Mindoro Plans Spinout of Gold Assets in Philippines

Mining Weekly reported that Mindoro Resources (TSXV:MIO) plans a spin-out of its Philippines-based gold assets into Red Mountain (ASX:RMX).

As quoted in the market news:

Under the terms of the transaction, Red Mountain would lay down an initial 100-million non-voting shares, at 10c a share on the completion of the transaction. A further 50-million performance shares, also at 10c a share, would convert into non-voting shares on the upgrade of the Batangas resource to 600 000 oz and the completion of a scoping study within 12 months of the transaction.

Click here to read the full Mining Weekly report.