Mineral Resources International (formerly Magnum Holdings Inc.) is hoping to raise P700 million from a stock rights offering to fund its exploration activities, according to a company official.
To facilitate its planned rights issue, the company has raised its capital stock to P700 million from only P100 million.
At the same time, NiHAO executive director Francis Tan said the company is in talks with several Chinese companies for possible partnerships as it aims to build world-class tenements in the Philippines.
Tan said details of the planned rights offering are now being finalized and will be disclosed to securities regulators shortly.
He said the company is looking to acquire two or three more nickel and copper prospective tenements in Mindanao.
NiHAO is initially targeting to acquire mining rights covering 7,103 hectares of nickel property in Botolan and Iba in Zambales. This is, however, subject to a due diligence and valuation of the Botolan mining rights.
Based on its amended articles of incorporation, NiHAO is engaged in the exploration, development and operation of mineral properties and the mining of metallic and non-metallic minerals including but not limited to nickel, gold, and copper.
From only P4.15 at the start of the year, NiHAO shares have surged to P24.25 as of yesterday.