Abra Mining gets P700-M investment from European firm

ABS-CBN News

Posted at Jul 08 2015 03:03 PM | Updated as of Jul 08 2015 11:57 PM

MANILA - Abra Mining and Industrial Corporation will be receiving fresh funding from European investment firm Gem Global Yield Fund.

In a disclosure to the stock exchange on Wednesday, Abra Mining said it closed a deal with Gem Global to raise fresh equity fund amounting P700 million.

"Abra Mining received the firm letter of commitment from Gem Global where the latter committed to invest by way of Private Placement totaling P700 million through shares of stock of the former at Par (P0.01) excluding warrant options converted also through shares of stocks," the company said.

It added that the proceeds will "bolster and strengthen its balance sheet to sustain investments for the full development and commercial operations of its high grade Baticang Lime Project and also to restart the technical and Engineering Program to relaunch the AMIC Patok Gold Project."

Abra Mining said it is also planning to raise additional funds to fully develop and jump-start commercial operations of its Patok Gold Project.