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THE mining arm of the Romero family will raise
capital through a possible follow-on offering or stock rights
offering to allow it to acquire more mining tenements in Luzon and
Mindanao.
Michael L. Romero, Harbour Centre
Terminal Inc. chief executive, said Pacifica Inc. said the proceeds
of the share sale would finance its acquisition of mining claims
with nickel and iron ore reserves in Zambales and Mindanao.
To prepare for this fund raising
exercise, Pacifica recently increased its capitalization from P40
billion to P100 billion. The Securities and Exchange Commission has
yet to approve this.
Earlier, Pacifica extended a
P50-million loan to Zam-Iron Mining Corp. to fund the exploration,
development and utilization of its tenements covering potential
gold, silver and iron deposits in Kabasalan and Siay, Zamaboanga,
Sibugay province. This area involves 11, 056.5 hectares.
Under the agreement Zam-Iron
would be paying an annual interest rate of 15 percent starting from
the date of disbursement until the payment on or before June this
year. Pacifica has the option to buy 50 percent of all the mineral
production output from Kabasalan for 5 years while Zam-Iron shall
have all its shareholders pledge their issued and outstanding shares
to secure the loan.
Pacifica was initially
incorporated to engage in exploration, drilling and exploitation of
oil, gas and other volatile substances, but later converted to a
holding company. On July 16 last year, Mikro-Tech Capital Inc.
bought into Pacifica and became one of the major shareholders of the
company. Mikro-Tech is controlled by Harbor Centre.
Prior to the sale, Stradec owned
67 percent of Pacifica and upon the entry of Mikro-tech, Pacifica
refocused its business to exploration, operation, management and
marketing of mining claims, thus extending its corporate life for
another 50 years.
In its latest financial report,
Pacifica said it may invite strategic partners to invest in the
company to help fund its planned mineral exploration. At
end-September last year, the firm has not been operating
commercially and did not generate revenues, having posted losses due
to administrative expenses.
--Likha C. Cuevas-Miel
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