Published : Friday, July 29, 2011 00:00 Written by : e
MINERALES Industrias Corp. said it plans to increase its capital stock to facilitate the issuance of shares by way of private placement.
In a disclosure to the Philippine Stock Exchange, Minerales said its shareholders reconfirmed the increase in authorized capital stock to P740 million, which they first approved in 2007.
The company has an authorized capital stock of P240 million.
Shareholders also delegated the board to determine the investors to whom the shares would be issued amounting to an aggregate of P550 million and the terms and conditions of such share issuance.
In 2007, the board approved the stock rights offering of up to 180 million common shares, which was supposed to form part of the increase in the authorized capital stock of the company.
The company plans to use the proceeds for the acquisition of mining tenements and other operation expenses.
Minerales said it would continue to pursue possible alliances within and outside the mining sector, with the end in view of forging strategic linkages with investors who could provide the requisite financial resources and business platform on which to anchor its growth.
The company’s shares fell to P2.90 each on Thursday from P3.04 the day before.
The company has an authorized capital stock of P240 million.
Shareholders also delegated the board to determine the investors to whom the shares would be issued amounting to an aggregate of P550 million and the terms and conditions of such share issuance.
In 2007, the board approved the stock rights offering of up to 180 million common shares, which was supposed to form part of the increase in the authorized capital stock of the company.
The company plans to use the proceeds for the acquisition of mining tenements and other operation expenses.
Minerales said it would continue to pursue possible alliances within and outside the mining sector, with the end in view of forging strategic linkages with investors who could provide the requisite financial resources and business platform on which to anchor its growth.
The company’s shares fell to P2.90 each on Thursday from P3.04 the day before.
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