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Nickel miner TVI defers Philippine listing until Feb. 29

Published 2015-12-21, 09:35 p/m
© Reuters. Nickel miner TVI defers Philippine listing until Feb. 29
TVI
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MANILA, Dec 22 (Reuters) - Nickel miner TVI Resource
Development (Phils.) Inc (TVIRD) has deferred a planned listing
on the Philippine Stock Exchange to Feb. 29 next year, subject
to market conditions and regulatory approvals, shareholder TVI
Pacific Inc TVI.TO of Canada said.
Delays in regulatory approvals, which TVI said was partly
due to local public holidays, had prompted it to postpone the
initial public offering.
The miner was previously looking at a Dec. 18 listing after
a 1 billion peso ($21 million) IPO intended to fund a gold and
silver mining project.
"TVI remains optimistic about the prospects for the IPO in
early 2016 given TVIRD's diverse pipeline of projects and the
strong support of its majority shareholder, Prime Resource
Holdings Inc.," Clifford James, chairman and CEO of TVI and
chairman of TVIRD, said in a statement.
TVIRD has filed an updated IPO prospectus and is still
looking to sell up to 272.02 million primary shares and up to
136.01 million shares currently held by existing shareholders,
at a price of up to 3.71 pesos per share.
"We believe the establishment of a public market for TVIRD
shares will allow North American investors to better evaluate
the value of TVI's 30.66 percent indirect interest and provide
us with a potential source of non-dilutive funding," James said.
After market volatility took its toll on local listings this
year, the country's bourse expects a busy year ahead with
Philippine companies likely to raise as much as 200 billion
pesos in fresh equity capital via share sales.
($1 = 47.2550 Philippine pesos)

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