MANILA Mining Corp. announced that its board of directors has permitted the increase of its authorized capital stock to P4.6 billion as part of efforts to settle liabilities.
In a stock exchange disclosure on Thursday, the company said the board approved on July 21 the capital increase from P2.6 billion.
The capital hike will be recommended to stockholders for approval during Manila Mining’s annual meeting to be held on Aug. 17.
According to Manila Mining, the decision supersedes the previous approval made by its the board on March 9 to increase the company’s authorized capital stock to P3.4 billion.
“The present authorized capital stock of the company is almost fully subscribed. The increase in capital will enable the company to resume exploration drilling and settle liabilities,” Manila Mining said in the disclosure.
Under the revised decision, Manila Mining’s capital stock will be divided into 276 billion shares of common class “A” stock at a par value of one centavo per share, and 184 billion shares of common class “B” stock at also one centavo apiece.
“All shares of stock of the corporation of whatever class shall enjoy the same rights and privileges except only as herein otherwise provided,” Manila Mining said.
The adjusted figures are higher than the company’s current authorized capital stock at P2.6 billion, divided into P156 billion shares of common class “A” stock at one centavo apiece, and P104 billion shares of common class “B” stock also at one centavo per share.
Based on its website, Manila Mining stopped its operations in 2001 after the company’s permit to operate its tailings dam was not renewed by the Department of Environment and Natural Resources.
Manila Mining’s “A” and “B” shares were both flat on Thursday to close at P0.010 and P0.012, respectively. — Revin Mikhael D. Ochave