Alcorn Gold to focus on new business

MANILA, Philippines - Alcorn Gold Resources Corp., controlled by Puregold owner Lucio Co, will focus on being a holding firm to facilitate the infusion of new businesses.

The listed firm will also increase its authorized capital to P10 billion, the company told the local bourse yesterday.

In a disclosure, Alcorn Gold said it secured board approval to “change its corporate name to reflect its primary purpose as a holding company.”

It was also allowed to increase its authorized capital up to P10 billion while increasing the par value of its capital stock to P1 per share from P0.01.

All mineral and oil assets will be transferred into a fully-owned subsidiary, Alcorn Gold said.

“These resolutions were passed to facilitate the infusion of additional businesses,” the company said.

Alcorn Gold said it will seek shareholder approval in a special stockholders meeting on Dec. 11 for the changes in the company.

The listed firm is into the exploration, development and production of oil and gas, as well as metallic and non-metallic reserves.

Alcorn Gold holds numerous onshore and offshore oil and petroleum service contracts (SC) in Palawan, the Visayas and Mindanao.

Its concessions include SC 14 in NorthWest Palawan, which is considered as the largest oil discovery in the Philippines’ petroleum exploration history, with more than 48 million barrels of oil produced from its wells.