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Philippines News Agency
MANILA – The Securities and Exchange Commission (SEC) has considered favorably the stock rights offer by Philex Mining Corporation for a maximum of PHP3.15 billion.
In its meeting on January 27, the commission en banc resolved to render effective the registration statement filed by Philex Mining for a stock rights offer covering up to 842 million common shares, subject to certain remaining requirements.
The actual number of common shares to be issued will depend on the final offer price.
Philex Mining will offer the shares to eligible shareholders for a maximum offer price of PHP4.81 per share.
Net proceeds from the offer could amount to PHP3.059 billion.
Proceeds will be used for the company’s investment in subsidiary Silangan Mindanao Mining Company, Inc. through Silangan Mindanao Exploration Co., Inc. for the capital expenditures and development cost of its Silangan Project, which includes mine development, construction of the mill plant and support facilities, and storage tailings facility.
The stock rights offer will run from February 28 to March 10, in time for the listing of the offer shares on the Philippine Stock Exchange on March 21, according to the latest timetable submitted by Philex Mining to the SEC.
The company has engaged BDO Capital & Investment Corporation as the issue manager and lead underwriter for the offer. (PR)
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