ATLAS Consolidated Mining and Development Corp. will increase its authorized capital stock to P8.5 billion from P3 billion by issuing new shares to key investors, which is expected to generate P1.375 billion in fresh funds that will be used to partially settle its debt obligations.

In a disclosure to the Philippine Stock Exchange on Tuesday, Atlas said its board of directors has approved a call for a special stockholders’ meeting on February 21, 2017 to approve the increase in authorized capital stock to provide for the subscription and issuance of shares to big investors including SM Investments Corp. (SMIC), Anglo Philippines Holding Inc., and Alakor Corp.

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