SEC approves Marcventures’ merger with 2 mining firms

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SEC approves Marcventures’ merger with 2 mining firms
The merger will allow Marcventures to gain control of mineral resource from Bauxite Ore, the main raw material of aluminium

MANILA, Philippines – The Securities and Exchange Commission (SEC) green lighted the merger of Marcventures Holdings Incorporated with two mining firms: Brightgreen Resources Holdings Incorporated (BHI) and Asia Pilot Mining Philippines Corporation (APMPC).

Marcventures will become the surviving entity.

The listed firm on Tuesday, January 2 told the local bourse that SEC approved the increase in Marcventures’ authorized capital stock to P4 billion divided into 4 billion common shares with a par value of P1 per share.

This was compared to the current P2 billion divided into two billion common shares with a par value of P1 each.

Of the increased authorized capital stock, Marcventures will issue a total of 1.125 million common shares priced at P1 per share. This will comprise of 675 million shares for APMPC shareholders and another 450 million shares for BHI shareholders.

APMPC is the owner of Alumina Mining Philippines Incorporated (AMPI), which holds a mineral production sharing agreement of over 6,694 hectares of mining area in Motiong in San Jose De Buan and Wright in Samar.

APMPC also owns Bauxite Resources Incorporated (BARI), which operates in 5,435 hectares of mining areas in Gandara in San Jose de Buan and Wright in Samar.

Marcventures said the merger with APMPC will allow it to gain control of AMPI and BARI, whose mineral resource is Bauxite Ore, the main raw material of aluminium. 

“The merger will allow Marcventures 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 other commodities even during the slump of metal prices,” the mining firm said in the disclosure.

Bauxite is a highly valued raw material used to produce aluminium alloys, which can be essential to industries like aerospace, transportation, construction, and various manufacturing lines.

Meanwhile, BHI is the owner of BrightGreen Resources Corporation. which holds mineral production sharing agreement of about 4,860 hectares of Carrascal and Cantilan in Surigao del Sur. 

The mining tenement is contiguous to the mining tenement of MHI’s wholly-owned subsidiary, Marcventures Mining and Development Corp. (MMDC). 

Marcventure said the merger with BHI will enable it to increase the nickel reserves and pursue a possible venture into nickel processing.

Marcventures holds a mineral production sharing agreement, covering about 4,799 hectares located in Cantilan, Surigao del Sur. Its main product for the past 3 years is nickel ore. – Rappler.com

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