Manila Mining Corporation is looking to raise Php519 million through a stock rights offering (SRO) to finance its exploration activities in Surigao Del Norte.
In a disclosure to the Philippine Stock Exchange (PSE) on Tuesday, Manila Mining said that it aims to sell 51.9 billion shares priced at Php0.01 apiece with a ratio of one share for every five common shares held. This would increase the company’s authorized capital stock from Php2.6 billion to Php4.6 billion.
The PSE, in a notice it issued, said Manila Mining’s SRO will be from May 16 to 20.
While the disclosure does not mention the location of the exploration activities, the company said in its preliminary prospectus for the SRO that these would be done in the town of Placer.
The company is currently awaiting approval for its exploration work program, which involves drilling 13 holes with a length of 14,370 meters beginning the second quarter of 2022.
Manila Mining is an affiliate of the Lepanto Consolidated Mining Company.
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