British fund to invest in miner Century Peak
11/25/2009 | 04:53 PM
Following its investment agreement with IPVG Corp., UK-based GEM group bagged another deal with another publicly-listed company in the local bourse, the mining firm Century Peak Metals Holdings Corp.
Century Peak, whose share price soared 670 percent in nearly two months since it listed by way of introduction, told the Philippine Stock Exchange on Wednesday that it forged a P2-billion investment agreement with GEM Global Yield Fund Ltd. and Global Emerging Markets Investment Advisors Inc or the GEM group.
Under the agreement, GEM would be subscribing to its shares worth P2 billion. The equivalent number of shares and the date of subscription will still be decided by Century Peak.
The miner will also be issuing GEM, a $3.4-billion investment group present in 55 countries and founded in 1991, a warrant to subscribe to additional shares worth of up to P900 million.
“The funding will be used mainly in the nickel-chromite smelting plant that Century Peak is building in joint venture with the owners of Zheijiang Hua Guang," Century Peak said.
Zheijiang is one of China’s top nickel pig iron producers, which operates six smelting plants in various provinces in China.
Century Peak said nickel export China hit a record high in the recent months, adding last month it shipped 52,873 metric tons of nickel.
The miner has been the local market’s current favorite. Among the newly listed mining companies, Century Peak is one of those who have actually started commercial mining activities and has already shipped out nearly 90,000 metric tons of nickel ore since its listing month.
The company is also waiting for the completion of its planned P7-billion smelting plant in Leyte.
Century Peak Metals Holdings Corporation (formerly Fil Hispano Corporation) was incorporated on December 30, 2003, as an investment holding company.
On February 15, 2008, the SEC approved the change of its corporate name to Century Peak Metals Holdings Corporation.
On April 14, 2008, the SEC further approved the amendment of the Company’s Articles of Incorporation changing its primary purpose to promoting, operating, managing, holding owning or investing in corporations or entities that are engaged in mining activities or mining-related activities. - GMANews.TV
Century Peak, whose share price soared 670 percent in nearly two months since it listed by way of introduction, told the Philippine Stock Exchange on Wednesday that it forged a P2-billion investment agreement with GEM Global Yield Fund Ltd. and Global Emerging Markets Investment Advisors Inc or the GEM group.
Under the agreement, GEM would be subscribing to its shares worth P2 billion. The equivalent number of shares and the date of subscription will still be decided by Century Peak.
The miner will also be issuing GEM, a $3.4-billion investment group present in 55 countries and founded in 1991, a warrant to subscribe to additional shares worth of up to P900 million.
“The funding will be used mainly in the nickel-chromite smelting plant that Century Peak is building in joint venture with the owners of Zheijiang Hua Guang," Century Peak said.
Zheijiang is one of China’s top nickel pig iron producers, which operates six smelting plants in various provinces in China.
Century Peak said nickel export China hit a record high in the recent months, adding last month it shipped 52,873 metric tons of nickel.
The miner has been the local market’s current favorite. Among the newly listed mining companies, Century Peak is one of those who have actually started commercial mining activities and has already shipped out nearly 90,000 metric tons of nickel ore since its listing month.
The company is also waiting for the completion of its planned P7-billion smelting plant in Leyte.
Century Peak Metals Holdings Corporation (formerly Fil Hispano Corporation) was incorporated on December 30, 2003, as an investment holding company.
On February 15, 2008, the SEC approved the change of its corporate name to Century Peak Metals Holdings Corporation.
On April 14, 2008, the SEC further approved the amendment of the Company’s Articles of Incorporation changing its primary purpose to promoting, operating, managing, holding owning or investing in corporations or entities that are engaged in mining activities or mining-related activities. - GMANews.TV
