Philex stock rights offer back on the table

One of the country’s oldest and largest copper and gold producers, Philex Mining Corp. is pursuing its planned stock rights offer amounting up to P3.15 billion.

Last February, Philex was supposed to starts its rights offer but decided to defer it due to heightened market volatility and global uncertainties as a result of the Russia-Ukraine conflict.

In a regulatory filing, Philex said it is now looking to issue shares to existing shareholders next month despite a bearish market.

Stockholders as of record of June 29 are entitled to take part in the offering which is scheduled to run from July 14 to 25.

BDO Capital & Investment Corp. is the issue manager and lead underwriter for the rights offer.

Philex will offer up to 842 million common shares at a maximum price of P4.81 apiece.

Net proceeds will be used to jumpstart the development of the Silangan mine, which includes the construction of a mill plant, support and storage tailings facilities.