MANILA, Philippines - The Securities and Exchange Commission has approved publicly-listed Apex Mining Co. Inc.’s plan to merge with affiliate Teresa Crew Gold Philippines Inc. to achieve operational efficiencies and improve profitability.
In a disclosure to the stock exchange, Apex said the merger would take effect on Jan. 1, 2012.
Apex would be the surviving corporation in the merger, which involves a series of share-swap deals among company stockholders including Mapula Creek Gold Corp. and Mindanao Gold Ltd.
All interests, assets and properties of Teresa Crew would be transferred to Apex, which would also assume all debts and liabilities of Teresa Crew.
Teresa Crew, headquartered in Maco, Compostela Valley, is a company where Apex’s former principal, Crew Gold Corp. of Britain, has divested interest. Its main business is to provide funding, technical services, equipment and processing plants to Apex.
Apex said it was set to list on the Philippine Stock Exchange 45.34 million “A” shares and 30.22 million “B” shares as part of its plans for the merger.
Incorporated in 1970, Apex owns and operates a 700-metric ton per day gold mine producing gold/silver ore and holds a contract for porphyry copper-gold deposit in Maco, Compostela Valley.