Nihao Minerals Resources International Inc. on Thursday said its board approved the issuance of 100 million common shares through a private placement at the price of P2.25 per share.
In a disclosure to the Philippine Stock Exchange, NiHao said it issued some P225-mllion worth of shares to Jerry Angping. The subscription prices shall be paid in cash two days after the execution of the agreement.

NiHao said the proceed of the share issuance will be used to acquire equity in a mining company for strategic business purposes, and to purchase mining equipment to enhance the company’s portfolio.

NiHao said the shares to be issued to Angping shall be subject to the appropriate regulatory approvals.

Earlier, NiHao bought some five million shares in Oriental Peninsula Resources Group Inc., representing at least 10 percent of NiHao’s total assets.

ORE owns a 94-percent equity interest in Citinickel Mines and Development Corp., the sole owner of the Pulot Mine and the Toronto Mine in the municipalities of Sofronio Espanola and Narra in Palawan.

NiHao said it has appointed Jose Francisco Miranda as its new vice-president and chief operating officer. Franciso will head and manage operations of various mining projects.

NiHao shares fell to P4.23 each on Thursday from P4.37 the day before.