Nickel miner Global Ferronickel Holdings Inc. reduced by more than half the size of its planned share sale to P1 billion, after trimming the offer price to P4 per share.
GFNI said in a disclosure to the stock exchange it amended its registration statement with the Securities and Exchange Commission, indicating an offer size of up to 250 million at up to P4 per share.
The company in its December 2016 filing indicated plans to offer 250 million common shares at an offer price of up to P8.10 per share. Share price of GFNI dropped 0.4 percent Monday to P2.65.
Abacus Capital and Investments Corp. is the sole underwriter and issue manager for the deal.
Net proceeds from the offering will be used for partial payment of the outstanding loan of subsidiary Platinum Group Metals Corp. from Taiwan Cooperative Bank and for working capital of Cagdianao mine in Surigao del Norte.
Offer period was tentatively set on Feb. 7 to 13 while listing date was set on Feb. 23.