MARENGO Mining Ltd (Marengo) has announced the signing of a debenture purchase agreement (DPA) with its major shareholder Sentient Executive IV Ltd for the financing of further mineral explorations.
The DPA signed between the two corporate entities will see the two further operations of Marengo Mining’s wholly owned PNG subsidiaries; Marengo Mining Ltd (PNG) and Yandera Mining Company Ltd.
Marengo is an international mineral exploration and development company that has been operating in PNG since 2006. The company specialises in drilling exploration, resource and geotechnical drill holes and has since drilled over 450 sites around PNG.
The newly announced agreement will render Marengo’s main subsidiary in PNG Yandera Mining Company Ltd, capable of continuing and expanding on its current copper mining operations.
Chief executive officer of Marengo Pieter Britz said in a statement yesterday that the DPA with long time major shareholder Sentient Executive IV Ltd was a calculated move aimed at maximising shareholder value.