Listed Benguet Corp. raised P150 million representing the first private-placement transaction with RYM Business Management Corp.

Benguet Corp. told the Philippine Stock Exchange earlier that it would raise up to P300 million, or 16 percent of the Romualdez-led miner, selling 14.56 million class A shares at P12 apiece, and 9.71 million class B shares at P16 each.

In a filing to the local stock exchange on Monday, Benguet Corp. said RYM paid the 150 million for 6.62 million class A shares and 4.41 million class B shares.

“The second transaction will be completed within 180 days from the date of the signing of the memorandum of agreement” , said the miner in the statement.

Benguet plans to use the capital for its “priority” mining projects and for general corporate purposes. These include the Balatoc Tailings Gold Project and the Acupan Contract Mining Project, both in the Itogon, Benguet area.

Source:  www.businessmirror.com.ph