|By PR Newswire||
|February 21, 2014 03:00 AM EST||
MANILA, Philippines, Feb. 21, 2014 /CNW/ - Prime Resources Holdings, Inc. ("PRHI") is pleased to announce that on February 14, 2014, it acquired 35,955,467 common shares ("Shares") of Mindoro Resources Ltd. ("Mindoro"). Mindoro is an Edmonton, Alberta based company which is engaged in the exploration and development of mineral properties in the Philippines.
PRHI has acquired ownership and control of 35,955,467 Shares representing approximately 12.09% of the presently issued and outstanding Shares of Mindoro. Following completion of this acquisition, PRHI owns and controls 75,605,083 Shares (of which 39,649,616 are held in the form of CHESS Depository Interests ("CDIs")), or approximately 25.42% of the presently issued and outstanding Shares of Mindoro.
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 or CDIs of Mindoro, or dispose of its holdings of Shares (including those held in the form of CDIs), both as investment conditions warrant. Mindoro is listed on the TSX Venture Exchange under the trading symbol "MIO" and on the Frankfurt Stock Exchange under the symbol "OLM". Mindoro's CDIs are also listed on the Australian Securities Exchange under the symbol "MDO".
The 35,955,467 Shares were acquired in reliance upon the private agreement take-over bid exemption in section 100.1(1) of the Securities Act (Ontario) and in Section 4.2 of Multilateral Instrument 62-104 - Take-over Bids and Issuer Bids and in compliance with the requirements thereof, including that the purchase of the Shares was made from less than five persons, the bid was not made generally to holders of Shares and the value of the consideration paid for the Shares was not greater than 115% of the market price of the Shares.
PRHI is located at 3L Starmall Las Pinas, CV Starr Avenue Philamlife Village, Pamplona Las Pinas City, Philippines.
This press release has been issued by PRHI in order to comply with applicable Canadian securities legislation.
SOURCE Prime Resources Holdings, Inc.