PHILEX Mining Corp. will move the start of its offer period for its P842-million stock rights offering to an earlier date, according to its disclosure on Monday.
The start of its offer period was moved to July 12 from its initial timetable of July 14 to 25.
This was in line with the requirement of the Securities and Exchange Commission (SEC) to have the start of the offer period 10 business days from the issuance of the permit to sell, which the company received earlier than expected on June 28.
In June, the company announced that it received its permit to offer securities for sale from the SEC for the offering. Philex will offer up to 842 million common shares with a par value of P1.00 per share.
Net proceeds from the offer will be used by the company for the capital expenditures and development cost of the Silangan copper-gold project in Surigao del Norte. This represents the company’s investment in Silangan Mindanao Mining Co., Inc. through Silangan Mindanao Exploration Co., Inc.
In the first quarter, Philex reported that its net income attributable to parent firm equity holders increased 23.4% to P690.39 million.
At the stock exchange on Monday, Philex shares rose by 2.24% or seven centavos to close at P3.20 apiece.
Philex is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Metro Pacific Investments Corp. and PLDT, Inc.
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