the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, or engaging in other similar business combinations with one or more businesses. The company is planning to focus on businesses operating in Asia and North America, however it is not limited to particular industry or area. It was established in 2017 and has 3 employees.

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.

Premier African Minerals announces direct shares subscription

Sunday, March 6th, 2016

Premier African Minerals Limited, the British Virgin Islands-registered company engaged in the development of mineral properties in Africa, and traded on the AIM market, announced that it has received a direct subscription for £500,000 in new ordinary shares. The subscription consisted of an issue of 100 mln new ordinary shares, at a subscription price of 0.5p each, conditional on admission which is expected to take place on or around 7 March. The subscription shares would rank pari passu with the company’s existing ordinary shares.

BVI company’s chairman and CEO George Roach said in his comments that this capital will support existing project development requirements and general working capital “in the period leading up achieving positive operational cash flow from the RHA Project”; he also said that the proceeds of the subscription will provide additional capital to consider potential attractive opportunities in the natural resources sector.