MANILA, Philippines — The Securities and Exchange Commission has approved the increase in authorized capital stock of listed Marcventures Holdings Inc. from P2 billion to P4 billion.
Marcventures is raising its capitalization to facilitate the issuance of shares to Asia Pilot Mining Philippines Corp. (APMPC) and BrightGreen Resources Holdings Inc. (BHI).
Both APMPC and BrightGreen will be be folded into Marcventures.
Marcventures will issue 1.12 billion common shares to APMPC and BHI shareholders at a price of P1 per share.
The SEC also approved the increase in the number of directors of Marcventures to 11 from nine.
Marcventures is currently the only company that can extract bauxite and aluminum ore, following its acquisition of APMPC, the holding company of BrightGreen.
APMPC is the owner of Alumina Mining Philippines Inc. with a mineral production sharing agreement covering close to 6,700 hectares and Bauxite Resources Inc. with an area over 5,400 hectares, both in Samar province.
The two sites have an aggregate measured and indicated resource of 116.4 million metric tons of bauxite.
On the other hand, BrightGreen holds an MPSA covering 4,860 hectares in Carrascal and Cantilan, Surigao del Sur.
Its mining tenement is contiguous to the mining tenement of wholly-owned subsidiary Marcventures Mining and Development Corp. which has a total resource of about 21.06 million wet metric tons.
The main sources of aluminum include Australia and China, which are also the big users of the product, together with Europe and the US.