Lepanto raises P502 M thru private placement
MANILA, Philippines - Lepanto Consolidated Mining Co. plans to raise P502.5 million through a private placement to fund its projects and to pay down debt.
In a disclosure to the Philippine Stock Exchange, Lepanto said its board of directors approved the sale of up to 3.35 billion common shares at P0.15 apiece.
“The amount raised will be used towards further exploration and initial development of the copper and gold project and settlement of outstanding debt,” Lepanto said.
The project is adjacent to its Victoria gold mine deposit in Benguet and has so far drilled over 35 kilometers in the area.
“Drilling continues to increase the resource and reserve with a view to completing a bankable feasibility study as soon as possible,” Lepanto said.
Lepanto trimmed its net loss to P500 million in the first nine months of 2016 on the back of improved revenues.
Revenues from January to September went up 21 percent to P1.1 billion while third quarter revenues rose 12 percent to P427 million.
Metal sales grew nearly 30 percent to P1.05 billion due to higher gold production and the depreciation of the peso against the US dollar.
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