Apex, Teresa to merge

Apex Mining Co. Inc. disclosed Wednesday that it would merge with Teresa Crew Gold Philippines Inc. effective Jan. 1, 2012.

The Securities and Exchange Commission approved the articles and plan of merger on Dec. 1, 2011, Apex CIO Rosanna A. Parica said in the disclosure.

In October, Apex stockholders approved and ratified the merger plan. They also approved related share swap arrangements with two other companies, wherein the latter will get Apex shares in exchange for their respective interests in Teresa Crew Gold.

Apex said stockholders approved the issuance of 45,336,463 Apex Class “A” shares to Mapula Creek Gold Corp. in exchange for Mapula’s 6,372,000 Teresa shares and 30,224,308 Apex Class “B” shares to Mindanao Gold Ltd. in exchange for Mindanao’s 4,248,000 Teresa shares pursuant to the merger.

In September, Apex disclosed it was merging with affiliate Teresa Crew Gold to “achieve operations efficiencies” and improve profitability. Apex said it would be the surviving entity in the merger.

Teresa Crew is headquartered in Maco, Compostela Valley. Its primary business is to provide funding, technical services, equipment and processing plants to Apex.