Lepanto Mining sets record date for P1.75B rights offer
Felipe Yap-led Lepanto Consolidated Mining Co. has fixed Nov. 6 as the record date for its planned stock rights offering.
Shareholders as of record of Nov. 6 are eligible to apply for rights equity shares in the issue.
Lepanto is selling 11.68 billion common shares at 15 centavos per share to existing stockholders at the rate of one new share for every 4.685 shares held.
Proceeds from the offering will be used to fund the further exploration and development of its copper-gold project and pay off debts.
Initial run-of-mine production from Victoria and the copper-gold project is 1,500 tons per day. Plans include ramping up production to 1,900 tpd by the end of the year and further to 3,000 tpd by 2019.