Philex Mining Corporation
10-29

Philex Mining to raise stake in PXP Energy to nearly 26%

PHILEX Mining Corp. said on Friday that it signed and executed an agreement in relation to its subscription for 260 million common shares of PXP Energy Corp. at P11.85 each or a total of P3.081 billion.

The subscription price represents a 20% discount to the 90-day volume weighted average price (VWAP) of Philex Mining’s shares for the period ending Oct. 22, 2018, which is payable in two tranches.

According to Philex Mining, it will fund the subscription from a combination of proceeds from PXP’s repayment of Philex Mining’s advances, and cash. Philex Mining will increase its shareholding in PXP from 19.76% to 25.91% after the issuance of the shares.

A similar deal was signed and executed between PXP and Dennis A. Uy’s Dennison Holdings Corp. The latter subscribed for 340 million common shares amounting to P4.03 billion equivalent to P11.85 per share, representing a 20% discount to the 90-day VWAP of PXP shares for the period ending Oct. 22.

The subscription consideration will also be satisfied in two tranches.

The deal gives Dennison the right to at least one seat in PXP’s board of directors and nominate the board’s vice chairman. PXP can now also acquire up to 49% of the equity, interest or participation in the construction of a planned liquefied natural gas (LNG) terminal and gas-fired power plant of Phoenix Petroleum Philippines Inc, and China National Offshore Oil Corp (CNOOC).

However, it is still subject to board approval by CNOOC.

According to PXP, the total subscription of 600 million shares with Dennison and Philex will be issued out of its unissued capital stock.

Dennison will have a total ownership interest in PXP of 14.78% after the subscription.

PXP said that it intends to use the proceeds from the private placement shares to fund its exploration activities and other oil assets within the Philippines and in Peru, and to repay advances from Philex.


source: https://www.bworldonline.com/philex-mini...nearly-26/


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1-4

Philex Mining taps Pilipinas Shell as fuel supplier

PHILEX Mining Corp. has tapped Pilipinas Shell Petroleum Corporation to supply fuel for its operations.

Philex Mining and Pilipinas Shell signed the one-year contract last Dec. 17, according to the latter’s statement.

Pilipinas Shell said it will supply its FuelSave Diesel with Dynaflex technology, which will keep engines of vehicles and heavy equipment clean.

The company said that it has assigned dedicated lorries for Philex Mining through its partnership with a hauler in North Luzon.

Philex Mining Corp. President Eulalio B. Austin, Jr. was quoted as saying the company decided to partner with Pilipinas Shell “because of its consistent fuel pricing, reliable product quality, and a more professional and accessible account management for better operations in the long run.”

“We are thankful that Philex Mining gave us the privilege and opportunity to be a part of their operations. We offer the full commitment of Shell and we will continue to work with them to better serve their business,” Pilipinas Shell President and Chief Executive Officer Cesar G. Romero said in the statement.


source: https://www.bworldonline.com/philex-mini...-supplier/


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[Image: 20190804-200102-ETw4psct.jpg]

FOR WEEKLY:

PX is at the start of a new sine wave having broken above its weekly MA50 with the second largest weekly trading volume since the start of 2019.

From Friday close, it is now sitting at the lower band of the resistance zone from 3.90 to 4.48.... good reason to break include potential double bottom. Break 4.48 and next strong resistance will be at 6 pesos already.

Bullilsh MACD is also about to break zero center line. The last time it did, was early 2016, and it eventually made a run from 3.90 (our price now) to above 10 pesos.

RSI 14 period, is also on the verge of breaking out at 60 resistance... this only happened twice since 2014 and in both times...the price saw very very significant runs....
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