MANILA, Philippines - Island Information and Technology Inc. (IITI) and mining firm JDVC Resources Corp. have failed to strike a deal on a possible partnership.
In a disclosure to the Philippine Stock Exchange, IITI said the term for the conduct of a due diligence between the company and JDVC Resources lapsed last Wednesday, “without the parties reaching any binding agreement.”
“JDVC was unable to provide IITI with copies of documents that would aid the latter in assessing JDVC’s compliance with pertinent laws and the feasibility of a business venture between the parties,” IITI said.
A due diligence review between IITI and JDVC Resources has been approved under a memorandum of understanding signed Dec. 5 last year.
The review was seen “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.”
Last week, IITI announced that it has tapped Abacus Capital and Investment Corp. as its financial adviser to help in determining the best possible business venture it will enter with JDVC Resources.
A possible merger would have allowed JDVC Resources to be listed backdoor through IITI.
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.
JDVC Resources, meanwhile, is a mining firm which holds a mineral production sharing agreement with the government for an offshore mining stake in Cagayan involving 13,240 hectares.