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Manila Bulletin devider Business devider Manila Mining plans P519-M SRO

Manila Mining plans P519-M SRO

Published Apr 12, 2022 03:06 pm

Manila Mining Corporation is planning to raise up to P519 million from a planned stock rights offering to existing shareholders.

In a disclosure to the Philippine Stock Exchange, the firm said it is planning to offer 51.92 billion shares consisting of 31.16 billion class A common shares and 20.76 billion class B shares.

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The SRO shares will come from Manila Mining’s P2 billion increase in authorized capital stock to P4.6 billion from P2.6 billion.

The shares will be offered their par value of one centavo per share at the rate one offer share for every five shares held.

The Ex-Rights date is on Apr. 26 while the record date is set on Apr. 29, 2022. The offer period will run from May 16 to May 20, 2022.

Proceeds from the SRO will be used by the firm to fund its exploration program, settlement of liabilities, and working capital.

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