WMAC Holdings Acquires 3,000 Hectares of Gold Mining Concession Under Share Swap Deal
08 May 2014 - 11:45PM
Marketwired
WMAC Holdings Acquires 3,000 Hectares of Gold Mining Concession
Under Share Swap Deal
NEW YORK, NY--(Marketwired - May 8, 2014) - WMAC Holdings
Corporation (PINKSHEETS: WMAC) and Golden Mark International, Inc.
(a Philippine Corporation) have jointly announced that a Deed of
Absolute Transfer covering a 3,000-hectare Gold Mining Concession,
which was signed by the Parties on January 31, 2014, has been filed
with the regulatory bodies of the Philippines successfully
transferring to WMAC Holdings the Golden Mark's 3,000 hectares
mining stake in the Gold, Copper, Silver, Zinc, Nickel and Iron
mines situated in Zamboanga Peninsula, Philippines.
The Philippines is rated as the third largest gold- producing
country in the world.
Golden Mark is the irrevocable Attorney-in-Fact of the
Indigenous Peoples, who owns the ancestral land covering 25,000
hectares of mining concession in the area.
As a result of the acquisition, Golden Mark will have a 62% in
the common stock of WMAC, resulting in the issuance of 310,000,000
million shares in exchange for the 3,000-hectare gold-laden mining
concession, thus making Golden Mark the majority shareholders of
WMAC. The share valuation was based upon management's due diligence
related to the mine and the area, the review of numerous documents
and data from assay reports of the Mines & Geosciences Bureau
(Philippines) and drilling reports in the concession area, and
documentation from Golden Mark, as well as what management
considered the prevailing acquisition price of a proven gold mining
site in the Philippines of $450-Million per 1,000 hectares.
WMAC had also elected Eduardo Apari as its President, CEO
and CFO, while Manuel Castaneda was elected as its Chairman.
Company officials' respectively Mr. Rene Esteban and Mr. Angel
Gonzalez resigned from their official post effective January 31,
2014 while former CEO of WMAC Mr. Ronald Sianghio will still
be the presiding officer of the Waste Management division. Mr.
Jorge Reyes will continue to be the Director of the Communications
for the company.
Contact: Jorge Reyes Director of Communications WMAC Holdings
Corp Email Contact
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