Archive for July, 2009

Talon Metals grants licences for new exploration prospects

Wednesday, July 29th, 2009

British Virgin Islands-registered Talon Metals Corporation provided an update on the Sergipe Potash Project located in Brazil, which was acquired by the company in May 2009. Talon commenced detailed review of the available technical data on the acquired project, which resulted in granting two new licences for potash exploration in the territory, which together comprise the new prospect area Ilha das Flores.

The Project consists of seven onshore and two offshore prospects. Currently the most attractive onshore prospects are the Sergi, Rio do Sal and Capela, which are the focus of Talon’s exploration program. Talon holds exploration licences for  a total area of 21,117 hectares, and has applications for exploration licences for another 19,150 hectares.

By words of Mr. Stuart Comline, President and CEO of Talon, the company “will complete the review of the existing data in order to guide field based exploration program.” The company expects to receive all the data by the middle of July 2009, and to complete their evaluation by the end of August 2009. This is the end of Phase I of the exploration program, while Phase II is planned to commence in September 2009.

BVI-domiciled CIC Energy provided update on the Mmamabula Energy Project

Friday, July 24th, 2009

CIC Energy Corp., the BVI-domiciled company engaged in the exploration, development and operation of two coal properties in the Mmamabula Coalfields in Botswana, Southern Africa, announced the update on the Mmamabula Energy Project, which contained the following information:

In conjunction with the ongoing negotiations of the power purchase agreement and related documentation for the Mmamabula Energy Project, CIC Energy submitted an offer to Eskom Holdings Limited and Botswana Power Corporation in March 2009. The offer was taken through Eskom’s formal governance process, culminating in consideration of the offer at an Eskom board meeting held on June 18, 2009.

The response of the Eskom which had been expected has not yet been received by the BVI company. Eskom has informed that the delay in receiving a response is the result of discussions between Eskom and the Government of South Africa.

Upon receiving the response from Eskom, CIC Energy will provide a further update, including an update to the anticipated schedule to reach Financial Close, which is no longer expected to be achieved during the third calendar quarter of 2009.

BVI-registered HLS Systems International announces share repurchase plan

Monday, July 20th, 2009

HLS Systems International, Ltd., a holding company headquartered in China and registered in BVI, announced the establishment of a share repurchase program for the company to purchase up to 3 mln shares of its common stock on the open market.

The expiration date of the stock repurchase is set as March 31, 2010. The program will be financed by HLS’ cash flow from operation, and the timing of such purchases will be determined by HLS’ management. HLS’ CEO Dr. Changli Wang commented on the share repurchase saying that it is a “strong demonstration of their commitment to leveraging the strong cash position in order to maximize long-term returns for the shareholders.”

Also, the BVI company cancelled its incentive share plan, which was part of the merger agreement between Gifted Time Holdings and Chardan North Acquisition Corp., and which totaled 7 million remaining shares in aggregate for the years of 2009, 1010 and 2011, through the immediate issuance of 4 million shares to its Chinese subsidiaries’ original selling shareholders. Under the terms of this agreement, in which HLS Systems International was created, the company was obligated to issue to the original selling shareholdersup to 11 million shares over 5 years.

Indian Government defers FDI proposals from several companies

Wednesday, July 15th, 2009

Norwegian telecommunications corporation Telenor, which is known for its long-lasting litigation with British Virgin Islands company Farimex, is now purchasing 67% in Unitech Wireless, the telecom arm of Indian real estate company Unitech Ltd. The transaction needs the approval of the Government of India, which on July 1 again deferred a decision on Unitech’s proposal to increase foreign direct investment (FDI) to up to 74%. No reasons were given for the deferral.

Apart from Unitech Wireless proposal, 13 other proposals were deferred by the Government, including one from United Breweries to raise Rs7.08bn through issuance of convertible warrants to the British Virgin Islands-registered FirStart Inc.

At the same time, the Government approved 21 FDI proposals worth about Rs850mln, including the proposal from the world’s biggest chemical company – Germany-based BASF.