Bilyonaryo Manuel V. Pangilinan-led hilex Mining has extended the maturity of the convertible notes issued to a major shareholder, Asia Link BV (ALBV), originally due this month, by three years.
ALBV, a First Pacific subsidiary and a major shareholder of Philex Mining, and Silangan Mindanao Exploration Co. Inc. (SMECI), have agreed to extend the notes from December 19, 2022 to December 18, 2025.
Philex Mining said the decision was made in support of the fund-raising activities for the development of the Silangan copper-gold project of SMECI subsidiary Silangan Mindanao Mining Co. Inc.
The convertible notes held by SSS have not been extended and will mature on December 18, 2022, consistent with the agreement.