(March 13, 2018)
We are pleased to announce that the Board of Directors of Premiere Horizon Alliance Corporation (PHA) has approved the equity investment in Palawan Star Mining Ventures, Inc. and Pyramid Hill Mining Industrial Corporation (the “Investee
Companies”) of up to 85% of their respective and expanded shareholders equity.
The Investee Companies are holders of Mineral Production Sharing Agreements (MPSAs) covering approximately 10,384 hectares, containing probable commercial quality limestone deposits located in the mineralised area of Southern Palawan.
The investment shall be used to fund the pre-commercial development of a sustainable and integrative ecosystem of environmentally conducive businesses, that includes cement production, beneficiated and agricultural lime production,
and bio-mass plantation projects.
The Company envisions that the targeted businesses will greatly assist the country’s sustainability and inclusivity objectives in general, and theprovince of Palawan in particular, specifically in the areas of infrastructure, renewable energy and food security.
The total pre-commercial development cost is estimated to be up to Php500 million that will include generation of limestone resource identification and validation reports, preparation of project feasibility studies, environmental protection programs, and inclusive community development plans and programs, securing of government regulatory permits and licenses, and other relevant development project components.
The Company is committed to raise the funding for the said development cost through an initial equity infusion and through a combination of debt and additional equity as it may deem necessary or feasible.
The Company shall advise the Exchange of the details of the definitive agreements as soon as these are executed.