Philex Gold Inc. completes initial public offering and commences TSE trading.TORONTO, Ontario--(BUSINESS WIRE)--Oct. 28, 1996--Philex Gold Inc. (PGI-TSE) announced Monday the successful completion of a public offering of 7,300,000 common shares at a price of $11.00 Cdn each. Philex Gold Inc. sold 3,181,818 of its common shares in an initial public offering and its parent company, Philex Mining Corporation, sold 4,188,182 common shares which it held indirectly through a subsidiary. The offering raised gross proceeds of $80.3 million. After payment of underwriting fees, Philex Gold Inc. received net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of $33.249 million to be dedicated to exploration activities. Philex Mining Corp. received $430.35 million of net proceeds, which will be used to retire debt incurred in pre-production costs at the Bulawan and Sibutad mines. Philex Gold Inc.'s common shares are listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the trading symbol Trading symbol See: Ticker symbol PGI PGI Protected Geographical Indication PGI Progiciel de Gestion Intégré (French: Enterprise Resource Planning) PGI Phosphoglucose Isomerase PGI Polish Geological Institute (Warsaw, Poland) . The shares were eligible to trade on the TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). effective the opening of trading today. This event marks the first time that a Canadian subsidiary of a Philippine mining company has undertaken an initial public offering in Canada. Philex Gold Inc. is engaged in production, development and exploration of gold projects in the Philippines. The Bulawan mine, which commenced commercial production in January of this year, is scheduled to produce 100,000 ounces of gold in 1996. The Sibutad heap leach project is presently being developed to commence gold production in the first quarter of 1997. In addition, the company is actively exploring a portfolio of early and advanced stage, gold exploration projects throughout the Philippines. CONTACT: Philex Gold Inc. David Constable, director Investor Relations Investor relations The process by which the corporation communicates with its investors. Paula Kember, vice president Finance 416/861-1221, fax: 416/861-1226 |
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