FNI postpones follow-on pffering

01 Jun

Global Ferronickel Holdings Inc. (FNI) has pushed back anew the timetable of its planned follow-on offering to the second half of the year, as the miner has yet to secure the green light from regulators.

The miner cut the size of a planned follow-on share sale to $300-400 million from an initial target of $600 million, but kept the price guidance at a maximum of PHP 4.38 per share, Reuters reported in March.

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Global Ferronickel dropped a plan to acquire Ferrochrome Resources, Inc. (FRI) because of the latter’s failure to fulfill conditions in their memorandum of agreement dated November 2014.

Despite delays in its share sale, Global Ferronickel is projecting export volumes to hit another record this year, citing early orders and good weather conditions.

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Posted by on June 1, 2015 in Corporate News, FNI, Stock Market


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