2 HK firms buy into ORE

MANILA, Philippines - Hong Kong-based firms King Crown Group Limited and Fuying Holdings Limited are expected to complete the acquisition of a total of P500 million worth of shares in listed Oriental Peninsula Resources Group Inc. within the current quarter.

“The parties are expected to execute the transaction within the third quarter of 2013,” ORE said in a disclosure to the Philippine Stock Exchange yesterday.

It also said the company would execute separate subscription agreements with the two investment firms King Crown Group and Fuying Holdings.

King Crown Group is set to acquire P200 million worth of ORE’s primary shares.

Fuying Holdings, meanwhile will be purchasing P300 million worth of primary shares.

The shares to be acquired are valued at P1 apiece.

The primary common shares to be issued to the two firms would be taken from the unissued capital stock of the company.

The company, which has a P2-billion authorized capital stock, has 1.452 billion issued shares.

The funds to be raised by ORE for the share sale are to be used for general corporate purposes and working capital for its mining projects.

“Proceeds from the placements are intended to be disbursed for existing and prospective mining operations of the company for the remainder of the year,” it said.

ORE was incorporated in 2007 as a holding company to operate companies that own mining tenements in the country.

Currently, its owns and operates the Pulot and Toronto mining projects located in the municipalities of Sofronio Espanola and Narra in Palawan through its subsidiary, Citinickel Mines and Development Corp.