Archive for September, 2006

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Atlas Venture acquires Majestic Hotel

Thursday, September 21st, 2006

A British Virgin Islands-based company Atlas Venture is acquiring the remaining shares of the Majestic Hotel which are still owned by minority shareholders.

Currently, the Atlas Venture company is already the owner of 96.17% of the Majestic Hotel, but it does not have the entire set of Majestic Hotel shares. Atlas Venture has informed minor shareholders about the intention to buy up all the remaining shares of this 4-star hotel.

The price for the acquisition of the remaining shares is the same as stated in the takeover bid for the purchase of the majority stake, which is CSD 26,220 per share.

Majestic Hotel surrounded with various historical and cultural monuments, art galleries and museums is located in the business centre of Belgrade (Serbia, Central Europe), 10 kilometers away from the airport. It was built in 1936, and, besides 6 suites, 26 double rooms and 46 single rooms, it contains a restaurant with national and international cuisine, a café with discreet piano music, an aperitif bar, a conference hall, a pastry shop, a hairdresser, shops, a garden, a garage and rent-a-car.

Posted in BVI Company Mergers & Acquisitions, BVI IBC Business News | No Comments »

BrazMin exchanges its rich gold project interests for significant stock in Brauzauro Resources Corp

Tuesday, September 19th, 2006

Brazauro Resources Corporation has announced that it has agreed to acquire all of BrazMin’s interests in the Tocantinzinho gold project area in Brazil. In exchange, BrazMin will receive 13,150,000 treasury shares of Brazauro, that means approximately 19.9% of the issued shares of the company. The acquisition is aimed at consolidating BrazMin’s mineral interests with Brazauro’s, and extending company’ s mineral land holdings of Brazauro in the area. Currently, BrazMin does not own any shares of Brazauro, either directly or indirectly.

BrazMin Corp. is a company incorporated in the British Virgin Islands and mainly engaged in the acquisition and development of gold exploration field. It has recently published the report about the results for the 2nd quarter and new achievements on the São Jorge Project, which is currently one of company’s most important projects. The agreement between BrazMin and Brazauro, as commented by Tony Ransom, president of BrazMin, allows the BVI company to concentrate its efforts on its own substantial portfolio of projects in Brazil. With BrazMin as a significant shareholder, Brazauro will benefit from the expertise and influence which will contribute to the enhancement of the project.

Brazauro Resources Corporation is a publicly listed company with three gold projects in the Tapajos region of Brazil. In 2004 the Company made a major gold discovery at Tocantinzinho property. The company also continues to explore for other promising properties in the highly prospective Tapajos region.

Posted in BVI Company Mergers & Acquisitions, Investors' News | No Comments »

EastCoast Energy reports on its plans to issue share rights

Saturday, September 16th, 2006

East Coast Energy Corporation this week has announced its plans to raise approximately CAD 21.5 million before expenses by means of a rights issue. There are the following plans that

  • each holder of Class B Shares will receive one right for each Class B Share held and that seven rights will entitle the holder to subscribe for one Class B Share at a price of CAD 6.43;
  • each holder of Class A Shares will receive one right for each Class A Share held and that seven rights will entitle the holder to subscribe for one Class B Share at a price of CAD 6.43.

The subscription price of CAD 6.43 represents a 15% discount to the closing price of the Class B Shares on 8 September, 2006. Under the terms of the rights issue, the maximum amount of Class B Shares will be approximately 3,345,540. The received funds will be primarily used to drill a development and exploration on the Company’s licence acreage in Tanzania, during the first half of 2007 to meet the rapidly increasing demand for gas in the country. Also these funds will strengthen the Company’s ability to make use of additional exploration and development opportunities.

East Coast Energy Corporation Limited is a publicly listed company incorporated in the British Virgin Islands. Company’s headquarters is located in Tortola, BVI, but main operations offices are in Dar es Salaam in Tanzania. It focuses on the exploration and production of Tanzanian natural gas and the sale of “Additional Gas” to markets in East Africa.

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Lockheed Martin sells its stake in satellite-launching ventures to BVI company Space Transport Inc.

Wednesday, September 13th, 2006

Lockheed Martin Corp., the world’s largest defense company, announced on Thursday, 7 September 2006 about its plans to sell its stake in two satellite-launching joint ventures – Lockheed Khrunichev Energia International Inc. (LKEI) and International Launch Services Inc. (ILS). These two ventures were set up with Russian partners in the beginning of the 90s, to make and market Lockheed-built Atlas and Russian-made Proton and Angara rockets.

Launch services were marketed to customers worldwide through International Launch Services. In 2005, ILS was awarded ten contracts for launch services using Atlas or Proton launch vehicles. Starting the process of selling the LKEI and ILS stakes meets the Lockheed’s last five-year srategy of reducing its commercial space business.

The ventures are being sold to closely held Space Transport Inc., a company incorporated in the British Virgin Islands and owned by Mario Lemme, which is a long-time consultant for Lockheed. The terms of the bargain were not disclosed. It is known that Lockheed holds 51% in LKEI; in 1995, Lockheed and LKEI set up ILS, in which both partners have equal 50% stakes. The BVI company, which will receive these substantial stakes, denies the information that it would sell them. Susan Thurman, a spokeswoman for company’s owner, announced in Friday’s statement that Space Transport is not going to be temporary owner of ILS and as an investor it has further-going goals to continue to make available to commercial clients the satellite launch systems.

Posted in BVI Company Mergers & Acquisitions | No Comments »

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