Lepanto Mining poised to sellmore shares to settle debts
Filed under: General News, Operator - Lepanto
From: TradingMarkets.com
Feb 20, 2008 (The Manila Times - McClatchy-Tribune Information Services via COMTEX) — LECBF | news | PowerRating | PR Charts — LEPANTO Consolidated Mining Co. plans to raise over a billion pesos to settle its debts.
In a disclosure to the Philippine Stock Exchange (PSE), Lepanto said that its board has approved a plan to sell one common stock for every seven held by shareholders at the price of P0.25 per share.
The mining firm said that the proceeds of the offer, which will amount to P1.04 billion, will be used to retire loans and settle other accounts with banks, suppliers and service providers, as well as advances from shareholders and related accounts.
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