Business Technology, Finance Technology & Information Technology
The SEC has approved Philex Mining’s stock rights offer.
The Securities and Exchange Commission (SEC) has approved Philex Mining Corporation’s stock rights offer for a maximum of PHP3.15 billion.
The Commission en banc decided on January 27 to make the registration statement filed by Philex Mining for a stock rights offer covering up to 842 million common shares valid, subject to certain conditions.
The ultimate offer price will determine the number of common shares to be issued.
Philex Mining will sell the shares for a maximum price of PHP4.81 per share to qualifying stockholders.
The offer’s net proceeds could total PHP3.059 billion.
The funds will be used to fund the company’s investment in Silangan Mindanao Mining Company, Inc. through Silangan Mindanao Exploration Co., Inc. for capital expenditures and development costs of its Silangan Project, which includes mine development, mill plant and support facilities construction, and storage tailings facility construction.
According to the latest timeline provided to the SEC by Philex Mining, the stock rights offer would run from February 28 to March 10, in time for the offer shares to be listed on the Philippine Stock Exchange on March 21.
BDO Capital & Investment Corporation has been appointed as the issue manager and main underwriter for the offering.
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