Varshney Capital Corp. a Vancouver Venture Capital Firm

Cathedral Place
Suite 1304 - 925 West Georgia Street
Vancouver, British Columbia, V6C 3L2
CANADA

Ph: +1 (604) 684-2181


	Portfolio \| Past Projects

These are select past projects of significance:

America Mineral Fields Inc.

In 1995, Varshney Capital principals formed America Mineral Fields Inc. ("AMZ") with Jean-Raymond Boulle and other management from Diamond Fields Resources Inc. ("DFR"). Shortly thereafter, DFR sold its Voisey Bay, Newfoundland nickel project to Inco Limited for $4.3 billion in the summer of 1996.

AMZ has significant resource projects in the Democratic Republic of Congo, including the historic Kipushi mine, a high grade zinc-copper deposit, and the Kolwezi Tailings reclamation project, one of the world's largest and lowest-cost sources of cobalt as well as a major source of copper.

During 1996, AMZ completed a $30 million financing, listed on the TSE and had a peak market capitalization of over $500 million. This represented a share price going from $0.08 to a pre-split high of $30.

Carmanah Technologies Corporation

Carmanah Technologies Corporation (TSX: CMH), a publicly listed company based in Victoria, BC, is the largest solar-powered LED lighting company in Canada. Delivering tough, reliable solutions that are deployed in mission-critical applications around the world, Carmanah solar technology is trusted by some of the most demanding customers in the world. The US Coast Guard, NASA, international military organizations & municipalities around the world have chosen Carmanah solar technology for their operations.

Carmanah has been the recipient of numerous industry & corporate awards over the years including "Company of the Year" at the British Columbia Technology Industry Association 2007 Technology Impact Awards.

In 2001, Varshney Capital engaged with Carmanah and through a reverse takeover listed the company. During our tenure with the company, $40 million of financings were raised including a bought-deal for $15 million. Carmanah also acquired 2 companies which helped grow the business at an annual average growth rate of 70% over 5 years. The market capitalization started at $14 million and at its peak was $160 million (the share price went from $0.50 to $4.20).

International Thunderbird Gaming Corporation

Thunderbird was a manufacturer of video gaming terminals having revenue share deals with many of the Native Indian tribes in the state of California. Currently, it is one of the largest owner and operators of casinos in the Latin and South American markets.

The principals of Varshney Capital were co-founders of the business in August 1994. The company grew in 3 years from a startup with a handful of employees to over a hundred employees with $35 million in revenues, EBITDA of $12.8 million and $5.9 million of net income (post-tax). At its peak, Thunderbird's market capitalization on the TSE was $140 million.

In 1997, the company ranked No.489 in the Financial Post Top 1000 companies in Canada and No.70 in Business in Vancouver's Top 100 public companies in BC.

Two financings of note:


	In 1994, the company's first significant financing was a $3 million private placement at $1 per unit with a listed tradeable warrant. Within 2 years, the common shares were trading at $6 and the warrant was trading for $4.15 making the $1 investment worth $10.15.

	In 1995, the company completed the first listed convertible debenture in the history of the Vancouver Stock Exchange. The $5 million bond paid a 10% coupon and from its initial trading price of $100 reached a peak of $300 in just over a year.