Philex Mining Corp. has deferred its P3.15-billion stock rights offering due to volatile market conditions.
Philex said in a disclosure to the stock exchange over the weekend it made the decision to ensure the success of the fund raising activity.
“In relation to the outstanding stock rights offering application of Philex Mining Corp. with the Securities and Exchange Commission (SEC) and the listing application with the Philippine Stock Exchange (PSE), the issuer and BDO Capital & Investment Corp., the issue manager and lead underwriter for the offer, agreed to further adjust the timetable of the offer to a later date given the current market volatility to help ensure its success,” said the mining company.
“The company has notified the SEC and the PSE of the change in the timetable accordingly. Once the revised Offer timetable is finalized in coordination with the SEC and the PSE, the company will make the necessary disclosures,” it added.
Philex plans to sell up to 842 million common shares through a stock rights offering to be sold at a maximum price of P4.81.
