Archive for April, 2008

Africo Resources enters into CAD$100 million private placement agreement with BVI company

Monday, April 28th, 2008

Africo Resources Ltd., a Canadian TSX-listed mineral company focused on developing, acquisition and exploration of metal and gold assets in Africa, announced that it  has entered into a Subscription Agreement for a private placement of CAD$100 million at a price of $2.50 per unit with Camrose Resources Limited, incorporated in the British Virgin Islands. The main shareholder of this BVI company is a trust for the benefit of family members of Dan Gertler.

By the terms of agreement, each unit will consist of a common share and one half of a share purchase warrant, and each whole warrant will entitle Camrose to acquire an additional common share at a price of $3.50 per share for an eighteen month period following closing.

There is number of conditions that should be satisfied for the completion of the private placement – including termination of Africo’s Shareholders Rights Plan Agreement, regulatory approval and the approval of Canadian company’s shareholders.

After the placement is completed, BVI-incorporated Camrose Resources will own approximately 60% of the outstanding share capital of Africo. It will also have majority representation on the Board of Africo, and the right to participate in future financings in order to maintain its percentage equity ownership.

Along with execution of the Subscription Agreement, Camrose Resources (BVI) has loaned Cdn $2 million to Africo. This loan will mature at  the completion of the Subscription Agreement or the termination of the Subscription Agreement, or on August 31, 2008. Also, the BVI company has entered into an agreement to acquire the outstanding shares of Akam Mining Sprl, Africo’s subsidiary which holds, indirectly through Swanmines Sprl, the Kalukundi property. Camrose and Africo have entered into an agreement pursuant to which Akam will unequivocally confirm ownership of 75% of the outstanding shares of Swanmines. Africo is advised that Camrose anticipates completing the transactions with Akam shortly; the completion of the private placement and the Akam Agreement will result in Camrose owning approximately 63% of the outstanding share capital of Africo.

Additionally, Africo has agreed to acquire a 75% interest in the Mashitu property, which consists of an exploration permit for copper, cobalt, gold and nickel, and covers approximately 34.82 square kilometres, from the BVI company’s affiliate. The purchase price will be based on a valuation to be prepared by an independent expert agreed to by the parties, and will be paid in common shares of Africo at a price per share of $2.50.

BVI-registered Aurora Metals Ltd enters a Settlelement Agreement with Trend Mining Company

Saturday, April 19th, 2008

On April 15, 2008 British Virgin Islands company Aurora Metals Limited announced Settlement Agreement with Trend Mining Company. The Agreement concerned the lawsuit filed in the Montana 22nd Division District Court, and the Joint Venture Agreement between the BVI company and Trend Mining concerning its properties in Montana. Aurora Metals filed the lawsuit to obtain judicial confirmation on the termination of the Joint Venture Agreement, and to quiet title to the properties in Aurora Metals.

Pursuant to the terms of the Agreement, Trend Mining has agreed on the termination of the Joint Venture Agreement with BVI-registered Aurora Metals, and released all its claims of interest to the property of the company. The pending litigation on the Joint Venture Agreement and the properties will be dismissed and fully and finally settled.

Aurora Metals – a mineral exploration company whose main focus now is the exploration and development of its Montana properties.

Diguang International announces the increase in manufacturing capacity

Monday, April 7th, 2008

Diguang International Development Co., Ltd., China leader in the manufacture and supply of CCFL and LED backlights for liquid crystal displays, has made an announcement on April 2 that the Mobile Phone Strategic Business Unit at its newly acquired Dongguan facility has achieved estimated manufacturing capacity of one million backlight units per month. By the end of the second quarter of 2008, the company is expected to manufacture two million backlight units per month.

Song Yi, Diguang’s Chairman and CEO, has said that company’s “2008 strategic growth plan calls for expanded manufacturing capacity in all product categories … Direct ownership of the acquired facilities at Dongguan Diguang Science and Technology increases our flexibility in production scheduling.”

Also, two days before this the Nevada-based Digunang, located in Shenzhen and having its sales and marketing subsidiary registered in the British Virgin Islands, announced the postponement of the fourth quarter and fiscal year 2007 conference call that is originally scheduled for March 31, 2008. The company filed for time extension to file its Form 10K for the fiscal year ended December 31, 2007.