Celsius enters into agreement with local companies to progress MCB
Pictured: Signing of Binding Deed and Agreement by PMR Holding Corp president Dan Chalmers, CLA chairman and MMCI president Atty Julito ‘Sarge’ Sarmiento, Sodor, Inc president Erika Chalmers and CLA executive director and MMCI country operations director Peter Hume.
- Binding deed entered into with Sodor, Inc. to attain the required 60% Filipino legal ownership in Celsius’ wholly-owned subsidiary, MMCI.
- Filipino legal ownership over 60% of MMCI’s outstanding shares is among the pre-requisites toward MMCI’s signing of a Mineral Production Sharing Agreement (MPSA) with the Philippine Government to build and operate the Company’s flagship Maalinao-Caigutan-Biyog Copper-Gold Project (“MCB” or “MCB Project”).1
- Accompanying binding letter agreement entered into with Sodor Inc. and PMR Holding Corp. to agree on timeline for, and that delivery of share certificates representing 60% of MMCI’s outstanding shares shall be made to Sodor Inc. only after the funding by Sodor Inc. and PMR Holding Corp. of approximately ~US$43 million for a 30% economic interest in the MCB Project.
- The MCB Project is composed of MMCI and PDEP, Inc., both wholly owned subsidiaries of Celsius. MMCI will hold only the assets that require 60% Filipino ownership while PDEP will hold the remainder.
Celsius Non-Executive Chairman and MMCI Chairman and President, Atty Julito R. Sarmiento, commented:
“We are indeed honoured to have Sodor Inc. as our local partner in our vision to develop the MCB Project as a model for transformative mining in the Philippines.Our principles and visions are aligned, which is a powerful step towards developing and operating the MCB Project in a responsible and sustainable manner benefitting both our shareholders and local stakeholders.
“It has always been our commitment, particularly to the Balatoc Tribal Community, that central to the mine development is cultural respect, social development, and environmental protection. Sodor Inc. shares the same commitment, and is thus a perfect partner in developing the MCB Project.”
1 Refer to the Company’s announcements on 14 December 2022 and 19 December 2022 for further information on the process of obtaining an MPSA.