THE Philippine Stock Exchange (PSE) said it is preventing mining firm Oriental Peninsula Resources Group Inc. (ORE) from listing its private-placement shares at the exchange after the company did not comply with some of the requirements.
“Due to the company’s noncompliance with the lodgment requirement of the exchange, please be advised that the private-placement shares will not be listed on August 28, 2018, the scheduled listing date,” the PSE said.
The PSE approved the said private placement of 1.42 billion shares also worth P1.42 billion on June 27.
The company also increased its authorized capital stock to P3.5 billion divided into 3.5 billion common shares from the previous P1.5 billion divided into 1.5 billion common shares to accommodate the said private placement.
It gave 150 million common shares, each valued at P1 per share to Fuying Holdings Ltd., Xinhua Development Ltd., Yu Rong Ltd.; 50 million common shares also at P1 apiece to Laguna Distillery Corp.; 700 million common shares to Redmont Consolidated Mines Corp.; and 226.5 million common shares to Suncorp Mines and Development Corp.
In its previous statement, ORE claimed it already complied with the requirements for the listing of the private-placement shares, including, among others, the submission of the required sworn corporate secretary’s certification dated August 18, 2018, attesting that the private-placement shares will be duly lodged with the Philippine Depository and Trust Corp. on the scheduled listing date.
If it was able to list its private-placement shares, its listed shares would have grown to 2.87 billion common shares from the current 1.45 billion shares or a free float level of 44.28 percent.
Oriental Peninsula was incorporated on April 16, 2007, as a holding company intended primarily to consolidate and operate companies that own mining tenements located within the Philippines.
The company is focused on the mining operations of its sole subsidiary, Citinickel Mines and Development Corp., which is primarily engaged to prospect, explore, locate, acquire, hold, work, develop, lease, operate and exploit mineral lands for chromite, copper, manganese, magnesite, silver, gold and other mineral products.
Currently, the company has a 99-percent equity interest in Citinickel, the sole claim owner of the Pulot Mine and the Toronto Mine located in the municipalities of Sofronio Española and Narra in the province of Palawan.