Listed firm Oriental Peninsula Resources Group has secured a combined investment of P500 million from two firms which the company intends to use in funding some of its mining projects.
Through a separate private placements, King Crown Group Ltd. and Fuying Holdings Ltd. invested P200-million and P300-million worth of Oriental Peninsula shares, respectively, at a par value of P1 each share.
According to Oriental Peninsula, the proceeds of the placement will be used to fund existing mining projects, among others.
“The company is seeking to further raise capital through issuance of primary common shares to be taken from its unissued shares. The company shall benefit from the investment proceeds which it shall use for general corporate purposes and as working capital to augment the funding requirements of its various mining projects,” the firm said in a disclosure to the Philippine Stock Exchange.
“Proceeds from the placements are intended to be disbursed for existing and prospective mining operations of the company for the remainder of the year,” it added.