MANILA, Philippines — Pangilinan-led Philex Mining Corp. can now proceed with its stock rights offering after it received its permit to sell from the Securities and Exchange Commission (SEC).
The company will sell up to 842 million shares to existing shareholders at P3.15 per share to raise as much as P2.65 billion,
The offering is targeted to run from July 14 to 25.
Existing shareholders will be entitled to one share for every 5.8674 common shares owned.
“The net proceeds will be used by the company for investment n Silangan Mindanao Mining Co. Inc. through Silangan Mindanao Exploration Co. Inc. for the capital expenditures and development cost of the Silangan Project,” Philex said.
Philex chief finance officer and treasurer Romeo Bachoco earlier said part of the $224-million funding needed for the starter mine of the Silangan copper-gold project in Surigao del Norte would come from the SRO.
The company is set to begin the development of the first phase of the Silangan project this year, which will produce around 2,000 tons of ore per day.
This will be ramped up to 12,000 tons a day or four million tons a year by the 12th year of operations.