Philex preps P13.8B stock rights offer

MANILA, Philippines—Philex Mining Corp. is offering P13.8 billion worth of shares in a stock rights offering to fund mining projects and pay loans.

In a disclosure to the Philippine Stock Exchange, the company said it was registering up to P13.8 billion worth of common shares with a par value of P1 a share.

The shares will be offered for subscription by way of a stock rights offering to its qualified stockholders of record as of Oct. 16.

The miner said a filing was made at the Securities and Exchange Commission on March 18, 2013 and this was amended on Sept. 10.

In a prospectus filed at the SEC, Philex said 2.46 billion common shares will be offered for subscription.

The net proceeds (after deducting fees, taxes and other expenses), estimated at P13.5 billion, will be used for capital expenditures and development cost for the $1 billion Silangan copper-gold project.

The Silangan project combines the development of the Boyongan and Bayugo deposits, which are comprised of gold, copper and silver.—Riza T. Olchondra

Read more...