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PHI Mining Group, Inc. (PHIG), a company focused on mining opportunities in Southeast Asia, recently announced that it has acquired all the issued and outstanding stock of Indochina Mining Corp. (IMC), a Nevada-based corporation, in exchange for 11.2 million shares of newly issued common stock of PHIG.
Following the acquisition, IMC became a wholly owned subsidiary of PHIG. In addition to a joint venture agreement with Phu Yen Mineral Joint Stock Co. to explore diatomite deposits in central Vietnam, IMC is in the process of working with other joint venture partners to engage in mining opportunities in Vietnam, Cambodia and Thailand. IMC will handle all PHIG operations in Southeast Asia and anticipates reaching significant agreements with several joint venture partners in this region in the near future.
“We are very pleased about this transaction and confident that Indochina Mining Corp. is well-positioned to capitalize on the imminent opportunities we have identified in Vietnam, Cambodia and Thailand,” said Frank Pham, president of PHIG.
For more information, visit www.phimining.com.