Mindoro Welcomes Significant New Investor as Prime Resources Holdings, Inc. Acquires 13.33% of Mindoro's Shares
17 Enero 2014 - 7:00AM
Marketwired
Mindoro Welcomes Significant New Investor as Prime Resources
Holdings, Inc. Acquires 13.33% of Mindoro's Shares
EDMONTON, ALBERTA--(Marketwired - Jan 17, 2014) - Mindoro
Resources Ltd. (TSX-VENTURE:MIO)(ASX:MDO)(FRANKFURT:WKN 906167)
("Mindoro", or "the Company") is pleased to advise that Prime
Resources Holdings, Inc. ("PRHI") has acquired approximately 13.33%
of Mindoro's issued and outstanding common shares through a
secondary trade in the market.
In a press release dated January 16, 2014, PRHI disclosed that
it had acquired 39,649,616 CHESS Depository Interests ("CDIs") of
Mindoro through the facilities of the Australian Stock Exchange.
Each CDI represents an uncertificated unit of beneficial ownership
in the common shares of Mindoro, with one CDI representing one
underlying common share in the capital of Mindoro.
PRHI further reported that the securities were acquired in a
single trade at a price of $0.0209 per CDI (A$0.02142 converted
into Canadian dollars using an exchange rate of $1.00 = A$1.0248,
being the closing exchange rate reported by the Bank of Canada on
January 15, 2014). PRHI has acquired the CDIs for investment
purposes, and may acquire further CDIs or common shares of Mindoro,
or dispose of its holdings of CDIs, both as investment conditions
warrant.
About Prime Resources Holdings, Inc.
On December 17, 2013, Mindoro disclosed that its joint venture
partner, TVI Pacific Inc. (TSX:TVI)(OTCQX:TVIPF), had executed
various definitive agreements with PRHI, an arm's-length Philippine
corporation, relating to financing and investment in TVI and its
indirectly held Philippine assets, including Mindoro's Agata and
Pan de Azucar projects. The transactions contemplated in the
agreements would result in PRHI acquiring an approximate 5% direct
equity interest in TVI and a 68.42% direct equity interest in
TVIRD, through which TVI's option to earn 60% interest in Mindoro's
Agata and Pan de Azucar Projects, are held.
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.
Mindoro's CEO, Tony Climie, commented, "We previously welcomed
PRHI to the joint venture as a strong local partner and we are now
pleased to also welcome PRHI as a strong shareholder in our
company. We believe PRHI's purchase of Mindoro securities in the
market sends a significant message of support for the Agata Project
and meeting our production objectives in 2014."
Mindoro urges its shareholders and other interested parties to
read TVI's December 11, 2013, and January 10, 2014, press releases,
available on TVI's website (www.tvipacific.com) and SEDAR
(www.sedar.com), which contains additional important information
about TVI's agreements with PRHI.
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 20.8% 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.
Mindoro Resources Ltd.AustraliaClayton Northey+61 3 9028
8187ir@mindoro.comMindoro Resources Ltd.CanadaPenny
Gould+780.719.8895ir@mindoro.comJeanny SoCHF Investor Relations+1
416 868 1079 ext. 225ir@mindoro.comwww.mindoro.com
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