Bilyonaryo - Business

FNI concentrates mining portfolio in subsidiary PGMC

December 27, 2022

Bilyonaryo.com

Global Ferronickel Holdings (FNI) is concentrating its mining portfolio in its subsidiary Platinum Group Metals Corp. (PGMC).

In a regulatory filing, FNI said its board approved the termination of a memorandum of agreement dated November 27, 2014, and a contract to sell dated August 6, 2015 to acquire 100 percent of the outstanding capital stock of Southeast Palawan Nickel Ventures Inc. (SPNVI).

FNI entered the agreements with Giantlead Prestige, Inc., Alpha Centauri Fortune Group, Inc., Antares Nickel Capital, Inc., Huatai Investment Holding Pty. Ltd. and Wei Ting.

SPNVI owns Ipilan Nickel Corp., which operates a mine site in Brooke’s Point, Palawan.

FNI said the termination paves the way for the company to concentrate its mining portfolio in PGMC.

PGMC will instead subscribe to the primary shares, as well as purchase the outstanding 300,000 common shares of FNI in SPNVI.

This will make PGMC the majority shareholder of SPNVI.

Related News Tags: Global Ferronickel Holdings (FNI), mining, Platinum Group Metals Corp. (PGMC)

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