OceanaGold Philippines (OGPI), a subsidiary of OceanaGold, has completed its initial public offering (IPO) on the Philippines Stock Exchange, raising $106m (6.13bn pesos).
This move involved the sale of 20% of OGPI's outstanding common shares, a requirement under the renewed Financial or Technical Assistance Agreement for its Didipio Mine operations.
The IPO was a secondary offering, with the final price set at 13.33 pesos per share, totalling 6.08bn pesos for 456 million shares.
The proceeds from the offering, after deducting fees and taxes, will be utilised for paying down OceanaGold's debt, which stood at $160m as of 31 March 2023.
OceanaGold’s decision to list OGPI's shares was first announced in April this year.
In January this year, OceanaGold executed a sale and purchase agreement (SPA) with Tasman Mining (Tasman), a subsidiary of Federation Mining, to acquire OceanaGold's interest in the Blackwater project in New Zealand.
After receiving official notice from Tasman to exercise its exclusive option on Blackwater, which has been held under a project deed since July 2018, the SPA was executed.
As per the agreement, OceanaGold will receive $30m in cash upon completion of the transaction.
The company noted that the SPA is subject to a number of conditions including regulatory approval and is expected to close this year.
OceanaGold is a gold mining and exploration company based in Vancouver, Canada.
In December 2022, OceanaGold received a supplementary environmental impact statement record of decision from the US Army Corps of Engineers for its Haile underground mine in South Carolina, US.
