In re Earthmovers Mining Corp.

January 24, 2008 SEC EN BANC CASE NO. 10-07-0232 IN THE MATTER OF EARTHMOVERS MINING CORPORATION (SEC REG. NO. A199701888) , petitioner . FOR : Setting Aside of the Order of Revocation of Certificate of Registration O R D E R Petitioner Earthmovers Mining Corporation is a stock corporation registered with the Commission on 4 February 1997 1 to "carry on the business of operating coal mines". 2 Its principal office is located at Unit M, Marisan Arcade, No. 2943 General del Pilar St. corner South Super Hi-way, Bangkal, Makati City. SDATEc On 15 March 2004, Petitioner's Certificate of Registration No. A199701888 was revoked pursuant to the Order dated 10 February 2004 for non-compliance with the Commission's reportorial requirements. Said Order was published in a newspaper of general circulation on 14 February 2004. Petitioner now prays for the setting aside of the said Order of Revocation based on the ground that "[t]he corporation was not able to operate since its registration with the Commission due to the breakdown of the mining industry at that time. With the current developments given by the government in the mining sector and the booming industry, the management of the company intends to pursue its business ventures together with the new owners who are willing to invest fresh capital to fund the project." In support of its Petition, Petitioner submitted its 2007 General Information Sheet (GIS) and 2007 Audited Financial Statements. Petitioner also submitted, as proof of its intent to "pursue its business in mining industry", the following documents: a) Minutes of the stockholders' meeting held on January 27, 2007 at Petitioner's principal office during which, it was agreed upon that the "company . . . will apply to lift the [O]rder of [R]evocation with the Securities and Exchange Commission", and "the request on geological study and field investigation of prospective mining sites" was approved; b) A "Third Notice" issued by the Mines and Geosciences Bureau (Regional Office No. VII) of the Department of Environment and Natural Resources regarding the amendment of Applied Area under EXPA-062VII; and c) Quarterly Income Tax Return for the 2nd Quarter of year 2007. Petitioner further alleges that it has no intention to violate the law and any SEC rules and regulations and henceforth, commits to comply with the rules and regulations of the Commission regarding the submission of reports. It has also paid in full the penalty amounting to Nineteen Thousand Five Hundred Pesos (Php19,500.00) as evidenced by Official Receipt No. 0105544 dated October 11, 2007. AHcaDC Consistent with its undertaking, Petitioner is hereby directed to submit a Mayor's Permit for 2008 within thirty (30) days from date of receipt of this Order. Failure on the part of Petitioner to comply with this directive shall cause the recall of the instant Order. WHEREFORE, premises considered, the Order of the Commission dated 10 February 2004 revoking the Certificate of Registration of Earthmovers Mining Corporation is hereby SET ASIDE. Let a copy of this Order be furnished the Company Registration and Monitoring Department (CRMD) and the Economic Research and Information Department (ERID) of this Commission for their appropriate action. SO ORDERED. Mandaluyong City, January 24, 2008. (SGD.) FE B. BARIN Chairperson (SGD.) MA. JUANITA E. CUETO Commissioner (SGD.) JESUS ENRIQUE G. MARTINEZ Commissioner (SGD.) RAUL J. PALABRICA Commissioner (SGD.) THADDEUS E. VENTURANZA Commissioner Footnotes 1. Certificate of Registration of Petitioner. 2. Articles of Incorporation of Petitioner, Second Article. ACIDTE