Listed copper and gold miner Lepanto Consolidated Mining Company is selling 3.35 million shares at P0.15 each in a private placement with Yapster eTrade Inc.
In a disclosure to the Philippine Stock Exchange, the miner said its board of directors approved share sale valued at P502.5 million with a two-year lock-in provision.
“The amount raised will be used towards further exploration and initial development of the Copper/Gold Project and settlement of outstanding debt,” Lepanto said.
The copper and gold project is adjacent to the current Victoria Project in Benguet province—Lepanto’s main operations for gold production.
“The company has drilled over 35 kilometers in the area. Drilling continues to increase the resource or reserve with a view to completing a bankable feasibility study as soon as possible,” Lepanto noted.
Lepanto sells its gold to Hong Kong, Canada, Peru and China. The company and its subsidiaries are also into hauling, diamond drilling services and insurance.