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Manila Bulletin devider Business devider Philex starts P2.65 B stock rights offering

Philex starts P2.65 B stock rights offering

Published Jul 11, 2022 03:24 pm

Philex Mining Corporation has finalized the terms for its P2.65 billion stock rights offering which is starting on July 12 up to July 25, 2022.

In a disclosure to the Philippine Stock Exchange, the firm said it is offering a total of 842 million common shares at the rate of one offer share for every 5.8764 shares owned for P3.15 each.

Shareholders as of the ex-rights date of June 24, 20222 for the record date of June 29, 2022 are entitled to subscribe to shares in the stock rights offering.

Philex had announced the postponement of the SRO last April “given the current market volatility to help ensure its success.” The stock rights offer was initially targeted for Feb. 28 to Mar. 10, 2022.

The net proceeds from the SRO will be used by the Company for the investment in Silangan MIndanao Mining Company Inc. through Silangan Mindanao Exploration Company Inc. for the capital expenditures and development cost of the Silangan Project.

The firm will use the funds 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.

Philex Mining said it will infuse fresh capital into SMECI, and finally to the project company SMMCI, to support its wholly-owned subsidiary jump start the development of a starter mine in its Silangan Project Phase 1 in Surigao del Norte.

“This is a significant indication that Philex, as parent company of SMECI and SMMCI, is committed to get this project going,” said Philex Chief Finance Officer and Treasurer Romeo B. Bachoco.

He added that, “This would signal to qualified shareholders, and potential investors alike, who will participate in the stock rights offer as well as the lenders who will join the loan syndication that Philex will infuse fresh capital because it strongly believes in the feasibility of the Silangan Project.”

The Silangan Project will involve the development of a starter mine beginning this year and will go on commercial operation by early 2025.

The mine will initially produce 2,000 tons of ore per day (about 700,000 tons a year), and will gradually ramp up to 12,000 tons per year as it invest additional capital for the ramp up of its mining operations.

The Silangan Project has an estimated 81 million tons in mineable reserves that contain around 993 million pounds of copper and 2.8 million ounces of gold.

Silangan mine will produce, throughout its 28-year life, an annual average of 35 million pounds of copper and 100,000 ounces of gold.

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