Marcventures hikes capital to P5 billion

MANILA, Philippines - The board of directors of listed firm Marcventures Holdings, Inc. has approved an increase in the company’s authorized capital from P2 billion to P5 billion.

The par value of each share was also increased from one centavo to one peso.

MARC president Ramon Recto said the move is intended “to pave the way for the entry of new investors, in connection with the capital requirements of Marcventures Mining & Development Corp. (MMDC),” a wholly owned mining industry.

Recto said the additional funding will be utilized primarily to acquire additional mining equipment and other infrastructure requirements. This will not only reduce costs but will also complement MMDC’s present mining and hauling contractors,” he added.

Recto said it will also fund MMDC’s drilling programs: in-fill drilling within the 400 hectares to convert the geologic reserve of 53,000,000 tons to proven ore reserves and enable further exploration of the rest of the mining claims, approximately 4,799 hectares, where indications show nickel ore bodies. This will contribute greatly to company plans in developing the full potential of the mining claims.”

He added: “It will also fund the deep exploration program within the MMDA tenement to explore for other minerals. To date, drilling activities have been limited to shallow drill holes needed for nickel ore. The property abuts mining claims where there are indications of copper and gold ores. MMDC will also commence preliminary studies for the beneficiation of nickel ore – we are looking at a possible collaboration/partnership with, possibly, a foreign group. This will further strengthen MMDC’s position as a major player in the nickel business.”

Filipino-owned MMDC was the recent recipient of BOI incentives for investing P474 million in Surigao del Sur, one of the poorest provinces in the country.