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Marcventures merger with 2 miners approved
MARCVENTURES Holdings, Inc. is proceeding with its planned merger with two mining firms after it secured the go-signal of the Securities and Exchange Commission (SEC) last December 29, the Manila Times reported Jan. 3.
In a recent disclosure to the Philippine Stock Exchange, the listed nickel ore producer announced that it planned to merge with Brightgreen Resources Holdings, Inc. and Asia Pilot Mining Phils. Corp., with Marcventures as the surviving entity.
Marcventures said the move would allow the company to diversify its portfolio.
Asia Pilot produces mine bauxite ore through its subsidiary Alumina Mining Philippines and Bauxite Resources, a raw material used for aluminum. It owns nearly 7,000 hectares of mining area in Motiong, San Jose de Buan and Wright in Samar province.
Brightgreen, on the other hand, holds a mineral production sharing agreement (MPSA) over a 4,860-hectare piece of land in Carrascal and Cantilan in Surigao del Sur.
“Marcventures’ objective in merging with Brightgreen Holdings is to gain control of Brightgreen Resources Corp. in order to increase the nickel reserves of Marcventures’ nickel mines pursuant to a possible venture into nickel processing,” it said.
Upon execution, Marcventures shall issue 1.125 billion shares at a par value of P1 apiece. Of the total, 675 million shares will be in favor of Asia Pilot while the remaining 450 million shares will be in favor of Brightgreen.
On the same day, the SEC approved Marcventures’ application to increase its authorized capital stock from the current P2 billion to P4 billion at a par value of P1 apiece, divided into 4 billion shares.
The regulator also confirmed the company’s plan to increase the number of its directors from nine to 11.