Archive for February, 2014

Gold mining company announced creation of BVI subsidiary

Friday, February 28th, 2014

Marlin Gold Mining Ltd., an emerging gold and silver mining company having projects in Mexico, announced the creation of wholly-owned subsidiary named Sailfish Royalty Corp. and registered in the British Virgin Islands. The shares of the newly formed company will be distributed to Marlin’s shareholders, and Sailfish will become a separate publicly traded company.

The BVI company will be populated with a gold stream entitling it to purchase 25 per cent of gold from Marlin’s La Trinidad mine located in Sinaloa, Mexico, at US$1,150 per troy ounce for the next 40 years. Sailfish will distribute at least 90 per cent of its operating cash flow to investors, and its business objective will be to grow its dividend per share over time. It will be aimed to unlock shareholder value by establishing premium valuation on assets developed and acquired by the parent company.

Also, Marlin Gold signed a binding letter of intent to acquire a significant gold stream on Golden Reign Resources Ltd.’s San Albino gold deposit and surrounding areas in Nicaragua. For a purchase price of US$15 million, Sailfish will be entitled to purchase 40 per cent of gold production at US$700 per troy ounce until the first US$19.6 million is recovered by Sailfish, and 20% of gold production at $700 per troy ounce thereafter.

The capital required to complete this transaction will be raised through an equity offering, once Marlin has successfully completed its due diligence on Golden Reign.

BVI Airways signed agreement with Haiti’s Sunrise Airways

Monday, February 17th, 2014

Tortola-based airline BVI Airways and Haiti’s airline Sunrise Airways entered into a subservice flight operations agreement, according to which Haitian company will operate BVI Airways flights from the Terrance B. Lettsome International Airport (EIS) in Tortola to Dominica (DOM) and St Maarten/St Martin (SXM), and one BVI Airways aircraft undergoes scheduled maintenance checks and refurbishment in the U.S.

To operate routes included in the subservice agreement, Sunrise Airways obtained a permit from BVI foreign operator together with seventh freedom rights approval. Sunrise Airways will use its flagship Jetstream 32 EP aircraft on BVI Airways routes. It will also operate charters on behalf of BVI Airways as requested.

BVI Airways CEO, Luke Smith, commented on the agreement: “After a careful review of potential airline partners, Sunrise Airways emerged as the clear number-one choice. Our companies share a number of synergies in terms of aircraft, safety standards, management style, and customer service aimed at raising the bar on aviation in the Caribbean. I’m confident our loyal passengers will enjoy the same comfortable and professional flight experience they’ve come to expect with BVI Airways as we move forward with Sunrise.”

BVI company appointed Chief Financial Officer and Director

Saturday, February 8th, 2014

Xcite Energy Limited, the BVI company engaged in oil exploration and development of oil resources in the North Sea, this week announced the appointment of Chief Financial Officer and Director. Andrew Fairclough has been appointed CFO and Director of the BVI company with immediate effect.

Andrew Fairclough joined Xcite Energy Resources Limited (the wholly owned subsidiary of Xcite Energy Limited) in August 2012 as Corporate Affair Director for the Xcite Energy Group. Prior to that, he had 17 years’ experience in investment banking and corporate finance, and a close working relationship with Xcite Energy for nearly five years. He has a beneficial interest in 15,000 ordinary shares of Xcite Energy.

Rupert Cole, CEO of Xcite Energy, commented on this appointment:

“I am very pleased that Andrew has taken up the position of CFO. He has played an active role in the Company since joining us in 2012 and his appointment further strengthens the Board at this important time.”