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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/26/22 CBL International Ltd. F-1 26:22M M2 Compliance LLC/FA |
Document/Exhibit Description Pages Size
1: F-1 Registration Statement by a Foreign Issuer HTML 2.89M
2: EX-2.1 Plan of Acquisition, Reorganization, Arrangement, HTML 154K
Liquidation or Succession
3: EX-3.1 Articles of Incorporation/Organization or Bylaws HTML 58K
4: EX-3.2 Articles of Incorporation/Organization or Bylaws HTML 9K
5: EX-3.3 Articles of Incorporation/Organization or Bylaws HTML 19K
6: EX-3.4 Articles of Incorporation/Organization or Bylaws HTML 828K
7: EX-4.1 Instrument Defining the Rights of Security Holders HTML 9K
8: EX-5.1 Opinion of Counsel re: Legality HTML 61K
9: EX-10.1 Material Contract HTML 120K
10: EX-10.2 Material Contract HTML 122K
11: EX-10.3 Material Contract HTML 101K
12: EX-21.1 Subsidiaries List HTML 11K
13: EX-23.1 Consent of Expert or Counsel HTML 11K
26: EX-FILING FEES Filing Fees HTML 41K
14: EX-99.1 Miscellaneous Exhibit HTML 62K
23: EX-99.10 Miscellaneous Exhibit HTML 11K
24: EX-99.11 Miscellaneous Exhibit HTML 11K
25: EX-99.12 Miscellaneous Exhibit HTML 11K
15: EX-99.2 Miscellaneous Exhibit HTML 44K
16: EX-99.3 Miscellaneous Exhibit HTML 30K
17: EX-99.4 Miscellaneous Exhibit HTML 49K
18: EX-99.5 Miscellaneous Exhibit HTML 41K
19: EX-99.6 Miscellaneous Exhibit HTML 14K
20: EX-99.7 Miscellaneous Exhibit HTML 11K
21: EX-99.8 Miscellaneous Exhibit HTML 11K
22: EX-99.9 Miscellaneous Exhibit HTML 11K
Exhibit 5.1
| CBL International Limited | D +852 3656 6054 |
| E nathan.powell@ogier.com | |
| Reference: NMP/JTC/502028.00001 |
25 August 2022
Dear Sirs
CBL International Limited (the Company)
We have acted as Cayman Islands counsel to the Company in connection with the Company’s registration statement on Form F-1, including all amendments or supplements thereto (the Registration Statement), as filed with the United States Securities and Exchange Commission (the Commission) under the United States Securities Act 1933, as amended (the Act) on or about 25 August 2022. The Registration Statement relates to the offering (the Offering) of 3,750,000 ordinary shares of a par value of US$0.0001 each of the Company (the Ordinary Shares).
Unless a contrary intention appears, all capitalised terms used in this opinion have the respective meanings set forth in the Documents. A reference to a Schedule is a reference to a schedule to this opinion and the headings herein are for convenience only and do not affect the construction of this opinion.
| 1 | Documents examined |
For the purposes of giving this opinion, we have examined originals, copies, or drafts of the following documents: (the Documents):
| (a) | the certificate of incorporation of the Company dated 8 February 2022 issued by the Registrar of Companies of the Cayman Islands (the Registrar); | |
| (b) | the amended and restated memorandum of association of the Company as adopted by special resolution passed on 4 March 2022 and the articles of association of the Company filed with the Registrar on 8 February 2022 (respectively, the Memorandum and the Articles); | |
| (c) | a certificate of good standing dated 22 August 2022 (the Good Standing Certificate) issued by the Registrar in respect of the Company; | |
| (d) | a certificate of incumbency dated 22 August 2022 (the Certificate of Incumbency) issued by the registered office provider of the Company in respect of the Company; | |
| (e) | the register of directors of the Company as at 19 August 2022 (the ROD); |
Ogier British Virgin Islands, Cayman Islands, Guernsey, Jersey and Luxembourg practitioners
Floor 11 Central Tower 28 Queen's Road Central Central Hong Kong
T +852 3656 6000 F +852 3656 6001 ogier.com |
Partners Nicholas Plowman Nathan Powell Anthony Oakes Oliver Payne Kate Hodson David Nelson Michael Snape |
Justin Davis Florence Chan Lin Jacobsen Cecilia Li James Bergstrom Marcus Leese |
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| (f) | the register of members of the Company as at 19 August 2022 (the ROM, and together with the ROD, the Registers); | |
| (g) | a certificate from a director of the Company dated 25 August 2022 as to certain matters of facts (the Director’s Certificate); | |
| (h) | a copy of the written resolutions of the sole director of the Company dated 23 August 2022 approving the Company’s filing of the Registration Statement and issuance of the Ordinary Shares (the Board Resolutions); and |
| (i) | the Registration Statement. |
| 2 | Assumptions |
In giving this opinion we have relied upon the assumptions set forth in this paragraph 2 without having carried out any independent investigation or verification in respect of those assumptions:
| (a) | all original documents examined by us are authentic and complete; | |
| (b) | all copy documents examined by us (whether in facsimile, electronic or other form) conform to the originals and those originals are authentic and complete; | |
| (c) | all signatures, seals, dates, stamps and markings (whether on original or copy documents) are genuine; | |
| (d) | each of the Good Standing Certificate, the Certificate of Incumbency, the Registers and the Director’s Certificate is accurate and complete as at the date of this opinion; | |
| (e) | all copies of the Registration Statement are true and correct copies and the Registration Statement conform in every material respect to the latest drafts of the same produced to us and, where the Registration Statement has been provided to us in successive drafts marked-up to indicate changes to such documents, all such changes have been so indicated; | |
| (f) | the Board Resolutions remains in full force and effect and each of the directors of the Company has acted in good faith with a view to the best interests of the Company and has exercised the standard of care, diligence and skill that is required of him or her in approving the Offering and no director has a financial interest in or other relationship to a party of the transactions contemplated by the Documents which has not been properly disclosed in the Board Resolutions; | |
| (g) | neither the directors and shareholders of the Company have taken any steps to appoint a liquidator of the Company and no receiver has been appointed over any of the Company’s property or assets; | |
| (h) | the maximum number of Ordinary Shares to be issued by the Company would not exceed the Company’s authorised share capital and the consideration payable for each Ordinary Share shall be no less than the par value of US$0.0001 each; and | |
| (i) | there is no provision of the law of any jurisdiction, other than the Cayman Islands, which would have any implication in relation to the opinions expressed herein. |
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| 3 | Opinions |
On the basis of the examinations and assumptions referred to above and subject to the limitations and qualifications set forth in paragraph 4 below, we are of the opinion that:
Corporate status
| (a) | The Company has been duly incorporated as an exempted company with limited liability and is validly existing and in good standing with the Registrar. |
Authorised Share capital
| (b) | The authorised share capital of the Company is US$50,000 divided into 500,000,000 shares of a nominal or par value of US$0.0001 each. |
Valid Issuance of Ordinary Shares
| (c) | The issuance and allotment of the Ordinary Shares have been duly authorised and, when issued and allotted in accordance with the Registration Statement and the duly passed Board Resolutions and once consideration is paid for in accordance with the Registration Statement, will be validly issued, fully paid and non-assessable. Once the register of members of the Company has been updated to reflect the issuance, the shareholders recorded in the register of members will be deemed to have legal title to the Ordinary Shares set against their respective name. |
Registration Statement - Taxation
| (d) | The statements contained in the Registration Statement in the section headed “Cayman Islands Taxation”, in so far as they purport to summarise the laws or regulations of the Cayman Islands, are accurate in all material respects and that such statements constitute our opinion. |
| 4 | Limitations and Qualifications |
| 4.1 | We offer no opinion: |
| (a) | as to any laws other than the laws of the Cayman Islands, and we have not, for the purposes of this opinion, made any investigation of the laws of any other jurisdiction, and we express no opinion as to the meaning, validity, or effect of references in the Documents to statutes, rules, regulations, codes or judicial authority of any jurisdiction other than the Cayman Islands; or | |
| (b) | except to the extent that this opinion expressly provides otherwise, as to the commercial terms of, or the validity, enforceability or effect of the Registration Statement, the accuracy of representations, the fulfilment of warranties or conditions, the occurrence of events of default or terminating events or the existence of any conflicts or inconsistencies among the Registration Statement and any other agreements into which the Company may have entered or any other documents. |
| 4.2 | Under the Companies Act (Revised) (Companies Act) of the Cayman Islands annual returns in respect of the Company must be filed with the Registrar of Companies in the Cayman Islands, together with payment of annual filing fees. A failure to file annual returns and pay annual filing fees may result in the Company being struck off the Register of Companies, following which its assets will vest in the Financial Secretary of the Cayman Islands and will be subject to disposition or retention for the benefit of the public of the Cayman Islands. |
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4.3 | In good standing means only that as of the date of this opinion the Company is up-to-date with the filing of its annual returns and payment of annual fees with the Registrar of Companies. We have made no enquiries into the Company’s good standing with respect to any filings or payment of fees, or both, that it may be required to make under the laws of the Cayman Islands other than the Companies Act. |
| 5 | Governing law of this opinion |
| 5.1 | This opinion is: |
| (a) | governed by, and shall be construed in accordance with, the laws of the Cayman Islands; | |
| (b) | limited to the matters expressly stated in it; and | |
| (c) | confined to, and given on the basis of, the laws and practice in the Cayman Islands at the date of this opinion. |
| 5.2 | Unless otherwise indicated, a reference to any specific Cayman Islands legislation is a reference to that legislation as amended to, and as in force at, the date of this opinion. |
| 6 | Reliance |
We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to our firm under the headings “Enforcement of Civil Liabilities” and “Legal Matters” of the Registration Statement. In giving such consent, we do not believe that we are “experts” within the meaning of such term used in the Securities Act or the rules and regulations of the Commission issued thereunder with respect to any part of the Registration Statement, including this opinion as an exhibit or otherwise.
This opinion may be used only in connection with the offer and sale of the Ordinary Shares and while the Registration Statement is effective.
Yours faithfully
Ogier
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