Marcventures Holdings, Inc. (MHI) will be the surviving entity after its new merger with Asia Pilot Mining Philippines Corporation (APMPC) and BrightGreen Resources Holdings, Inc. (BHI), it confirmed in a disclosure to the Philippine Stock Exchange on Tuesday.
The MHI merger was recently approved by its shareholders, in which the company will issue 675 million shares in favor of APMPC shareholders while BHI shareholders will receive 450 million shares, totaling to 1.125 billion shares at a par value of R1.00 per share.
In addition, MHI shareholders approved the amendment of the company’s Articles of Incorporation intended for MHI’s surge in authorized capital stock from P2 billion to P4 billion.
MHI will also add two more members to its Board of Directors, which originally consists of nine members.
APMPC, the umbrella company of Alumina Mining Philippines, Inc. and Bauxite Resources, Inc., extracts properties containing Bauxite Ore, the main source of aluminum, in Samar.
Through the new merger, MHI is given freedom to grow APMPC’s business, diversify its products and expand its source income.
Meanwhile, BHI subsidiary BrightGreen Resources Corp. (BRC) will be controlled by MHI as authorized by the merger, in order to increase the nickel reserves of MHI’s owned nickel mines pursuant to a possible venture into Nickel Processing.
BRC holds the MPSA 015-93-XIII approved in July 1993, covering approximately 4,860 hectares of Carrascal and Cantilan in Surigao del Sur.
