Nickel miner TVI defers Philippine listing until Feb. 29

TVI Pacific

22/12/2015 02:35

MANILA, Dec 22 (Reuters) - Nickel miner TVI Resource 
Development (Phils.) Inc (TVIRD) has deferred a planned listing 
on the Philippine Stock Exchange to Feb. 29 next year, subject 
to market conditions and regulatory approvals, shareholder TVI 
Pacific Inc  TVI.TO  of Canada said. 
    Delays in regulatory approvals, which TVI said was partly 
due to local public holidays, had prompted it to postpone the 
initial public offering. 
    The miner was previously looking at a Dec. 18 listing after 
a 1 billion peso ($21 million) IPO intended to fund a gold and 
silver mining project.  urn:newsml:reuters.com:*:nL3N12F1EQ 
    "TVI remains optimistic about the prospects for the IPO in 
early 2016 given TVIRD's diverse pipeline of projects and the 
strong support of its majority shareholder, Prime Resource 
Holdings Inc.," Clifford James, chairman and CEO of TVI and 
chairman of TVIRD, said in a statement. 
    TVIRD has filed an updated IPO prospectus and is still 
looking to sell up to 272.02 million primary shares and up to 
136.01 million shares currently held by existing shareholders, 
at a price of up to 3.71 pesos per share. 
    "We believe the establishment of a public market for TVIRD 
shares will allow North American investors to better evaluate 
the value of TVI's 30.66 percent indirect interest and provide 
us with a potential source of non-dilutive funding," James said. 
    After market volatility took its toll on local listings this 
year, the country's bourse expects a busy year ahead with 
Philippine companies likely to raise as much as 200 billion 
pesos in fresh equity capital via share sales.  urn:newsml:reuters.com:*:nL3N1401AQ 
     ($1 = 47.2550 Philippine pesos) 
 
 (Reporting by Erik dela Cruz; Editing by Ed Davies) 
 ((enrico.delacruz@thomsonreuters.com; +632 841-8934; Reuters 
Messaging: enrico.delacruz.thomsonreuters.com@reuters.net))