Omico Corporation terminates its mining agreement with Macawiwili Gold Mining and Development Company

In August 28, 2012, Omico Corporation signed the Termination of Mining Agreement with Macawiwili Gold Mining and Development Company, Inc. (Macawiwili) wherein Omico is relinquishing all its rights and obligations under the Mining Agreement originally executed with Macawiwili on September 30, 1968 and extended on January 10, 1996 and in the Mineral Production Sharing Agreement between Macawiwili and the Philippine Government Denominated as MPSA No. 278-2009-CAR with a contract area of 809.6 hectares located in Itogon, Benguet. In exchange for Omico's relinquishment of its rights and obligations in the aforesaid Mining Agreement and MPSA No. 278-2009-CAR, Omico will receive Twenty Five Million Pesos (PhP25,000,000.00) in cash and shares equivalent to Two and One Half Percent (2.5%) ownership in Macawiwili. - https://www.affordablecebu.com/