Live Breaking News & Updates on Hich Includes Mine Development

MANILA - The Securities and Exchange Commission (SEC) has considered favorably the stock rights offer by Philex Mining Corporation for a maximum of PHP3.15 billion. In its meeting on January 27, the commission en banc resolved to render effective the registration statement filed by Philex Mining for a stock rights offer covering up to 842 million common shares, subject to certain remaining requirements. The actual number of common shares to be issued will depend on the final offer price. Philex Mining will offer the shares to eligible shareholders for a maximum offer price of PHP4.81 per share. Net proceeds from the offer could amount to PHP3.059 billion. Proceeds will be used for the company's investment in subsidiary Silangan Mindanao Mining Company, Inc. through Silangan Mindanao Exploration Co., Inc. for the capital expenditures and development cost of its Silangan Project, which includes mine development, construction of the mill plant and support facilities, and storage taili ....

Philex Mining Corporation , Exchange Commission , Silangan Mindanao Mining Company Inc , Capital Investment Corporation , Philippine Stock Exchange On , Silangan Mindanao Exploration Co Inc , Philex Mining , Silangan Mindanao Mining Company , Silangan Project , Philippine Stock Exchange , Investment Corporation , Manila The Securities And Exchange Commission Sec Has Considered Favorably Stock Rights Offer By Philex Mining Corporation Fora Maximum Of Php3 15 Billion In Its Meeting On January 27 , He Commission En Banc Resolved To Render Effective The Registration Statement Filed By Philex Mining Fora Stock Rights Offer Covering Up 842 Million Common Shares , Ubject To Certain Remaining Requirements The Actual Number Of Common Shares Be Issued Will Depend On Final Offer Price Philex Mining Eligible Shareholders Fora Maximum Php4 81 Per Share Net Proceeds From Could Amount Php3 059 Billion Used For Company 39s Investment In Subsidiary Silangan Mindanao , Nc Through Silangan Mindanao Exploration Co , Nc For The Capital Expenditures And Development Cost Of Its Silangan Project , Hich Includes Mine Development , Onstruction Of The Mill Plant And Support Facilities , Nd Storage Tailings Facility The Stock Rights Offer Will Run From February 28 To March 10 , N Time For The Listing Of Offer Shares On Philippine Stock Exchange March 21 , Ccording To The Latest Timetable Submitted By Philex Mining Sec Company Has Engaged Bdo Capital Amp Investment Corporation As Issue Manager And Lead Underwriter For Offer Pr ,