The Board of Directors of Manila Mining Corporation ("MA" or the "Company") approved the conduct of a Stock Rights Offering ("SRO") of common shares, subject to among others the approval by the Securities and Exchange Commission of the increase in the Company's authorized capital stock.
As indicated in the attached signed preliminary term sheet:
. . . . The Offer Shares shall be considered issued upon approval of MMC's application for increase of authorized capital stock with the SEC, and shall rank equally in all respects with the existing shares after a valid subscription agreement is perfected between MMC and the subscriber as evidenced by the written acceptance by MMC of the application to subscribe and issuance of an official receipt covering the payment of at least 25% of the Subscription Price. . . .
On July 21, 2021 and August 17, 2021, respectively, the Board of Directors and the stockholders of the Company approved the increase in the Company's ACS from Php 2.6 Billion to Php 4.6 Billion.
The proceeds from the SRO will be primarily used to fund the 2022 Exploration Program of the Company, for administrative costs and to settle trade payables and accruals of the Company.
Please refer to C04976-2021 dated July 22, 2021 and C05730-2021 dated August 18, 2021 for the relevant disclosures of the Company.
The Exchange approved the application of the Company for the listing of up to 51,917,357,740 common shares consisting of 31,159,217,274 Class "A" common shares and 20,758,140,466 Class "B" common shares (the "Entitlement Right Shares"), with a par value of Php 0.01 per share, to cover its Stock Rights Offering ("SRO") to all stockholders as of the proposed record date, at an Offer Price of Php 0.01 per Entitlement Right Share. The Exchange's approval of the listing of the Entitlement Right Shares is subject to the Company's compliance with all applicable requirements and post-approval conditions of the Exchange.
The Payment terms for the SRO will be 25% due within the Offer Period; another 25% due 60 days from the end of the Offer Period and the balance of 50% is due 90 days from the end of the Offer Period.
This notice is being amended to attach the updated preliminary terms and conditions of the Stock Rights Offer.
The Exchange will accordingly announce any developments on the Company's Stock Rights Offer.
For your information and guidance.
Filed on behalf by:
Name
Norberto Moreno Jr.
Designation
Listings Department
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Manila Mining Corporation published this content on 13 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 April 2022 08:54:03 UTC.
Manila Mining Corporation is engaged in the business of mining, milling, concentrating, converting, smelting, treating, preparing for market, manufacturing, buying, selling, exchanging, and otherwise producing and dealing in precious and semi-precious metals, ores, minerals and their by-products. The Company is a holder of a valid and existing Mineral Production Sharing Agreement, consisting of approximately 211.50 hectares area located in Placer, Surigao del Norte. It has an Exploration Permit (EP) covering over 2,176.28 hectares in Placer, Surigao del Norte. The Company's subsidiary, Kalayaan Copper-Gold Resources, Inc., is the holder of Exploration Permit No. EP-XIII014-B covers an area of approximately 286.6342 hectares located in Tubod and Placer, Surigao del Norte.
MANILA MINING CORPORATION 
