Mindoro Shareholder, Prime Resources, Increases Stake in Mindoro to 25%
25 Febbraio 2014 - 6:59PM
Marketwired
Mindoro Shareholder, Prime Resources, Increases Stake in Mindoro to
25%
EDMONTON, ALBERTA--(Marketwired - Feb 25, 2014) - Mindoro
Resources Ltd. (TSX-VENTURE:MIO)(FRANKFURT:WKN 906167)(ASX:MDO)
("Mindoro", or "the Company") is pleased to advise that Prime
Resources Holdings, Inc. ("PRHI") has acquired an additional
35,955,467 common shares of Mindoro, 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 75,605,083 common shares or approximately
25.42% of Mindoro's issued and outstanding shares.
In addition to its direct investment in Mindoro, PRHI holds
68.42% interest in TVI Resource Development (Phils.), Inc.
("TVIRD"), which has options to earn 60% interest in Mindoro's
Agata and Pan de Azucar Projects.
Mindoro's CEO, Tony Climie, commented, "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."
In a press release dated February 21, 2014, PRHI announced that
the securities were acquired in a single trade through the
facilities of the TSX Venture Exchange at a price of $0.021 per
share. PRHI has 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.
Grid Promissory Note
Pursuant to the Grid Promissory Note executed June 20, 2013 (the
"Note"), between Mindoro and TVI Pacific Inc. (TSX:TVI)
(OTCQX:TVIPF), an acquisition of greater than 20% of the voting
shares of Mindoro is an Event of Default (the "Event"), which
grants TVI the right, but not the obligation, to demand payment
(the "Demand") of any outstanding principle and interest due under
the Note, with such amounts becoming payable within five business
days of Mindoro receiving the Demand. Pursuant to the June 18,
2013, Security and Chattel Mortgage Agreement, Mindoro has ten
business days to satisfy the Demand before TVI may exercise any
rights or remedies provided by applicable laws or any other
agreement. Mindoro is in discussions with TVI to have PRHI's
acquisition of the Company's shares exempt from the Event
provisions of the Note.
About Prime Resources Holdings, Inc.
PRHI is a wholly-owned subsidiary of Prime Asset Ventures, Inc.
("PAVI"). PAVI is 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.
On behalf of the Board of Directors,
Tony Climie, CEO
About Mindoro
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange
(MIO), Australian Securities Exchange (MDO) and Frankfurt Stock
Exchange (WKN 906167). 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 the earn-in requirements outlined in the June 24, 2013,
release. Mindoro also holds a 14.5% stake in ASX listed Red
Mountain Mining (ASX:RMX), which has a 100% direct and indirect
interest in the Batangas gold and copper-gold projects.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Tony Climie P.Geol., is the CEO of Mindoro Resources Ltd and
has sufficient experience which is relevant to the style of
mineralization and type of deposit under consideration and to the
activity which he is undertaking to qualify as a qualified person
as defined by National Instrument 43-101. Tony Climie consents to
the inclusion in the report of the matters based on the information
in the form and context in which it appears.
This release may contain forward-looking statements
including management's assessments of future plans and operations,
and expectations of future production. These statements are based
on current expectations that involve a number of risks and
uncertainties, which could cause actual results to differ
materially from those anticipated. These risks include, but are not
limited to, the risks associated with the mining and exploration
industry (e.g. operational risks in development, exploration and
production; delays or changes in plans with respect to exploration
or development projects or capital expenditures; the uncertainty of
reserve estimates; the uncertainty with respect to results of
exploration, the uncertainty of estimates and projections relating
to production and the uncertainty of the availability of capital).
The assumptions used in the preparation of such statements,
although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, undue reliance should not be
placed on forward-looking statements. The Company does not
undertake to update forward-looking statements except where
required to do so by law.
For investor relations inquiries, please emailir@mindoro.com, or
telephone one of the following:Australia:Clayton Northey+61 3 9028
8187Canada:Penny Gould+780.719.8895www.mindoro.comCHF Investor
RelationsJeanny So+1 416 868 1079 ext. 225
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