Apex Mining Co., Inc. intends to acquire Asia- Alliance Mining Resources Corp. from Clariden Holdings, Inc.and others.
December 05, 2022
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Apex Mining Co., Inc. (PSE:APX) intends to acquire Asia- Alliance Mining Resources Corp.(AAMRC) from Clariden Holdings, Inc.and others for $81.5 million on December 2, 2022. Apex Mining Co., Inc. entered into an agreement to acquire Asia- Alliance Mining Resources Corp.(AAMRC) from Clariden Holdings, Inc.and others December 5, 2022. Others sellers include Simon L. Paz, Leo Atayde, Marie Paz Tacorda, Anabelle Dera, and Irene Escueta. Under the terms, Apex Mining Co will acquire 1.9 million shares of Asia- Alliance Mining Resources representing 100% stale in Asia- Alliance Mining at a purchase price of $ 42.8947 per share. $5.5 million will be paid upon signing of the Share Purchase Agreement and $76 million will be paid paid in 4 equal annual installment over the next 5 years. Transaction has been approved by Apex Mining board of directors. Share Purchase Agreement is scheduled to be signed on December 5, 2022. Transaction will help APX to expand its mining operations in Maco, Davao De Oro and provide APX with a suitable site for a new Tailings Storage Facility (TSF) that it needs to sustain and expand its mining operation beyond the limited lifespan of its current TSF.
Transaction is subject to Sellers (as disclosed above) settlement of AAMRC's litigation over the NDMC Claims with PMDC, including the filing of the Joint Motion for Approval of Compromise Agreement by PMDC and AAMRC with the Court of Appeals (CA) and Regional Trial Court(RTC) of Pasig City, Branch 167, Execution of a Joint Operating Agreement under which AAMRC shall explore, develop and operate the NDMC mining claims, Assignment to AAMRC of application FTAA-XI-14 by PMDC, Approval by PMDC of the transfer of the Shares from Sellers to APX and Execution of the Deeds of Absolute Sale for the Shares.
Apex Mining Co., Inc. is a Philippines-based company, which is engaged in the business of mining, milling, concentrating, converting, smelting, treating, preparing for the market, manufacturing, buying, selling, exchanging, and otherwise producing and dealing in gold, silver, copper, lead, zinc brass, iron, steel and all kinds of ores, metals and minerals. It operates the Maco Mines in Maco, Davao De Oro. Maco Gold Mine is situated in the municipalities of Maco and Mabini. It holds interests in Monte Oro Resources & Energy, Inc. (MORE), which owns Paracale Gold Ltd., which owns Coral Resources Philippines Inc., which in turn owns a mineral processing plant in Jose Panganiban, in Camarines Norte, and Bulawan Mineral Resources Corporation. It also holds interest in Itogon-Suyoc Resources, Inc., which is a subsidiary of the Company, which consists of the Sangilo Mine in Itogon and the Suyoc Mine in Mankayan, both located in Benguet Province, and the Benit Claim in Labo, Camarines Norte.
APEX MINING CO., INC. 
