SEC approves Marcventures merger with 2 mining firms

Publicly-listed Marcventures Holdings Inc. said Tuesday it received regulatory approval to merge with two other mining firms in a bid to expand its business. (Pixabay photo)

MANILA — Publicly-listed Marcventures Holdings Inc. said Tuesday it received regulatory approval to merge with two other mining firms in a bid to expand its business.

The Securities and Exchange Commission (SEC) allowed Marcventures to merge with Asia Pilot Mining Phils. Corp. (APMPC) and BrightGreen Resources Holdings Inc. (BHI), with Marcventures as the surviving entity.

APMPC is the owner of Alumina Mining Philippines Inc. (AMPI) and Bauxite Resources Inc. (BARI), which both have mineral production sharing agreements (MPSA) covering 6,694 hectares and 5,435 hectares in San Jose De Buan and Wright in Samar province.

Marcventures told the local bourse the merger with APMPC would allow it to gain control of AMPI and BARI, whose mineral resource is bauxite ore.

Bauxite ore is the main raw material of aluminum, which has been observed to be more stable in prices as compared to other commodities even during the slump of metal prices.

“The merger will allow MHI to grow its business, diversify its products and expand its source of income,” said the company.

BHI, on the other hand, is the owner of BrightGreen Resources Corp. (BRC) which holds MPSA covering 4,860 hectares 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).

Marcventures said it merged with BHI to gain control of BRC in order to increase the nickel reserves of its owned nickel mines pursuant to a possible venture into nickel processing.

It added it would issue 675 million shares in favor of APMPC shareholders and 450 million shares in favor of BHI shareholders, or a total of 1.125 billion shares at a par value of PHP1 per share.