NiHAO Mineral Resources buys into Oriental Vision

LISTED NiHAO Mineral Resources International Inc. announced that it acquired roughly a third of privately held mining operator Oriental Vision Mining Philippines Corp.

In a stock exchange filing yesterday, NiHAO said it acquired 3,000 shares worth P3 million. The company plans to acquire an additional 60,000 shares worth P60 million after the latter obtains regulatory approval to increase authorized capital to P400 million.

NiHAO, chaired by former Arroyo Cabinet member Michael T. Defensor, has already paid P30 million as downpayment for the shares.

NiHAO also agreed to extend shareholder advances in favor of Oriental Vision to fund the latter’s existing mining projects. The advances are payable in either cash or shares of stock.

Oriental Vision is presently operating three nickel projects in Dinagat Island, Surigao del Norte and Isabela provinces covering a total area of about 5,900 hectares.

The company also approved the revision of the use of the P500 million proceeds of the 5:1 stock rights offer due to the acquisition and loan in favor of Oriental Vision.

At present, NiHAO has four mining tenements located in the provinces of Zambales, Misamis Oriental, North Cotabato and Antique as well as three small-scale mining claims in Botolan, Zambales and in Manticao, Misamis Oriental.

Total mining claims cover a total of approximately 20,841 hectares.

NiHAO shares closed flat yesterday at P4 each. (BM)

Share: