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Friday, March 29, 2024

Lepanto eyes P2-b stock rights offering

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Lepanto Consolidated Mining Co. plans to raise P2 billion from a stock rights offering.

Lepanto said in a disclosure to the stock exchange Monday it would sell 16.803 billion shares at P0.12 apiece. Shareholders are entitled to subscribe to 1 share for every 3.95 shares owned.

Lepanto said it amended the terms of the offering given the present market conditions. The mining firm earlier planned to sell 14.429 billion shares at P0.14 apiece.

The company said it would announce the record, ex-dates and the offer period after the Philippine Stock Exchange’s approval of the listing application.

The mining firm plans to use the proceeds to fund exploration drilling for gold and copper deposits, settlement of payables, pension update, capital expenditures and working capital. The offer shares will come from the company’s proposed increase in authorize capital stock to P9 billion from P6.64 billion.

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