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GEOGRACE Resources Philippines Inc., formerly known
as Global Equities Inc., has signed a share-for-property swap
agreement with Saprolite Mining Inc. for the latter’s mining
rights in a nickel property in Zambales province.
In a disclosure to the Philippine
Stock Exchange Inc. on Thursday, Geograce said that it has signed an
agreement for a 100-percent acquisition of Saprolite’s issued and
outstanding capital stock or its mining rights over 5,503 hectares
of nickel property in Zambales.
Geograce said that this will be
subject to the completion of the due diligence and the valuation of
the mining area. Under the agreement between the two parties, the
companies have the option to enter into a share-for-property swap
agreement in which Geograce shall issue shares in favor of Saprolite
in exchange for the mining area or issue new shares in favor of the
shareholders of Saprolite in exchange for its total shares.
--E.P C. Añonuevo
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