The Securities and Exchange Commission approved the merger of Marcventures Holdings Inc., Brightgreen Resources Holdings Inc. and Asia Pilot Mining Philippines Corp. with Marcventures as the surviving entity.
Marcventures said in a disclosure to the stock exchange the SEC also approved the increase in the company’s authorized capital stock to P4 billion divided into four billion common shares with a par value of P1 per share, from P2 billion divided into 2 billion common shares with a par value of P1.
Marcventures said out of the increase in authorized capital stock, it would issue 1.125 million common shares priced at P1 apiece, comprising of 675 million shares for APMPC shareholders and 450 million shares for BHI shareholders.
APMPC is the owner of Alumina Mining Philippines Inc. which holds a mineral production sharing agreement over 6,694 hectares of mining areas in Motiong, San Jose De Buan and Wright in Samar province.
The company also owns Bauxite Resources Inc. that operates in 5,435 hectares of mining areas in Gandara, San Jose de Buan and Wright.
Marcventures said the merger with APMPC would allow it to gain control of AMPI and BARI, whose mineral resource is bauxite ore―the main raw material of aluminum.
“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 company said.
Bauxite is a highly valued raw material used to produce aluminum alloys which are essential to industries like aerospace, transportation, construction and various manufacturing lines.
Meanwhile, BHI is the owner of BrightGreen Resources Corp., which holds MPSA covering 4,860 hectares in Carrascal and Cantilan, Surigao del Sur.
The mining tenement is contiguous to the mining tenement of MHI’s wholly-owned subsidiary, Marcventures Mining and Development Corp.
Marcventure said the merger with BHI would enable it to increase the nickel reserves and pursue a possible venture into nickel processing.
Marcventures, through MMDC, holds an MPSA covering an area of 4,799 hectares in Cantilan. MMDC’s main product for the past three years is nickel ore.