Basic Energy Corp., listed on the Philippines Stock Exchanges is planning to double its capital stock to allow potential investors joining the company and secure sufficient funds for the company’s geothermal and renewable energy development activities.
The proposed capital increase will allow potential investors to come into the company and provide a certain flexibility for fundraising.
The company announced that a potential investor is currently conducting legal and financial due diligence review.
Basic Energy is developing several geothermal projects namely the Mabini Geothermal Service Contract in Batangas, Mt. Mariveles Geothermal Project in Bataan and Mt. Iriga Geothermal Project in Albay.
Recently, two of its geothermal contracts were terminated by the Department of Energy, as we reported.
Apart from pursuing geothermal developments, it is also eyeing opportunities in other renewable energy projects, such as solar, wind and biomass energy, and is currently undergoing due-diligence studies and work.