Atlas Mining hikes capital to P8.5 B

MANILA, Philippines - Atlas Consolidated Mining and Development Corp. has increased its authorized capital stock to P8.5 billion from P6 billion.

In a disclosure to the Philippine Stock Exchange Wednesday, Atlas said the new capitalization comprises 8.5 billion common shares with a par value of P1 per share.

Major shareholders SM Investments Corp., Anglo Philippines Corp. and Alakor Corp. subscribed to the increase in capital of Atlas.

Atlas issued shares equivalent to at least 25 percent of the increased capital stock or 313.6 million shares to the said companies at P4.3842 per share for a total of P1.375 billion.

SMIC acquired 282.3 million or 90 percent of the shares for P1.24 billion.

Anglo subscribed to 25.09 million shares while Alakor 6.3 million shares.

Atlas said 25 percent of the amount subscribed or P343.75 million had been paid in cash upon execution of the subscription agreement.

At the same time, Atlas issued approximately 5.6 billion warrants and 5.6 billion underlying common shares of stock. The warrants were issued at the exercise price of P4.3842.