Nadecor welcomes $43.5M investment by St. Agustine-A A +A
Tuesday, August 20, 2013
LOCAL mining firm Nationwide Development Corp. (Nadecor) held its 2013 Annual General Meeting of Shareholders on August 13 and elected a new board of directors for 2013-2014.
At the same time, Nadecor president and major shareholder Conrado T. Calalang presented a Comprehensive President’s Report which covered key subjects such as its partnership with St. Augustine Gold & Copper Limited that poured an investment of $43.5 million and the steady progress of the company's flagship project, the King-King Copper and Gold Mine, including works on the Preliminary Feasibility Study.
Elected as officer and board of directors are: Roberto R. Romulo (chair), Conrado T. Calalang (president), Leocadio Nitorreda (chief operating office and general counsel), Alfredo I. Ayala, Juan Kevin G. Belmonte, John Engle, and Peter Mutuc. Representatives of St. Augustine, Tom Henderson and Kee Ming Chi, were also elected to the board.
St. Augustine acquired new shares representing 25 percent of Nadecor for a subscription price of $43.5 million. St. Augustine is listed on the main board of the Toronto Stock Exchange and is run by industry leaders who have a proven record of discovering, exploring and developing valuable mining assets around the world.
One of the largest shareholders in St. Augustine is Queensberry Mining and Development Corp., the resource investment arm of the family of former Senator Manny Villar.
Following its investment of $11 million in May, Queensberry now holds 18 percent of St. Augustine and has the option to increase its holding of up to 32 percent. Calalang reported that Nadecor's relationship with St. Augustine is strong and continues to deliver clear benefits for the company and the project.
Calalang noted that the Court of Appeals decision dated February 18 is legally binding and immediately effective, and removes any doubt as to who is authorized to represent Nadecor as its board of directors, and therefore the authority of the newly elected board is clear.
Calalang also noted that the challenge of "dissident shareholder" Jose Ricafort was thrown out by the Court of Appeals, and the administrative complaint he filed against the justices of the Court of Appeals, who rendered the same decision, was dismissed by the Supreme Court by a vote of 15-0 on February 19.
Calalang also clarified that press reports of rescission by Nadecor between its partners, particularly the Memorandum of Understanding signed in April 2010, were erroneous. He also stressed that the law firm of Poblador and Zamora has not been appointed by the company and has no legal authority to act for the company.
Nadecor has reviewed the preliminary feasibility study for the project and they are satisfied that considerable progress has been achieved. The study is expected to be published by the joint venture partners in the near future, and will demonstrate the strong viability of the project.
Members of the board have worked closely with St. Augustine on long term funding for the project and have participated in international project marketing events.
Published in the Sun.Star Davao newspaper on August 20, 2013.