Centurion, GPM Asia set up strategic alliance
Thursday, December 6 2012 - 04:47 AM WIB
Centurion Minerals Ltd. and GPM Asia Limited, a private mining company with operations in Southeast Asia, have reached an agreement on a strategic alliance to develop projects in Myanmar and Indonesia.
The strategic agreement sets out the process pursuant to which Centurion and GPM Asia will work together to negotiate acquisition and development strategies with respect to specific projects in Myanmar and to advance Centurion's projects in Aceh, Indonesia, Centurion Minerals said in a press statement on Wednesday.
Centurion has identified certain mining projects in Myanmar that it believes fit GPM Asia's strategic acquisition parameters.
Under the terms of the strategic alliance agreement, GPM Asia will make an initial equity investment into Centurion by way of private placement for up to 5 million shares of the company at a price of $0.10 per share, and will have the right to nominate a representative to the board of directors. The placement is subject to completion of due diligence and TSX Venture Exchange approval.
"The alliance with GPM Asia is a very unique opportunity for Centurion to expand the company's financial and operations management resources and extend its interest into advanced development projects. GPM Asia's objective of expanding its current Asian mining operations into Myanmar and Indonesia is also enhanced," said Alfred Lenarciak, Centurion Chairman.
"Our new partner's expertise and experience in the region will be instrumental in taking GPM Asia's development projects forward. We are pleased to contribute our financial and management resources to enhance our partnership's positions in Myanmar and Indonesia," said Siman Povarenkin, GPM Asia's founder and shareholder.
Editing by Benget Besalicto Tnb.