Profiling: Alcorn Gold Resources Corporation

Alcorn Gold Resources Corporation (PSE: APM) is a holding company which is primarily engaged in the exploration of oil and mineral resource. APM has the following service contracts:

APM1

Among APM’s SCs, SC 14 (B1) is producing and SC 51 is at the most advanced stage of exploration. SC 14 (B1) North Matinloc is producing in a cyclical manner where 16,107 barrels of oil were extracted in 2011. SC 51, an onshore oil exploration interest of the Company in Norhtern Leyte, is expected to initiate drilling this year with Otto Energy as the Operator.

APM has the following mining claims:

APM2

On December 12, 2012, the shareholders of the Company approved the resolutions of the Board of Directors to: [1]

  1. Increase the capital stock and change of par of the Company from  P3 billion with a par value of P.01 to P10 billion with a par value of P1.
  2. Change of name from APM to COSCO CAPITAL, INC.
  3. Spin-off of the oil and mineral assets to a wholly owned subsidiary.
  4. Confirm the subscription of the Lucio Co Group of 4,987,560,379 APM shares at P15 each through share for share swap of the following companies: [2]

APM3 APM4

Below is the basis of the P74,813,405,682 (4,987,560,379 shs x P15) subscription price: [3]

APM5

APM, to be renamed as Cosco Capital, Inc. upon approval by the Securities and Exchange Commission is intended to be the Lucio L. Co Group’s holding firm. Lucio L. Co Group cosnists of Lucio L. Co, Susan P. Co, Ferdinand Vincent P. Co, Pamela Justine P. Co, Camille Clarisse P. Co, Katrina Marie P. Co and Jose Paulino Santamarina. The Company expects the holding firm’s market capitalization to increase to P93 billion (or a per share market value of P15 [P93 billion/6 billion shares]) and the Company’s public float to fall to 6% from the current 30-35%.

Sources:

  1. Stockholders’ approval of increase in authorized capital stock, change in par value, subscription by Lucio L. Co Group, change in corporate name, reorganization and spin-off of oil and mineral assets and operations; appointment of officers, http://www.pse.com.ph/resource/disclosures/2012/pdf/dc2012-8957_APM.pdf
  2. Additional Information re: subscription by Lucio L. Co Group, http://www.pse.com.ph/resource/disclosures/2012/pdf/dc2012-9279_APM.pdf
  3. Supplement to previous disclosure re: subscription by Lucio L. Co Group, http://www.pse.com.ph/resource/disclosures/2012/pdf/dc2012-9383_APM.pdf
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7 thoughts on “Profiling: Alcorn Gold Resources Corporation

  1. Pingback: Coursera, MVP’s message to Graduates, Stock Thoughts: APM, SGI | Fundamental Enthusiast

  2. Wow, galing mo bossing…if PGOLD is trading now at P40, it means APM value is worth P17.09 bsed on 4.8M shares subscribed. (or priced at P0.1709). Now, its trading at a discount of 6.1%. The pricing does not include the mining. Tama ba bossing?

    Reply
    • Disregard the pricing above, I miss out the current listed shares. At PGOLD price of P40, the valued of the 4.988B subcription is P85.25B + P20.527B (P0.161 x 127.5B shares) = P105.78B worth ng APM adjusted shares is 6.26B shares (4.988B + 1.275B), or a price of P16.90 (P105.78/6.26Bshares)…More likely they will offer the secondary shares when the fair value of PGOLD is higher (maximum offer price is around P18.69 base on P48 pgold target price).

      Reply
  3. Yes. You may share it sir! 🙂

    btw, I have no facebook account.hehehe

    We can interact in traderscamp.org though, you can find my thread “Fundamental Enthusiast Station by Renzie”. 🙂

    Reply

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