Manny Pangilinan-led Philex Mining Corporation has moved its stock rights offering (SRO) to July 12, 2022, the company announced on its Monday disclosure to the Philippine Stock Exchange.
The SRO of 842 million common shares will have a par value of Php 1.00 per share, the company announced.
Originally, the offer period was supposed to begin on July 14, 2022, before the Securities and Exchange Commission (SEC) approved Philex Mining’s request to conduct the SRO on an earlier date.
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.