| Nickel miner TVI defers Philippine listing until Feb. 29 | |
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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 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. ($1 = 47.2550 Philippine pesos) (Reporting by Erik dela Cruz; Editing by Ed Davies)
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VanEck Vectors Global Alternative Energy ETF
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PRODUCER |
CODE : TVI.TO |
ISIN : CA8729171097 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
TVI Pacific is a gold and silver producing company based in Canada. TVI Pacific produces gold, silver, copper and zinc in Philippines, and holds various exploration projects in China and in Philippines. Its main asset in production is CANATUAN in Philippines and its main exploration properties are SIENNALYNN, BALABAG, RAPU RAPU and BALABAG RIDGE in Philippines and SHUIKOUSHAN in China. TVI Pacific is listed in Canada, in Germany and in United States of America. Its market capitalisation is 948 844 as of today (US$ 727 479, € 651 021). Its stock quote reached its highest recent level on May 17, 1996 at 2.74, and its lowest recent point on May 06, 2016 at 0.01. TVI Pacific has 47 442 200 shares outstanding. |