Philex Mining Corporation has finalized the terms for its P2.65 billion stock rights offering which is starting on July 12 up to July 25, 2022.
In a disclosure to the Philippine Stock Exchange, the firm said it is offering a total of 842 million common shares at the rate of one offer share for every 5.8764 shares owned for P3.15 each.
The net proceeds from the SRO will be used by the Company for the investment in Silangan MIndanao Mining Company Inc. through Silangan Mindanao Exploration Company Inc. for the capital expenditures and development cost of the Silangan Project. “This is a significant indication that Philex, as parent company of SMECI and SMMCI, is committed to get this project going,” said Philex Chief Finance Officer and Treasurer Romeo B. Bachoco.
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