Philex raises P2.65B in stock rights offering

PHILEX Mining Corp. has raised P2.65 billion in a stock rights offering that marked its listing on the stock exchange on Wednesday.

The mining company will use the funds raised from the offering to pay for mine development, construction of a mill plant and support facilities and storage tailings facility for its Silangan project located in Surigao del Norte.

Philex offered one rights share for every 5.8674 common shares held by shareholders as of June 29, 2022, the record date. The shares were priced at P3.15 apiece.

Roel A. Refran, chief operating officer of the Philippine Stock Exchange (PSE), cited regulatory initiatives for the mining sector, including the 2020 Philippine Mineral Reporting Code (PMRC), which was launched last year.

“Among others, we reinforced the gatekeeping roles and responsibilities of accredited competent persons of issuers towards investor protection and full transparency, consistent with international standards and best practices,” he said during the bell ringing ceremony.

The PSE worked on the reporting code along with other members of the PMRC committee.

PSE Chairman Jose T. Pardo and Philex Chairman Manuel V. Pangilinan led the bell ringing ceremony.

On Wednesday, shares in Philex slipped by 0.94% or P0.03 to close at P3.16 apiece.