Philex Mining Corp. announced on Wednesday that it received its permit to offer securities for sale from the Securities and Exchange Commission (SEC) for its stock rights offering.

The offering covers up to 842 million shares and will run from July 14 to 25. Shareholders are entitled to one offer share for every 5.8674 common shares they hold. The offer shares are priced at P3.15 each.

Net proceeds will be used by Philex for capital expenditures and development costs of its Silangan copper-gold project. The funding represents Philex’s investment in Silangan Mindanao Mining Co., Inc. through Silangan Mindanao Exploration Co., Inc.

The Silangan project in Surigao del Norte is expected to start commercial operations by 2025. It needs initial capital of $224 million.

Philex earlier reported that its 2021 net income attributable to parent firm equity holders grew to P2.43 billion, driven by higher metal prices. Full-year core net income rose to P2.53 billion from P1.16 billion in 2020.

On Wednesday, Philex shares declined by 0.57% or two centavos to finish at P3.46 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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