Marcventures plans merger with 2 other miners

ABS-CBN News

Posted at Sep 11 2017 10:46 AM

MANILA - Marcventures Holdings said Monday it would merge with Asia Pilot Mining Philippines and BrightGreen Resources Holdings, with the company as the surviving entity.

The nickel ore producer told the stock exchange that it would issue 1.125 billion shares at par value of P1 per share, 675 million of which in favor Asia Pilot and the remaining 450 million to BrightGreen.

Marcventures said the deal would help it diversify its portfolio.

Asia Pilot owns Alumina Mining Philippines and Bauxite
Resources, which mine bauxite ore, a raw material for aluminum, Marventures said.

BrightGreen, on the other hand, will help Marcventures increase its nickel reserves for a possible foray into nickel processing, it said.

The company's subsidiary, Marcventures Mining and Development Corporation holds a mining permit for 4,7999 hectares of land in Cantilan, Carrascal, and Madrid municipalities in Surigao Del Sur, according to its website. It produces nickel ore for export to China.