Image via WikipediaDiversifying giant conglomerate San Miguel Corporation and Indophil Resources NL of Australia have agreed to extend the exclusivity period of their share placement agreement by one month.
In a disclosure to the Philippine Stock Exchange, SMC chief finance officer Ferdinand Constantino said the period under which SMC has the exclusive right to buy more Indophil shares has been extended to February 10, 2011 from January 10.
The agreement was part of a deal wherein SMC acquired a 10.1-percent stake in Indophil which owns a 37.5-percent stake in Sagittarius Mines, Inc. (SMI), which has the rights to the Tampakan gold and copper mine in South Cotabato.
The Tampakan deposit, discovered in 1992, is said to be a 2.4 billion tonne mineral resource and is ranked as the fifth largest known undeveloped copper-gold deposit.
The deal, worth A$41.29 million (approximately US$40 million) at A$0.86 per share, gave SMC an exclusivity period to complete its due diligence and decide whether the company should initiate a tender offer or other proposals to acquire additional shares in Indophil.
http://www.mb.com.ph/articles/296951/smc-extends-due-diligence-indophil
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