In the new ruling, the majority justices rejected the petitioners claim that the case had been rendered moot and academic since their MPSAs had been converted into financial technical assistance agreements and that MBMI
had divested itself and sold all its shareholdings in the petitioners, as well as of their stockholders, to a Filipino company-DMCI Mining Corp.
Redmont said it was able to confirm the transfer of MBMI's shares in the three mining firms to DMCI and the latter's interest in the legal proceedings through the MBMI website.
It alleged that MBMI had even revealed that if it fails to secure a favorable ruling, its transaction with DMCI would be rescinded and the shares sold to it would be returned free of any or all encumbrances.
At the time of first announcing the transaction, MBMI owned approximately 33% of the shares of the HoldingCos ("HoldCo Shares").
As disclosed in the press release dated September 21, 2012, the purchase price due to MBMI for the Total Shares is US$13,200,000 (the "Purchase Price").
It also looked into the corporate structure of all three mining firms and found that "company layering" was utilized by MBMI to gain control of McArthur.
W)hether looking at the capital structure or the underlying relationships between and among the corporations, petitioners are not Filipino nationals and must be considered foreign since 60 percent or more of their capital stocks or equity interests are owned by MBMI," said the 31-page division ruling penned by Associate Justice Presbitero Velasco Jr.
Young-Shannon entered into an option agreement with MBMI in November, 2004 and completed 10 diamond drill holes across the property, totaling 8,272 ft.
Young-Shannon's option agreement with MBMI enables the Company to earn a 50% interest in the McMillan property over a three year period for staged payments of $75,000 in cash and 650,000 common shares plus a three year work commitment of $900,000.
Young-Shannon's option agreement with MBMI
was entered into in November, 2004 and enables the Company to earn a 50% interest in the McMillan property over a three year period for staged payments of $75,000 in cash and 650,000 common shares plus a three year work commitment of $900,000.
1) Define vectors for targeting and diamond drilling additional gold mineralization on the property related to the new high grade gold zone discovered by MBMI
Resources in 2004 and further extended by Young-Shannon's diamond drilling campaign during the winter and spring of 2005 (see Young-Shannon's Press Release of May 24, 2005).
OTCBB: GSPG) announced today that it has signed a memorandum of understanding (MOU) with MBMI