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PX unit to issue PHP 7.2 billion worth of convertible notes

10 Dec

Philex Mining Corporation (PX) wholly-owned subsidiary Silangan Mindanao Exploration Company, Inc. (SMECI) will issue PHP 7.2 billion in convertible notes to finance the feasibility study of its Silangan Project in Surigao del Norte.

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The investors will be First Pacific Co. Ltd.’s subsidiary Asia Link B.V. and the Social Security System, both existing shareholders of PX.

The notes will be convertible starting December 19, 2015.

If converted, Philex’s ownership in Silangan will be diluted to 60% from the current 100%.

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Posted by on December 10, 2014 in Corporate News, PX, Stock Market

 

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