Marcventures to merge with 2 other miners

Publicly listed Marcventures Holdings Inc. plans to merge with two other miners, in a bid to expand its business operations.

Marcventures will be the surviving entity in the merger deal with Asia Pilot Mining Philippines Corp. and BrightGreen Resources Holdings Inc. (BHI). Marcventures Assistant Corporate Secretary Diane Madelyn C. Ching told the Philippine Stock Exchange.

In consideration, Marcventures will issue 675,000,000 shares in favor of Asia Pilot shareholders and 450,000,000 shares in favor of BHI shareholders, or a total of 1,125,000,000 shares at a par value of P1.00 per share.

Asia Pilot owns Alumina Mining Philippines Inc. (AMPI), which holds a mineral production sharing agreement (MPSA) over 6,694 hectares of mining area in Motiong, San Jose De Buan and Wright in the Province of Samar.

It also owns Bauxite Resources Inc. (BARI), which holds an MPSA for 5,435 hectares in Gandara, San Jose de Buan and Wright, in Samar.

"The merger with APMPC will allow Marcventures to gain control of AMPI and BARI, whose mineral resource is Bauxite Ore—the main raw material of aluminium," according to Marcventures.

BHI owns BrightGreen Resources Corp. (BRC) which holds an MPSA covering approximately 4,860 hectares in Carrascal and Cantilan in Surigao del Sur.

"Marcventures' objective in merging with BHI is to gain control of BRC in order to increase the nickel reserves of MHI’s nickel mines pursuant to a possible venture into nickel processing," it said. — Jon Viktor Cabuenas/VDS, GMA News