Lepanto Consolidated Mining Co. said Friday it plans to raise up to P2.02 billion from a stock rights offering to fund exploration projects.
Lepanto said in a disclosure to the stock exchange its board of directors approved the offering of 14.429 billion shares at P0.14 apiece via rights offering.
Under the approved terms of conditions, Lepanto shareholders owning 4.6 shares will be entitled to subscribe to 1 offer share. Net proceeds from the fund raising activity will be used to fund exploration drilling for gold and copper deposits, settlement of payables, pension update capital expenditures, and working capital.
The offer shares will be issued from the company’s proposed increase in authorized capital stock to P9 billion from P6.64 billion.
Other terms of the offering including the record date and timetable of the offering remain to be finalized.