050907: Geograce stock rights offering starts May 15

May 09, 2007
Updated 07:19:13 (Mla time)

Inquirer

MANILA, Philippines -- Shareholders of Geograce Resources Philippines Inc. as of May 3, 2007 are eligible to avail themselves of a three-for-one offer stock rights offering of the company from May 15 to 21.

The offer price is P1 per share.

Geograce is offering 560.46 million common shares to get up to P560 million, which it says will be used for project development, exploration costs, asset acquisitions, and additional working capital.

The company is engaged in mining, particularly in tenement acquisitions and management, with presence in the provinces of Zambales, Palawan and Bukidnon. Its strategic partners include Australian company Rusina Mining NL and Canadian miner and metal refiner Chemical Vapour Metal Refining Inc.

Geograce has engaged JP Morgan as financial adviser on possible capital-raising activities, along with specific advisory on cross border mergers and acquisitions.

The rights offer shares are expected to be listed at the Philippine Stock Exchange on May 25, 2007. With INQUIRER.net

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