VULCAN Industrial & Mining Corp. announced that its board of directors approved certain amendments to the company’s articles of incorporation.
Vulcan said in a regulatory filing on Thursday that its board, during a special meeting on Aug. 18, approved proposed amendments to the company’s first, third, sixth, and seventh articles of incorporation.
“[The] said amendments are consistent with the proposed transactions with the HGP Group,” Vulcan said in the regulatory filing.
According to its previous disclosures, the HGP Group is represented by Hilario G. Pagauitan and Sofia G. Pagauitan.
Under the board’s approved amendment to the first article, the company’s name will be changed to East Coast Vulcan Corp.
Another amendment is in the third article, which will change the company’s principal office address.
Further, Vulcan’s board approved the amendment of the seventh article, which increased its capital stock to P12 billion to be divided into 12 billion common shares at P1 each.
Previously, the company’s capital stock was at P4 billion divided into four billion common shares at P1 per share.
Vulcan also disclosed that its sixth article was changed to increase the number of directors to 13 from 11 previously.
Vulcan earlier disclosed that it had reconsidered its decision to exit the mining industry as a result of changes in the mining climate.
It also announced the subscription by the HGP Group of up to 5.18 billion shares out of Vulcan’s unsubscribed capital, inclusive of its mineral production sharing agreements (MPSAs), assets and operations.
“On a global scale, metal commodity prices have surged, and its outlook continues to be positive. Locally, the moratorium on mining/mineral agreements has been lifted, opening the possibility for new mining projects,” the company said.
On Thursday, shares of Vulcan at the stock exchange closed flat at P1.41 apiece. — Revin Mikhael D. Ochave