Listed company Island Information and Technology Inc. has selected Abacus Capital & Investment Corp. as its financial adviser for the planned partnership with black sand miner JDVC Resources Corp.
Island Information said in a statement with the selection of Abacus, it could now seriously look into its planned venture with JVDC.
“We have now set in place careful due diligence and research to understand the pros and cons of this possible business venture,” Island Information board director Gerardo Urbina Jr. said.
The company said Abacus was chosen by its board of directors during a special meeting on Jan. 28, 2015 to discuss the proposals and the status of the ongoing due diligence review on JDVC Resources.
JDVC seeks a backdoor listing by entering into a merger, consolidation, a mutual purchase or exchange of shares or any other form of business combination with IITI. JDBC is a “black sand” mining company with a mineral production sharing agreement with the government for an offshore mining stake in Cagayan involving 13,240 hectares.
The merger with JDVC will allow IITI to convert its stockholders’ equity from negative to positive and to get back into the mining business.