Abra Mining inks deal for P700M placement

Abra Mining & Industrial Corp. (Amic) said it had wrapped up a deal with Gem Global Yield Fund Llc on a private placement amounting to P700 million.

Amic said in a statement that the capital infusion from the Luxembourg-based investor would help sustain the former’s investments in the development and operation of its high-grade Baticang lime project and would enable it to restart its Patok gold project

Gem Global made a commitment on the private placement, which would be made through shares of stock of Amic.

“Regulatory compliance are in progress for the immediate implementation of the private placement to ensure its immediate attainment of this opportunity to procure funding for its several mine projects,” Amic said.

The Baticang lime project is meant to provide supplies to the Patok gold project and other off-takers in Northern and Central Luzon including those meant to be used in agriculture, aquaculture and industrial activities.

“All the necessary machinery and equipment (for Baticang) are on site to provide the company with high returns and sustainable earnings with the least gestation period and to fast-track its commercial operations,” Amic said.

As for the Patok gold project, Amic intends to raise additional funds to fully develop and jump-start commercial operations.