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In a special meeting on Wednesday, Seacem’s board of directors approved to change the company’s name to Global Ferronickel Holdings, Inc., the company said in a disclosure to the stock exchange.
Seacem will raise its authorized capital stock by P10 billion to P12.56 billion, and issue 10.46 billion common shares to shareholders of PGMC, subject to approval by the Securities and Exchange Commission.
In exchange, PGMC will sell and transfer 99% of its outstanding shares to Seacem.
There will be a follow-on offering to the public of the available shares from Seacem’s proposed increase in authorized capital stock.
Seacem also authorized its Chairman Raul M. Ang to sign, execute and deliver agreements necessary for the transaction.
The stock was subject to a one-hour trading halt on Thursday morning to allow the public to digest the information.
In July, Seacem shareholders IHoldings, Inc., Kwantlen Development Corp. and Januarius Resources Realty Corp. agreed to sell 89.92% of the company at 46 centavos per share.
The buyers were Huatai Investment Holding Pty. Ltd.; Regulus Best Nickel Holdings, Inc.; Bellatrix Star, Inc.; Alpha Centauri Fortune Group, Inc.; Antares Nickel Capital, Inc.; Blue Eagle Elite Ventures, Inc.; Ultimate Horizon Capital, Inc.; Sohoton Energy, Inc.; Great South Group Ventures, Inc.; Red Lion Fortune Group, Inc.; and certain individuals named Dante R. Bravo, Seng Gay Chan and Hui Lin.
Messrs. Bravo and Hui are both directors of PGMC, which has been operating in Claver, Surigao del Norte for the past seven years.
Data from the PGMC Web site showed that it posted a tenfold increase in its nickel ore exports in a span of five years, reaching 5.9 million metric tons in 2012 from less than 500,000 metric tons in 2007.
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- [Editor:sunzhichao]
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