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Mindoro Resources Ltd. (TSXV:MIO,ASX:MDO,FWB:OLM) announced it is proposing a major restructure of its Philippines assets.
Mindoro Resources Ltd. (TSXV:MIO,ASX:MDO,FWB:OLM) announced it is proposing a major restructure of its Philippines assets.
As quoted in the press release:
The purpose of the restructure is to spin-out the key gold and copper-gold assets, namely the Batangas gold projects including Archangel and Lobo, and the Tapian San Francisco (TSF) copper-gold properties near Surigao, into ASX listed Red Mountain Mining Ltd (“Red Mountain”). The parties have signed a non-binding, conditional term sheet in relation to these aspects. The consideration for the sale of the assets is shares in Red Mountain payable to Mindoro in two tranches.
Click here to read the full Mindoro Resources Ltd. (TSXV:MIO) press release.
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