GeoGrace in share swap
Filed under: Mine - Acoje, Mineral - Chromite, Mineral - Nickel, Mineral - Platinum, Operator - Rusina, Region 03 - Zambales
GeoGrace Resources Philippines Inc., formerly Global Equities Inc., has formed a joint venture with Australia’s Rusina Mining N.L. to develop mining projects in the Philippines.
GeoGrace, in a disclosure to the stock exchange, said the partnership with Rusina Mining, which is listed in the Australian Stock Exchange, involves a share swap between the two companies.
The deal also includes the purchase by GeoGrace of up to 100 percent of the total class A shares of Fil-Asia Strategic Investment Holdings Corp. (Fil-Asia Holdings).
In exchange, GeoGrace will pay the subscription by way of cash, shares and/or mining claims that may include areas in Surigao, Bukidnon and Zambales.
Shareholders of the joint venture company are Fil-Asia Holdings, with a 50 percent equity; Rusina or any of its qualified subsidiaries, 40 percent; and CRAU Mineral Corp., 10 percent. Jenniffer B. Austria
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