MANILA, Philippines - Island Information and Technology Inc. (IITI) is set to discuss next week financial arrangements for its possible merger with mining firm JVDC Resources Corp.
The listed firm announced yesterday through the local bourse that it has called for a special meeting next week to tackle the status of the ongoing due diligence review on JVDC Resources.
IITI is conducting a due diligence examination of JVDC Resources “to assess the feasibility of entering into a merger, consolidation, a mutual purchase or exchange of shares, or any other form of business combination the companies might deem proper.”
A possible merger will allow JVDC Resources to be listed backdoor through IITI.
“IITI informs the Philippine Stock Exchange that its board of directors shall be holding a special meeting on Jan. 28, 2015 at 1 p.m. at the Rockwell Club to discuss the proposals of various financial advisers on the best possible financial arrangement which ITTI may enter into with JVDC Resources, a mining company with a mineral production sharing agreement (MPSA),” the firm said.
“Its board of directors shall consider the financial arrangement platforms presented by several financial advisers, taking into account the best interest of the ITTI and its stakeholders,” the company added.
IITI was originally incorporated to engage primarily in oil exploration and mineral development projects. Its primary purpose has been changed to providing cargo container management and integrated logistics services, with providing information technology services as its secondary purpose.
JVDC Resources, meanwhile, is a mining firm which holds an MPSA for an offshore mining stake in Cagayan involving 13,240 hectares.