NiHao raises capital stock to P2B

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NiHao raises capital stock to P2B
http://www.abs-cbnnews.com/storypage.aspx?StoryId=93226

NiHAO Mineral Resources International Inc., formerly Magnum Holdings Inc., is increasing its authorized capital stock to P2 billion to allow the subscription of Mina Tierra Garcia Inc. to 475 million of its shares at P1 per share.

In a disclosure to the Philippine Stock Exchange (PSE), the company said Mina Tierra will pay an initial P118.75 million, of which P61.47 million will be paid in the form of conveyance of its mining rights in Botolan, Zambales as per valuation of Minercon International Inc. The remaining amount will be paid in cash.

Mina Tierra will pay the balance of P356.25 million upon call by NiHAO's board.

NiHAO earlier entered into an agreement with Saprolite Mining Inc. for the same mining rights in Botolan.

The agreement, however, has been cancelled on the request of Saprolite after it decided to assign the mining rights in favor of Mina Tierra.

Trading of NiHAO shares has been suspended Thursday pending its disclosure of the complete terms and conditions of its transaction with Mina Tierra.

NiHAO is eyeing to raise P500 million in a planned stock rights offering within the year to address its capital deficiency.

Earlier, the company, along with Atlas Consolidated Mining Corp. and PAL Holdings Inc., was ordered by the PSE to address its insufficiency in capital. - Judith Balea

http://www.abs-cbnnews.com/storypage.aspx?StoryId=93226

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