In the Matter of Villor Mining Corp.

February 27, 2009 SEC EN BANC CASE NO. 12-08-0582 IN THE MATTER OF VILLOR MINING CORPORATION SEC REGISTRATION NO. CEO0004161 FOR : Setting Aside Order of Revocation of Certificate of Registration O R D E R Petitioner, VILLOR MINING CORPORATION, is a stock corporation registered with the Commission on March 22, 1991 under SEC Registration No. CEO0004161, with principal office address at Dapaoan, Sindangan Zamboanga del Norte, engaged in mining business, as stated in its Articles of Incorporation. DAHEaT On September 29, 2003, its Certificate of Registration was revoked by virtue of SEC Order dated August 20, 2003 which was published on August 28, 2003 in the Philippine Daily Inquirer, for non-filing of reports. Petitioner now prays for the setting aside of the Order of Revocation date August 20, 2003, on the following grounds: 1. that Petitioner assists in the economic development of Zamboanga del Norte by providing employment to the residents of the community through its ongoing contract with E.Z. Mining Enterprises; 2. it has no intention to violate the laws or SEC rules and regulations; 3. that Petitioner intends to continue its registration with the Commission and the operation of its business; and 4. that it shall henceforth submit reportorial requirements religiously. In support of its Petition, Petitioner submitted the following documents: 1 1. Directors' Certificate dated November 27, 2008, certifying that at the joint meeting of stockholders and directors held on August 15, 2008, at Sindangan, Zamboanga del Norte at which a quorum was present, the resolution allowing the filing of Petition to Set Aside the Order of Revocation was approved; 2. Copy of 2007 Income Tax Return received by the Bureau of Internal Revenue on November 20, 2008; and 3. Photocopy of Memorandum of Agreement with E.Z. Mining Enterprises, Inc. signed on April 21, 2008, for the sale of stockpile and processed ore by Petitioner. AEScHa Petitioner submitted its 2008 General Information Sheet and 2007 Financial Statements to prove its intention to continue its registration with the Commission. It also commits to immediately pay the fine as due. On November 27, 2008, the Petitioner paid the fine of PhP18,500.00, the amount assessed by the SEC-Zamboanga Extension Office, under O.R. No. 5509880, for non/late filing/registration of the following, on the years indicated hereunder: NOT FILED FILED LATE General Information Sheet 1996, 1997, 1998-2007 (ANHAM) 2008 Financial Statements 1998-2006 (ANO) 1996, 1997, 2007 Stock and Transfer Book Registered late WHEREFORE, finding the submitted documents sufficient to establish the Petitioner's intent to continue as a juridical entity, the Order of the Commission dated August 20, 2003, revoking the Certificate of Registration of VILLOR MINING CORPORATION, is hereby SET ASIDE. However, Petitioner is hereby directed to submit its 2009 Mayor's Permit within thirty (30) days, and proofs of actual commercial operations not later than six (6) months, after receipt of this Order. Failure on the part of Petitioner to comply with this directive shall cause the recall of this Order. Moreover, Petitioner is reminded that Section 50 of the Corporation Code of the Philippines requires the holding of meeting annually. SO ORDERED. Mandaluyong City, February 27, 2009. (SGD.) FE B. BARIN Chairperson (SGD.) MA. JUANITA E. CUETO Commissioner on leave JESUS ENRIQUE G. MARTINEZ Commissioner (SGD.) RAUL J. PALABRICA Commissioner (SGD.) THADDEUS E. VENTURANZA Commissioner Footnotes 1. Photocopies are faithful reproductions of the originals of the documents. STaHIC