MANILA -- Global Ferronickel Holdings, Inc. (FNI) has priced its follow-on offering at PHP2.07 per share to raise PHP517.5 million from the sale of primary shares.
In a disclosure to the Philippine Stock Exchange, FNI said the offering involves 250 million primary shares.
The company said the final offer price represents an 8.48-percent discount to its 10-day Volume Weighted Average Price (VWAP) from June 8 to 25 of PHP2.2618.
The offering will run from July 9 to 13, 2018, while listing date is on July 20.
FNI intends to use the net proceeds from the sale as capital to be infused in its subsidiary, Platinum Group Metals Corp. (PGMC), through its additional subscription of PGMC’s shares.
The PGMC shall utilize the amount to pay part of its outstanding loan from Taiwan Cooperative Bank (TCB), and use for the working capital requirements of its Cagdianao mining operations. (PNA)
