MARCVENTURES HOLDINGS, Inc. (MHI) on Tuesday said its shareholders have approved its merger with Asia Pilot Mining Philippines Corp. (APMPC), and BrightGreen Resources Holdings, Inc. (BHI).
“The merger with APMPC will allow MHI to gain control of AMPI and BARI, whose mineral resource is Bauxite Ore – the main raw material of aluminum. The merger will allow MHI to grow its business, diversify its products and expand its source of income,” the listed miner told the stock exchange.
MHI also noted bauxite prices are more stable than other commodities, even during the slump in metal prices.
APMC is the owner of Alumina Mining Philippines, Inc. (AMPI) and Bauxite Resources, Inc. (BARI) – properties in Samar containing bauxite, the main source of aluminum.
BHI, on the other hand, owns BrightGreen Resources Corp. (BRC) mining, which has a property contiguous to the operating nickel mine of MHI’s wholly owned subsidiary, Marcventures Mining and Development Corp. (MMDC), in Surigao del Sur.
The firm will issue 675 million shares in favor of APMPC shareholders, and 450 million shares in favor of BHI shareholders, or a combined 1.125 billion shares at P1 apiece.
In a regulatory filing on Tuesday, MHI said its shareholders also approved the amendment of the company’s Articles of Incorporation to increase its authorized capital stock from P2 billion to P4 billion, as well as the increase in the number of members of the Board of Directors from nine to 11.
The newly elected directors, Anthony M. Te and Reuben F. Alcantara, will assume office upon the approval by the Securities and Exchange Commission of the increase in the number of directors.
Shares of MHI were up on Tuesday by 5.95% to close at P1.96 apiece. – Janina C. Lim
