Archive for October, 2010

Talon Metals to close private placement

Wednesday, October 27th, 2010

British Virgin Islands-registered company Talon Metals Corp. announced that it has completed the first part of a non-brokered private placement with a strategic investor for a total amount of 4,681,448 units. The price is CDN$0.45 per unit, and gross proceeds are CDN$2,106,652. Each of the units is comprised of one common share of Talon Metals, and one half of one common share purchase warrant. The expiry date of the common share purchase warrants is October 21, 2012.

The second and final closing of the private placement is for further 5,964,877 units for gross proceeds of CDN$2,684,195. The BVI corporation is planning to use the proceeds from the private placement for its exploration program at its Trairão Iron Ore Project, in order to complete the Phase 1 exploration program and fund operations through the medium term.

Ernst & Young to be engaged by BVI-registered China Natural Resources

Saturday, October 23rd, 2010

On October 15, 2010, British Virgin Islands-registered and Hong Kong-based company China Natural Resources, Inc. engaged Ernst & Young as its independent registered public accountants. It is planned that Ernst & Young will audit the financial statements of the BVI company for the year ending December 31, 2010, and the effectiveness of the company’s internal control over financial reporting as of December 31, 2010.

Ernst & Young is to replace GHP Horwath, P.C., who was dismissed as the company’s independent registered public accountants.

BVI company’s CEO and Chairman Mr. Feilie Li said in his comments: “We are pleased to welcome Ernst & Young as our audit firm, and look forward to a rewarding, long-term relationship with them. At the same time, we are saddened to end our tenure with GHP Horwath and wish to express our sincere appreciation for their many years of courteous and professional service.”

Talon Metals Signs LOI with Rio Verde Minerals Corp

Friday, October 15th, 2010

British Virgin Islands-registered mineral exploration company Talon Metals Corp. has entered into a Letter of Intent with Rio Verde Minerals Corp., a private company focused on the exploration and development of fertilizer projects in Brazil. This LOI provides for the completion of transactio regarding Talon’s Sergipe Potash Project. By terms of the agreement, the BVI company will transfer to Rio Verde all of its rights in the Project in return for approximately 27 million shares, or about 66% of Rio Verde.

Upon completion of the transaction with transfer of Talon’s potash properties, Rio Verde (which is currently unlisted company) is expected to acquire certain phosphate properties in Brazil from Sercor Ltd., a company which is also party to this LOI., and which would be the holder of about 22% of Rio Verde.

After completion of the transactions contemplated by the LOI, Talon Metals will have the right to nominate a majority of the directors of Rio Verde until the company completes a “going public” transaction. The closing of the proposed transactions is expected to occur in December 2010. Upon their completion, Talon will acquire pre-emptive rights to a proportionate participation in any future offering of equity securities of Rio Verde, exercisable for so long as Talon holds 10% or more of the issued and outstanding common shares of Rio Verde, subject to termination in the event that Rio Verde completes a “going public” transaction.

By words of Stuart Comline, President and CEO of Talon Metals, the transaction is aligned with company’s strategy to secure a partner to develop the Sergipe Potash Project. The successful conclusion of this transaction will allow Talon Metals to focus primarily on its 100%-owned iron ore projects in Brazil.

A-Power Energy wins two contracts

Wednesday, October 6th, 2010

A-Power Energy Generation Systems Ltd, the company registered in the British Virgin Islands and operating in China, has been granted a contract worth RMB 242 million (US$36 million), for building four power plants for the Liancheng Thermal Power Plant in the city of Hailun in the Heilongjiang province of China. The same week, one day earlier, the company won a $279 million water conservancy development contract in the city of Baishan in Jilin province.

Both contracts were won by the principal operating unit of A-PowerEnergy, GaoKe Energy, which contributes almost all of the company’s revenue.