Canadian mining firm applies for listing on PSE

MANILA, Philippines - Canadian mining firm Siga Resources Ltd. will formally file this week its application for listing on the Philippine Stock Exchange (PSE) as it aims to build a presence in the country.

In a press briefing yesterday, Siga financial consultant Anand Nagin said the company is going ahead with its plan to dual list on the PSE by way of introduction because it does not see the need to immediately raise cash. Siga, which has a mining claim in Fiji, is a publicly-traded company in the US.

Established in Nevada, Siga is a start-up, pre-exploration stage company engaged in the search for gold and related minerals.

Nagin noted that the PSE does not have enough companies with dual listing. “We’d like to create the buzz about our company. I think that the Philippines is a good fit for us as we seek a global presence,” he said.

“Despite the fact that discussions have been held with other exchanges, we have always felt that the PSE was a good marriage for us. Given today’s uncertain economic times, innovative thinking is required on all sides. Thus, the intent to dual list shows that Siga is committed to moving forward with its exploration activities in Fiji and will look for projects to participate, once dual listed, in the Philippines,” Nagin said.

Nagin said the company has held preliminary discussions with local companies for possible investment in some projects as it seeks a foothold in the Philippine mining industry. “I believe that the Philippine economy, at large, will benefit through job creation, from the projects we may participate in,” he said.

“We are prepared to move aggressively into the Philippines in all fronts. We’re branching out into the Philippine economy and looking for sites where we will get good returns,” Nagin said.

Nagin said the company’s mining project in Fiji has proven gold deposit and has been tested well and proven to be ripe for exploration. 

He said the company is hopeful that the PSE will move expeditiously as possible to act on its application.