News.
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Sinotel Announced Successful Capital Raising (www.sinotel.com.au)
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The Chinese telecommunications industry continues to be the fastest growth market worldwide in this sector. Despite the most adverse credit market conditions, Sinotel has recently successfully raised US$20 million commitment by private placement with options to further increase this investment. These monies will be deployed for the rapid roll-out of its network in terms of geographic reach, (an extra 6,000 kms.), and in bandwidth expansion by a factor of 10x to 100g. SINOTEL is already cash breakeven and with new customers already identified, we expect a rapid profit position emerging. SINOTEL has also invested in a state of the art new Data Centre in Shanghai and has entered discussions with prospective customers including tier 1 carriers. Given the expected significant value adding to this business, China Century intends to hold this investment through to at least the planned float in approximately 15 months time.
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China Century Capital announced a new Royalty Stream Investment
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The Company has entered into an Agreement with Australian China Clays Limited (ACC), to purchase a 10 year royalty stream on all minerals sold from its Skardon River mine, Queensland. The investment cost is $5 million with a short dated option for the Company to increase this investment to up to $10 million in return for a pro rata increase in the royalty rate. The majority of future royalties are projected to be based on KAOCEM products, a proprietary kaolin based environmentally friendly cement replacement concentrate. This very cost competitive product has a certified 80% reduction in greenhouse gases as well as some technical advantages in end product applications over Ordinary Portland Cement (OPC).
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China Century Capital Announced Preference Share Issue
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The Company is funding the above investment with a $5 million new issue of high yielding Preference shares, with the option to take up to $10 million. These shares have an 11% pa minimum dividend entitlement and participate in 60% of the royalty stream profits; the other 40% will be available to CCY ordinary shareholders. They are redeemable after 10 years and are convertible to CCY Ordinary shares at 10% discount to market after one year.
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