Archive for December, 2013

Xcite Energy Limited announced closing of private placement

Tuesday, December 31st, 2013

British Virgin Islands-registered Xcite Energy Limited made an announcement that it has closed the non-brokered private placements of US$80 million aggregate principal amount of 12.5% unsecured loan notes, and 1,000,000 units, each unit consisting of one ordinary share in the capital of Xcite Energy and one ordinary share purchase warrant. The net proceeds of the private placements will be used to repay company’s outstanding 14% unsecured loan notes, which are valued at approximately US$72 million and at due 31 December 2013.

Upon the admission of the 1,000,000 BVI company’s shares to AIM, its enlarged issued share capital will comprise 292,811,000 shares with one voting right per share. The total number of voting rights in the company will therefore be 292,811,000. There will be a total of 17,250,000 outstanding warrants and 25,652,000 outstanding options to subscribe for Shares.

South African low cost carrier acquires BVI-registered Global Airways

Friday, December 13th, 2013

1time Airline (Pty) Ltd, a South African low cost airline which terminated its service in 2012, has entered into a binding agreement with Global Aviation Holdings Limited and Pak Africa Trade Zone Proprietary Limited, to purchase 100% of Global Airways Limited. Global Airways is a British Virgin Islands-incorporated entity, established in 2010, involved in the leasing, chartering, acquisition, refurbishment and heavy maintenance of its planes, and holding a maintenance and control centre in Johannesburg.

The consideration of the acquisition will be R21.6 million, to be settled by issuing 720 million shares, which are subscription shares of 1time at an issue price of 3 cents per share. 270 million of them will be given to Global Aviation, and 450 – to Pak Africa Aviation. Currently there are 280 million shares of 1time Holdings, so current shareholders of 1time will own 28% of the company, Pak Africa will own 45%, and Global Aviation will be the owner of 27%.

Global Airways holds the Airline Operators Certificate for both unscheduled and scheduled flights, so this acquisition will allow 1time Holdings to recommence its services as a low-cost carrier.

MDM awarded execution contract for Canadian company and PEA for Casa Mining

Wednesday, December 4th, 2013

BVI-registered mineral process and project management company MDM Engineering Group Limited announced that it has been awarded the execution contract for GoGold Resources Parral Tailings Project in Mexico, held by GoGold’s wholly owned Mexican subsidiary, Grupo Coanzamex S.A. de C.V. GoGold Resources is a Canadian exploration company which acquired the project in August 2013.

Also, the BVI company has been awarded the preliminary economic assessment for Casa Mining’s gold Misisi project in the Democratic Republic of Kolngo. Casa has been exploring the project area where artisanal miners have been recovering gold for approximately 35 years. MDM is requested to comment on the test work results achieved to date with particular reference to the experience gained at the Namoya mine currently being constructed by MDM. Namoya is located in the eastern DRC near the Misisi project site.