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OceanaGold (OTCQX:OCANF) said late Friday it filed a preliminary prospectus with Philippines regulators to raise up to 7.9B pesos (~$141M) in an initial public offering for its subsidiary operating a gold mine in the country.
The OceanaGold (OTCQX:OCANF) subsidiary, which holds the company’s interest in the Didipio mine, said it plans to offer as many as 456M shares, or 20% of its total shares at 17.28 pesos/share.
OceanaGold (OTCQX:OCANF) aims to tap new Filipino and international shareholders through strong cash flow and dividend payments from its Philippine gold and copper mine, CEO Gerard Bond said .
The Didipio mine, which started commercial operations in 2013 and has a mine life of up to 2035, holds 1.1M oz of gold and 140K metric tons of copper, with opportunities to find more resources through exploration projects.