FIL-ESTATE LAND INC. said Wednesday it had secured approval from its board to seal a bond deal with British Virgin Islands-registered LIM Asia Special Situation Master Fund Ltd. that will raise for the company $12.5 million in funds.

In a disclosure to the Philippine Stock Exchange Wednesday Fil-Estate said its board had authorized the signing and execution of an agreement with LIM Asia Fund for the bond with an issue date of Jan. 18.

The $12.5 million represents the balance of a $25-million convertible bond facility. An initial $12.5-million bond was earlier signed with the Lim Group last Nov. 8.

Both bonds carry the same terms--maturity in 2012 and convertible into shares of the company within a five-year period at a price of P1.50 a share.

Fil-Estate said the proceeds from the issuance of the convertible bonds would be used to help develop the company’s projects.