PLATINUM Group Metals Corp. is going ahead with its backdoor listing on the Philippine Stock Exchange (PSE) through Southeast Asia Cement Holdings Inc. (Seacem).
In a statement filed with PSE, Seacem said that under its Amended Articles of Incorporation, the company’s corporate name would be changed to Global Ferronickel Holdings Inc. Its trading symbol will also be changed.
The backdoor method of debuting on the stock exchange allows Platinum Group to be listed via listed firm Seacem.
The company will raise P10 billion from a follow-on offering to the public from the increase in authorized capital stock, subject to approval by the Securities and Exchange Commission and the PSE.
The additional P10 billion authorized capital stock will add to the existing P2.55 billion capital stock, amounting to 7.3 billion common shares valued at P0.35 per share.
The company will have a total of P12.55 billion of authorized capital stock, consisting of 35.87 billion common shares valued at P0.35 each, after the follow-on offering.
The company’s fiscal year will also change, ending in December from the previous fiscal year ending in June.
In line with the Amended Articles of Incorporation, the company’s board of directors will be increased to 10 from the current nine.
Raul Ang will be the company’s chairman, while Joseph C. Sy will be the president. Dante R. Bravo will be the executive vice president, and Atty. Eveart Grace Pomarin-Claro will be the assistant corporate secretary and alternate corporate information officer.