VANCOUVER, BC, May 13, 2024
/PRNewswire/ - OceanaGold Corporation (TSX: OGC) (OTCQX: OCANF)
("OceanaGold" or the "Company") is pleased to announce that its
wholly owned subsidiary, OceanaGold Philippines, Inc. ("OGPI"), has
completed the initial public offering (the "Offering") of 20% of
the outstanding common shares of OGPI on the Philippines Stock
Exchange ("PSE"). The shares are listed under the ticker 'OGP', and
trading began on May 13, 2024.
OGPI holds the Company's interest in the Didipio Mine and,
pursuant to the terms of the renewed Financial or Technical
Assistance Agreement ("FTAA"), was required to list its common
shares on the PSE. The Offering was a secondary offering of common
shares and the proceeds were received by a wholly-owned subsidiary
of OceanaGold.
The final Offering price was ₱13.33 per share for 456,000,000
common shares of OGPI and gross proceeds totalling ₱6.08B
(approximately US$106M1)
were raised. Available proceeds from the Offering, net of fees and
taxes, will be applied to the repayment of OceanaGold's debt. The
Company had $160M of debt at
March 31, 2023.
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1 Calculated at an exchange rate of US$1=₱57.32, subject
to change
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About OceanaGold
OceanaGold is a growing intermediate gold and copper producer
committed to safely and responsibly maximizing the generation of
Free Cash Flow from our operations and delivering strong returns
for our shareholders. We have a portfolio of four operating mines:
the Haile Gold Mine in the United States
of America; Didipio Mine in the
Philippines; and the Macraes and Waihi operations in
New Zealand.
Cautionary Statement Regarding
Forward-Looking Information
Certain information contained in this news release may be deemed
"forward-looking" within the meaning of applicable securities laws.
All statements other than statements of historical facts included
in this news release constitute forward-looking statements,
including but not limited to, the terms and details of the
Offering, completion of the Offering, information relating to
future performance and reflect the Company's expectations regarding
the generation of free cash flow, execution of business strategy,
future growth, future production, estimated costs, results of
operations, business prospects and opportunities of the Company and
its related subsidiaries. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
"expects" or "does not expect", "is expected", "anticipates" or
"does not anticipate", "plans", "estimates" or "intends", or
stating that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved) are not
statements of historical fact and are forward-looking statements.
Forward-looking statements are subject to a variety of risks and
uncertainties which could cause actual events or results to differ
materially from those expressed in the forward-looking statements
and information. They include, among others, the accuracy of
Mineral Reserve and Mineral Resource estimates and related
assumptions, inherent operating risks and those risk factors
identified in the Company's most recent Annual Information Form
prepared and filed with securities regulators which is available on
SEDAR+ at www.sedarplus.com under the Company's name. There are no
assurances the Company can fulfil forward-looking statements and
information. Such forward-looking statements and information are
only predictions based on current information available to
management as at the date that such predictions are made; actual
events or results may differ materially as a result of risks facing
the Company, some of which are beyond the Company's control.
Although the Company believes that any forward-looking statements
and information contained in this news release are based on
reasonable assumptions, readers cannot be assured that actual
outcomes or results will be consistent with such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements and information. The Company expressly
disclaims any intention or obligation to update or revise any
forward-looking statements and information, whether as a result of
new information, events or otherwise, except as required by
applicable securities laws.
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SOURCE OceanaGold Corporation