Marcventures Holdings Inc. (MHI) will explore business opportunities with two mining firms, Asia Pilot Mining Philippines Corp. (APMPC) and BrightGreen Resources Holdings Inc. (BHI), both of which will receive 675 million shares and 450 million shares respectively, the company said Tuesday.
Marcventures will serve as the surviving entity in the merger and has approved a total of 1.125 billion shares at par value of P1 apiece.
APMPC is the mother company of Samar-based properties Alumina Mining Philippines Inc. and Bauxite Resources Inc., the latter extracting bauxite for the production of aluminum.
Alumina holds a mining operations agreement in over a 6,694-hectare tenement in Motiong and Paranas, Samar, while Bauxite owns a 5,435-hectare MPSA (Mineral Production Sharing Agreement) in Gandara, Matuginao, San Jorge, and San Jose de Buan, also in Samar province.
“The merger with APMPC will allow MHI to grow its business, diversify its products and expand its source of income. Bauxite has been observed to be more stable in prices as compared to nickel ore,” Marcventures said.
Moreover, BHI has BrightGreen Resources Corp. (BRC), which holds the operating nickel mine of MHI’s subsidiary, Marcventures Mining and Development Corp. (MMDC), in Surigao del Sur.
“MHI’s objective in merging with BHI is to gain control of BRC in order to increase the nickel reserves of MMDC in case the company or its subsidiary decides to venture into nickel processing,” Marcventures said.
BRC has a 4,860-hectare tenement in the Carrascal and Cantilan municipalities in Surigao del Sur, which MMDC sets its mining operations.
