Philex Mining Corporation aims to raise Php3.15 billion via a stock rights offering (SRO).
The company’s board approved the SRO on Thursday, though its final details, such as the offer price and payment terms, have yet to be ratified.
The net proceeds from the SRO, together with debt being arranged by a leading local financial
institution and internally generated cash of Philex Mining, will be utilized for the development of
the Silangan Copper and Gold Project through wholly owned subsidiaries Silangan
Mindanao Exploration Co., Inc. and Silangan Mindanao Mining Company, Inc., as well as for general corporate requirements.