By BusinessMirror - December 22, 2016
THE Board of Directors of Marcventures Holdings Inc. (MHI) approved on December 15 the plan to merge with Asia Pilot Mining Philippines Corp. (APMPC) and the holding company of BrightGreen Resources Corp. (BRC), with Marcventures as the surviving entity, subject to due-diligence audit and approval of the shareholders.
APMPC is the owner of Alumina Mining Philippines Inc. (Ampi) and Bauxite Resources Inc. (Bari).
Ampi holds MPSA 179-2002 VIII (SBMR) with an area of 6,694 hectares located in Motiong, San Jose de Buan and Wright, Province of Samar, issued on December 5, 2002.
Bari holds MPSA 180-2002 VIII (SBMR) with an area of 5,435 hectares located in Gandara, San Jose de Buan and Wright, Province of Samar, issued on December 5, 2002.
Bauxite ore is the highlydesired raw material for aluminium. It is of vital importance for the aerospace, transportation, construction and manufacturing Industries. Its price has remained steady even during the ongoing slump in commodity prices.
BRC holds MPSA 015-93-XIII approved on July 1, 1993, covering approximately 4,860 hectares of Carrascal and Cantilan, Surigao del Sur.
BRC’s mining tenement is contiguous to the mining tenement of MHI’s wholly owned subsidiary, Marcventures Mining and Development Corp.
The Marcventures board also approved the amendment of the company’s articles of incorporation to increase its authorized capital stock from P2 billion to P4 billion and to increase the number of directors from nine to 11.
The board also resolved to call a Special Shareholders Meeting to discuss the merger and other matters.
The board delegated to the president the authority to determine the record date and date of the meeting for the Special Shareholders’ Meeting.