UPDATE 1-Adanac Molybdenum to seek court approval for credit plan

* Seeks to increase authorized share capital

* Seeks to consolidate shares in 150-to-1 ratio



Oct 13 (Reuters) - Canada's Adanac Molybdenum Corp , which is under Companies' Creditors Arrangement Act protection, said it will seek court approval Monday for its credit restructuring plan.

The company, which has got extension to CCAA protection until Oct. 29, intends to seek approval from the Supreme Court of British Columbia to increase its authorized share capital and consolidate its shares at a 150-to-1 ratio.

The Surrey, British Columbia-based company said 92 percent of the new shares would be allocated to senior secured noteholders and 5 percent would be allocated to unsecured creditors while common shareholders can retain 3 percent of the shares.

Shares of the Surrey, British Columbia-based company closed at 4.5 Canadian cents Wednesday on the Toronto Stock Exchange.

(Reporting by Aftab Ahmed in Bangalore; Editing by Unnikrishnan Nair)

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