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.
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