Makati—(PHStocks)—On 04 June 2017, Marcventures Holdings Inc. (PSE: MARC) and the shareholders of Asia Pilot Mining Philippines Corp. (Asia Pilot) entered into a term sheet in relation to their agreement to merge Asia Pilot, BrightGreen Resources Holdings Inc. (BHI) and MARC with the latter as the surviving entity.
MARC agreed to issue six hundred seventy five million (675,000,000) shares at PhP2.20 per share, equivalent to PhP1,485,000,000.00, in favor of the shareholders of Asia Pilot. MARC and the shareholders of BHI, on the other hand, has yet to finalize their agreement.
Asia Pilot 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. On the other hand, 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. The mineral resource in AMPI and BARI is bauxite, an aluminum ore.