Canada-based TVI Pacific has completed the first batch of investment into Mindoro Resources and signed an agreement that stipulates the conditions for the deal.
TVI purchased 18,779,353 units of Mindoro, which focuses on mining exploration in the Philippines, at $0.05 a unit outlaying an investment of C$938,968 ($951,184) to conclude the first batch of investment.
The company will purchase an additional 44,336,206 units of Mindoro at a price of $0.05 a unit as part of its next investment.
The second investment, due on 9 October 2012, is subject to various conditions such as Mindoro shareholders approval.
Mindoro president and CEO Jon Dugdale stated, "We are very pleased that TVI has become a significant shareholder in Mindoro and we look forward to working alongside TVI Resource Development (TVIRD), through the joint venture agreements, to progress the Agata and Pan de Azucar projects to production."
With focus on nickel, gold and copper-gold exploration and development in the Philippines, Mindoro owns a 75% interest in the Agata Nickel Project consisting of measured and indicated resources of 42.76 million tonnes at 1.01% nickel and inferred resource estimates of 2.435 million tonnes at 0.99% nickel.
TVIRD has an option to earn a 60% interest in the Agata Mining Joint Venture after commercial production begins and a 60% interest in the Pan de Azucar Mining Joint Venture.