A Brown Company, Inc. Enters into a Memorandum of Understanding with Listed Firm Abacore Capital Holdings, Inc
April 26, 2021 at 08:21 pm EDT
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A Brown Company, Inc. (ABCI) has entered into a Memorandum of Understanding with listed firm Abacore Capital Holdings, Inc. (ABA) as a preliminary step to their agreement to mutually cooperate in the pursuit of their respective development of projects in Energy and Mining. In Energy, ABA is developing certain properties that it owns in the Province of Batangas into an "Energy Hub". ABA and ABCI's subsidiary, Vires Energy Corporation (VEC), have agreed that the latter's proposed integrated natural gas-fired floating power plant and LNG Terminal Project (the "LNG Project") will be located within ABA's Energy Hub. VEC recently secured a Notice to Proceed from the Department of Energy allowing it to start procuring all necessary permits to start its LNG Project. ABCI and VEC intend to acquire approximately 20,000 square meters of land within the Energy Hub of ABA
for the LNG Project. In Mining, in light of the lifting of the ban on mining exploration and development, ABA can already resume the operations
of its wholly owned Abacus Goldmines Exploration and Development Corp. (ABAGOLD) with approximately 6,731 hectares of gold and copper claims in Agusan del Sur. With its experience and technical capability to assist in the exploration and operation of the mining areas of ABAGOLD, ABCI has expressed interest in joining ABA to operate ABAGOLD.
AbaCore Capital Holdings, Inc. is a Philippines-based holding company. The Company has interests in the leasing of gaming equipment, gold and coal mining, real estate and financial services. The Company operates through three segments: holding company, real estate business and financial services. The holding company segment is primarily engaged in purchasing, owning, holding, transferring, or disposing of real property of every kind and description, including shares of stocks and other securities, contracts or obligations of any corporation or association. The real estate segment includes purchases of land for appreciation. The financial services segment is involved in the accumulation of deposits and extension of rural credits to small farmers and tenants and to deserving rural industries or enterprises. The Company holds 102 gold mining claims in Agusan del Sur and Surigao del Sur and seven coal blocks, each containing 1,000 hectares, located in Surigao del Sur.