Abra Mining secures P700M from European investment fund

Abra Mining & Industrial Corp. (AMIC) has secured a P700-million investment from Europe's GEM Global Yield Fund LLC to finance projects already in the pipeline.

 

The Luxembourg-based investment company committed a private placement worth 1 centavo apiece in the Philippine miner, according to a disclosure to the Philippine Stock Exchange.  

 

"Regulatory compliance are in progress for the immediate implementation of the private placement to ensure its immediate attainment of this opportunity to procure funding for its several mine projects," said AMIC.

 

The investment "will bolster and strengthen its balance sheet to sustain investments for the full development and commercial operations of its high-grade Baticang lime project," the miner said.

 

AMIC will also use part of the money to restart a technical and engineering program to relaunch the Patok gold project in Abra. Additional funds will be raised to fully develop the mine towards commercial operation. 

 

The company is also looking at advancing the Abra River alluvial gold and magnetite project.

 

"AMIC will pursue capital raising endeavor at this favorable time to procure funds for several projects in the pipeline. Foreign groups are being engaged by the company for their expertise to clinch and ensure the success of the capital raising programs from global funders," it said. – Keith Richard Mariano/VS, GMA News