Archive for February, 2007

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Diamondcorp PLC commences trading on AIM

Friday, February 9th, 2007

On February 5, 2007 Diamondcorp PLC has announced the commencement of trading in its ordinary shares on AIM, following a placing with institutional investors at 90 pence per ordinary share of 3 pence each of the Company. Based on the placing price, Diamondcorp’s market capitalisation is J30.6 million, with 33,987,078 Ordinary Shares in issue.

The one wholly owned subsidiary of Diamondcorp is Crown Diamond Mining Limited, a company incorporated in the British Virgin Islands. In its turn, Crown Diamond is the owner of 74% of the issued share capital of Lace property, a company registered in South Africa, with an estimated resource of 13.7 million carats of diamonds at an estimated value of $125/carat (In-ground value estimated in excess of $1.7 billion). Crown Diamond is also the owner of 100% of the issued capital of Soapstone Investments (Proprietary) Limited, incorporated in South Africa.

Diamondcorp PLC was formed in March 2005, with the purpose of acquisition and development of diamond assets in South Africa. Since the incorporation date, the Company has raised about J11.8 million through private placements of shares and convertible loans, as well as an institutional placing completed upon admission to AIM, principally to give it the possibility to acquire the Lace diamond property, and finance construction of a 1.6 million tonne per annum diamond recovery plant.

The planned phase one will include tailings retreatment, prefeasibility and exploration (2007-2009). Phase two will probably start in 2009, and will include upgrading of plant and the larger mining operation.

The Lace Property, 74% owned by the BVI-based Crown Diamond and located about 200 km southwest of Johannesburg, includes:

  • diamondiferous tailings from previous mining operations for which there is the potential to recover an estimated 370,000 carats from retreatment; and
  • diamondiferous kimberlites containing a potential resource in excess of 13 million carats of diamonds with a potential underground mine life of 20 years.

The rest 13% in the Lace Property are owned by Black Economic Empowerment (“BEE”) Partners, Sphere Investments (Proprietary) Limited (“Sphere”) and Shanduka Resources (Proprietary) Limited (“Shanduka”) each owning 13 per cent.

Paul Loudon, Managing Director and CEO of Diamondcorp plc, has commented, “We are delighted to have successfully completed our Admission to AIM. It is anticipated that the group will begin to generate cash in the near-term from a tailings retreatment project. This has the potential to create a strong platform from which the Company can grow, provide cash flow to take a bulk sample from the Company’s assets and generate significant cashflow for the Company over a number of years. Management is also seeking other diamond production opportunities in South Africa as we believe the world outlook for diamond prices is strong, with demand forecast to exceed mine supply in the foreseeable future.”

Posted in BVI Company & Subsidiary Financials, BVI IBC Business News, Uncategorized | No Comments »

Bronze Marketing, Inc. to close Private Placement Financing transaction with BVI-registered Sutor Steel Technology

Wednesday, February 7th, 2007

Bronze Marketing, Inc., on February 2, 2007 has announced the closing of the stock exchange transaction with the shareholders of Sutor Steel Technology Co., Ltd., and a related private placement financing transaction. As a result of this transaction, the BVI-registered Sutor Steel has become a wholly-owned subsidiary of Bronze Marketing; the senior executives of Sutor Steel were elected as executive officers of Bronze Marketing. Now both companies will operate on a consolidated basis, executing upon the current business plan of Sutor Steel.

In this stock exchange transaction, the company’s shareholders were issued 323,380.52 shares of Bronze Marketing’s Series B Voting Convertible Preferred Stock, for 100% of the issued and outstanding shares of Sutor Steel. These shares received by the stockholders of Sutor Steel make 85.2% of the total capital stock of Bronze Marketing.

Bronze Marketing also closed a private placement of its capital stock whereby it issued  39,473.68 shares of its Series B Voting Convertible Preferred Stock, in exchange for $12.0 million in gross offering proceeds, before any commissions and fees. The Series B shares issued to investors in the private placement transaction make approximately 10.4% of the total issued and capital stock of Bronze Marketing. Roth Capital Partners, LLC acted as the placement agent in the $12 million private placement transaction.

Sutor Steel is manufacturing and selling steel finishing fabrication products, through its wholly owned subsidiaries Changshu Huaye Steel Strip Co., Ltd. and Jiangsu Coldrolled Technology Co., Ltd., registered in the People’s Republic of China. The corporation’s products are generally used in the construction industry, widely applied in the manufacturing of electrical household appliance parts and outer casings, electrocnics, infrastructure and large industrial equipment. Currently there over 270 people employed by the company. Sutor Steel is investing a total of about $49 million to complete its vertical integration strategy and expand its galvanizing production capacity.

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

China Software Technology Group to acquire Chaoyang Liaoyang Special Steel Co. Ltd.

Monday, February 5th, 2007

China Software Technology Group Co., Ltd, which is a holding company for Heng Xing Technology Group Development Limited, a British Virgin Islands corporation, has signed a Letter of Intent with American Wenshen Steel Group, Inc. (“AWSG”). China Software is going to acquire Chaoyang Liaoyang Special Steel Co. Ltd., a company registered in the People Republic of China – a wholly owned subsidiary of AWSG.

The closing of the acquisition should be approved by the Board of Directors of China Software and AWSG, and both companies will make the exchange of due diligence materials.

Mr. Yuanqin Li, CEO of China Software Tech., has stated in his comments, “ We believe this reorganization will bring value to our shareholders. AWSG is a high-tech company which produces high quality moulded and forged steel. The company is also a member company of China Die and Mould Industry Association.”

Mr. Yang Kuidong, Chairman and CEO of Chaoyang Liaoyang Special Steel Co., Ltd., has stated, “If the acquisition is consummated, we believe it will enable AWSG to access the U.S. public markets in order to further its development.”.

Chaoyang Liaoyang Special Steel Co. was registered in October 2003 under the law of the Republic of China. The company manufactures steel forged moulds of high-quality and high-affiliated-added-value, and is the owner of 5 manufacturing patents in China.

The sole asset of BVI-registered Heng Xing Technology, which is held by China Software, is Shenzhen Hengtaifeng Technology Co., Ltd., a corporation based in a People’s Republic of China (“HTC”). HTC is a provider of application software and system integration services in China. HTC entered the market in 1996, and currently has more than 110 customers in more than 20 provinces.

China Software Technology Group Co., Ltd. is a new name for China International Enterprises Inc. , after its redomiciliation to the state of Delaware in November 2006.

Posted in BVI Company & Subsidiary Financials, BVI company investments, BVI Company Mergers & Acquisitions, BVI IBC Business News | No Comments »

AfriOre has reported Financial Results for the three and nine month period ended November 30, 2006

Friday, February 2nd, 2007

AfriOre Limited, the mineral exploration company domiciled in the British Virgin Islands, has announced financial results for the three and nine month period ended November 30, 2006. The company reported a profit for the three month period, of $774,515 or $0.02 per share – basic and diluted, and a loss for the nine month period ended November 30, 2006, of $5,348,106 or $0.11 per share. BVI Company financial results for periods ended August 31, 2006, also showed losses which could be explained with a significant increase in exploration expenditure for Akanani project, which is currently the most important development of AfriOre.

In the nine month period ended November 30, 2006, capital exploration costs amounted to $18,496,230. Exploration expenditure for the Akanani Platinum Project made $7,298,630, with total exploration costs for the nine months period totaling $7,712,973. Another expenditure was a write down of $317,968 on the Dwaalboom Gold Project. For the nine months period last year exploratiion expenditures for Akanani Project made $6,076,429 (for Dwaalboom Gold Project $2,804,468). The continuing positive results at Akanani were justification for the attendant increase in expenditure at Akanani.

AfriOre also reported a foreign exchange loss of $637,101 for the nine month period ended November 30, 2006, if compared to $164,948 for the nine month period ended November 30, 2005. This loss could be connected with the weakening of the South African Rand. It could be also attributable to a Stock Based Compensation expense of $3,685,000, resulting from revaluing of 2,500,000 warrants per the Black-Scholes method, issued in terms of an agreement between AfriOre and the original Black Economic Empowerment Shareholders of Akanani Mining (Pty) Limited.

As it was previously announced, on November 14, 20006 AfriOre entered into a binding letter agreement with Lonmin Plc., whereby Lonmin would offer to acquire AfriOre by means of a cash offer to shareholders of CDN$8.75 per AfriOre share. The board of directors of Afriore has recommended to the AfriOre shareholders that they accept Lonmin’s offer. The transaction between AfriOre and Lonmin was approved by the South African Competition Commission .

The BVI company has announced that it continues to concentrate on exploration on its platinum group metals and gold projects, and to engage in the acquisition, exploration and development of its projects in South Africa.

Posted in BVI Company & Subsidiary Financials, Investors' News | No Comments »

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