Manny V. Pangilinan-led Philex Mining Corporation is looking to conduct a stock rights offering (SRO) in July.
In a disclosure to the Philippine Stock Exchange, Philex Mining is set to offer 842 million shares from July 24 to July 25, 2022. The company has yet to announce its offer price.
“Please note that the conduct of the SRO and the relevant details, including the timetable, are still subject to regulatory approvals and are not yet final. Further, there would be necessary adjustments on the outstanding shares and price on the ex-rights date,” Philex Mining said in a statement.
Proceeds of the SRO will be used for the capital expenditures and development cost of the Silangan copper and gold project in Surigao del Norte through subsidiary Silangan Mindanao Mining Company Inc.
Philex Mining earlier said that they won’t be pursuing open-pit mining for the Silangan project in Surigao del Norte. The first phase, worth $224 million, is targeted to be completed by 2024 or 2025.
