Mindoro Resources advises that Prime Resources Holdings, Inc (PRHI) has acquired almost 36 million additional shares, representing approximately 12.09% of Mindoro’s issued and outstanding common shares through a secondary trade in the market. Following completion of this acquisition, PRHI owns approximately 25.42% of Mindoro’s shares.
In addition to its direct investment in Mindoro, PRHI holds a 68.42% interest in TVI Resource Development (Phils), Inc (TVIRD), which has options to earn 60% in Mindoro's Agata and Pan de Azucar Projects.
Mindoro’s CEO Tony Climie says, “We believe this additional investment in Mindoro, combined with PRHI’s majority ownership of TVIRD, solidifies their position as a strategic partner and sends a strong message of PRHI’s belief in the value to be realized from its Mindoro investment and support for our projects.”
The securities were acquired in a single trade through the facilities of the TSX Venture Exchange at a price of Can$0.021 per share. In a statement PRHI said it had acquired the shares for investment purposes and may acquire further shares of Mindoro or dispose of its holdings of shares, both as investment conditions warrant.
PRHI is a wholly-owned subsidiary of Prime Asset Ventures, Inc, a holding corporation of utilities engaged in various industries which include water distribution infrastructure, energy and power generation as well as retail distribution, cable and antennae television, and telecommunications.
Mindoro has a 75% interest and an option to acquire the remaining 25% in the Agata Nickel Project, Mindanao, and the Pan de Azucar Sulphur-Copper-Gold Project, Iloilo. TVIRD has the option to earn up to a 60% interest in these projects by meeting earn-in requirements.