Premiere Horizon Alliance Corporation ("PHA") acquired today a 66.9% stake in Redstone Construction & Development Corporation (Redstone"), a company engaged in providing hauling and other services to mining companies. The acquisition was undertaken through a combination of PHA's subscription to 6,666,666 primary shares @Phpl.501share and purchase of 19,200,000 50% partially paid secondary shares (with par value of Phpl.001share) also at Phpl.50 per share for a net acquisition price of Php29,200,000.00.
In addition, the selling shareholders of Redstone assigned to PHA advances of Php9,600,000.00 translating to a total transaction cost of Php38,800,000.00.
As of March 31, 2012, Redstone had assets worth approximately Php-116.053 million Redstone is currently a hauling and mining contractor of Marcventures Mining and Development Corp. for its project in Cantillan, Surigao del Sur and Rio Tuba Nickel Mining Corporation, a subsidiary of Nickel Asia Corporation, for its mining project in Bataraia, Palawan. This acquisition is in line with PHA's diversification into mining and other related activities. - https://www.affordablecebu.com/
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