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Philippine Nickel Asia inks PHP 1.5 billion debt-equity deal with unit

Metal News - Published on Fri, 29 Dec 2017

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Manila Times reported that MINING firm Nickel Asia Corp. has entered into a deed of assignment with subsidiary Emerging Power, Inc for the assignment of advances in the amount of P1.5 billion following a capital call made by the latter. Nickel Asia told the Philippine Stock Exchange that “The company on December 22, 2017, pursuant to a previously disclosed resolution issued by the Board of Directors on August 4, 2017, entered into a Deed of Assignment with its subsidiary EPI, for the assignment of its advances in EPI in the total amount of PHP 1.5 billion following a capital call made by EPI.”

In consideration for the assignment, EPI will issue 1.19 billion shares in favor of Nickel Asia, increasing the latter’s interest in EPI to 91 %.

The transaction will still be subject to approval of the Securities and Exchange Commission.

Emerging Power is a wholly owned subsidiary of Nickel Asia and is engaged in power generation exclusively for renewable sources.

EPI said it had built, via acquisitions, a portfolio of renewable energy capacity including solar, wind, and geothermal which are currently at various stages of development.

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Posted By : Rabi Wangkhem on Fri, 29 Dec 2017
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