LISTED firm Marcventures Holdings Inc. said on Friday it is still conducting due diligence on two mines in Samar Province that it plans to acquire and merge with.
In a reply to the Philippine Stock Exchange’s (PSE) request for an update on its merger plan, Marcventures said it is “currently conducting due diligence to validate the mineral resource and other matters on the mining properties of the companies involved in the plan.”
“In this regard, the Parties have not yet determined the final terms and conditions of the transaction, including the Price and Number of Shares to be issued,” the statement said.
In December last year, Marcventures said its board approved a plan to merge the company with Asia Pilot Mining Philippines Corp. (AMPC) and the holding company of Brightgreen Resources Corp. (BRC), with Marcventures as the surviving entity.
The merger is still subject to the approval of its shareholders.
AMPC is the owner of two bauxite miners in Samar, which are Alumina Mining Philippines Inc. (AMPI) and Bauxite Resources Inc. (BARI). AMPI has mining operations on a 6,694-hectare site in Motiong, San Jose de Buan and Wright in Samar Province, while BARI has a 5,435-hectare mining operation in Gandara, San Jose de Buan and Wright.
Bauxite is a mineral ore used to produce aluminum.
BRC has nickel ore mining operations on a 4,860-hectare site in Carrascal and Cantilan, Surigao del Sur. Its mining tenement is contiguous to the mining tenement of Marcventures’ wholly owned subsidiary Marcventures Mining and Development Corp. (MMDC). MMDC has a 4,799-hectare nickel ore mining site in Cantilan, Surigao del Sur.
In line with the merger plan, the Marcventures board earlier approved an increase in authorized capital stock to P4 billion from P2 billion previously, and to raise the number of directors to 11 from 9.
Incorporated in 1957, Marcventures is a holding firm having subsidiaries involved in mining (MMDC), and land ownership. Its mining arm MMDC mainly exports its nickel ore to China.