Mineral exploration company Talon Metals Corp., through its subsidiary Talon Nickel (USA) LLC, entered into a definitive agreement with Kennecott Exploration Company, which is a subsidiary of the Rio Tinto Group. Pursuant to this agreement, BVI-based Talon Metals has the right to acquire a 30 per cent stake in Kennecott's Tamarack Nickel-Copper-Platinum Project, located in Minnesota, USA, over a 3 year period, by making US$7.5 million in instalment payments to Kennecott, and incurring US$30 million in exploration expenditures. During the earn-in period, Kennecott will continue to be the operator of the Tamarack Project.
The Chairman of Talon Metals Warren Newfield commented on the agreement: "We are fortunate to participate in Kennecott's Tamarack Project… Over the past two years, the Talon team has reviewed and considered more than 700 projects, and we have finally identified a project that could be a company-maker. I would like to thank our shareholders for their patience and dedication. We expect the next three years to be an exciting time for Talon."
The definitive agreement between Talon and Kennecott was concluded after a number of months of due diligence conducted by the Talon team. Following the period of Talon’s earn-in to the Tamarack Project, the US company must either to proceed with this project with Talon as its joint venture participant owning 30 per cent of the Tamarack Project, or grant BVI company’s subsidiary the right to purchase 100 per cent of the Project.
Monday, June 30, 2014
Friday, June 13, 2014
Polo Resources signed agreement with Australian Exploration Company
Polo Resources Limited, the natural resources investment company domiciled in BVI, signed the agreement with an Australian gold exploration company Blackham Resources Limited. Under the terms of the agreement, Polo Resources agreed to subscribe for 49% of the enlarged capital of Perfectus Management Limited, which is the owner of 15% of Blackham’s issued fully paid ordinary share capital.
In consideration, the BVI company agreed to pay AU$1 million in cash and AU$2 million by way of issuing and allotting 7,317,564 new ordinary shares at an agreed price of 15 pence per share to Perfectus. The new shares will represent 2.64% of Polo’s enlarged issued share capital.
Upon completion of the transaction, Polo Resources increase its interest in Blackham from direct holding of 4.2% to a combined and indirect holding of 11.85%. The BVI company also has the right to acquire further 49% of Perfectus within the next two years, for AU$3 million to be satisfied by the issue or transfer to the vendor of ordinary shares in Polo at an agreed price of 15 pence per share.
The 7,317,564 new ordinary shares of Polo Resources, are expected to be admitted to trading on AIM on or around 2 June 2014. After the admission, Polo Resources’ enlarged issued share capital will amount to 276,940,309 ordinary shares.
In consideration, the BVI company agreed to pay AU$1 million in cash and AU$2 million by way of issuing and allotting 7,317,564 new ordinary shares at an agreed price of 15 pence per share to Perfectus. The new shares will represent 2.64% of Polo’s enlarged issued share capital.
Upon completion of the transaction, Polo Resources increase its interest in Blackham from direct holding of 4.2% to a combined and indirect holding of 11.85%. The BVI company also has the right to acquire further 49% of Perfectus within the next two years, for AU$3 million to be satisfied by the issue or transfer to the vendor of ordinary shares in Polo at an agreed price of 15 pence per share.
The 7,317,564 new ordinary shares of Polo Resources, are expected to be admitted to trading on AIM on or around 2 June 2014. After the admission, Polo Resources’ enlarged issued share capital will amount to 276,940,309 ordinary shares.
Thursday, June 5, 2014
Canadian Quantum completed private placement offering
Canadian Quantum Energy Corporation made the announcement that, pursuant to the investment agreement with the BVI-registered company Lang International Holdings Limited and Douglas Brett, the President and CEO of Canadian Quantum, the company completed the first tranche of previously announced private placement offering of its common shares.
Pursuant to the closing of the first tranche, the BVI company purchased 11,660,000 Common Shares at a price of US$0.10 per Common Share for gross proceeds of US$1,166,000. The additional tranche of the Equity Private placement is also anticipated. Additionally, upon the closing of the first tranche, Canadian Quantum repaid the short term loan from Lang in the amount of $350,000.
Canadian oil and gas company also announced that its subsidiary purchased certain seismic equipment from an associate of Lang, at a purchase price of 10,971,000 Common Shares, that were issued to Lang, at a deemed price of $0.10 per Common Share. Concurrently with the closing of the Equity Private Placement, Canadian Quantum also completed the previously announced Debenture Private Placement, pursuant to which the BVI company purchased Series 1 Debentures in the principal amount of US$935,239.73 and the holders of the previously outstanding debentures purchased Series 1 Debentures in the principal amount of US$935,239.73.
Under the Equity Private Placement, Lang acquired 11,660,000 Common Shares, 10,971,000 were acquired by the BVI company under the Asset Acquisition, and Series 1 Debentures in the principal amount of $935,239.73 were acquired under the Debenture Private Placement. Therefore, Lang will hold 22,631,000 Common Shares or approximately 39.49 per cent of the total issued and outstanding Common Shares, and Series 1 Debentures in the principal amount of US$935,239.73. Assuming the conversion of such Series 1 Debentures, Lang would own or control 30,424,664 Common Shares or approximately 46.74% of the total issued and outstanding Common Shares. The purchase of the securities by Lang was made for investment purposes.
Pursuant to the closing of the first tranche, the BVI company purchased 11,660,000 Common Shares at a price of US$0.10 per Common Share for gross proceeds of US$1,166,000. The additional tranche of the Equity Private placement is also anticipated. Additionally, upon the closing of the first tranche, Canadian Quantum repaid the short term loan from Lang in the amount of $350,000.
Canadian oil and gas company also announced that its subsidiary purchased certain seismic equipment from an associate of Lang, at a purchase price of 10,971,000 Common Shares, that were issued to Lang, at a deemed price of $0.10 per Common Share. Concurrently with the closing of the Equity Private Placement, Canadian Quantum also completed the previously announced Debenture Private Placement, pursuant to which the BVI company purchased Series 1 Debentures in the principal amount of US$935,239.73 and the holders of the previously outstanding debentures purchased Series 1 Debentures in the principal amount of US$935,239.73.
Under the Equity Private Placement, Lang acquired 11,660,000 Common Shares, 10,971,000 were acquired by the BVI company under the Asset Acquisition, and Series 1 Debentures in the principal amount of $935,239.73 were acquired under the Debenture Private Placement. Therefore, Lang will hold 22,631,000 Common Shares or approximately 39.49 per cent of the total issued and outstanding Common Shares, and Series 1 Debentures in the principal amount of US$935,239.73. Assuming the conversion of such Series 1 Debentures, Lang would own or control 30,424,664 Common Shares or approximately 46.74% of the total issued and outstanding Common Shares. The purchase of the securities by Lang was made for investment purposes.
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