August 6, 2021

The Securities and Exchange Commission (SEC) has approved a plan by Apollo Global Capital Inc. to issue as much as P988 million worth of shares through follow-on offer or re-initial public offering.

Apollo Global will offer 12.35 billion shares at a price of 7 to 8 centavos apiece to raise funds for a massive offshore magnetite iron mining project in Cagayan.

Proceeds from the offer will be used for the acquisition of a 49% stake in Poet Blue Ocean, a special purpose vehicle which owns the MB Siphon I vessel that will be used for the offshore mining activities of unit JDVC Resources Corp.

Apollo Global will also set aside a portion of the proceeds for the purchase of environmental and ecological mitigating measures, equipment and insurance, as well as for general corporate purposes.

The project is in partnership with miner and restaurant king Frank Lao, who will provide the boats for extracting magnetite to unlock the value of the mineral production sharing agreement owned by JDVC.

The offer period is targeted to run August 19 to 25 while the listing of the shares has been set on on September 1.

Investment & Capital Corporation of the Philippines has been tapped as issue manager and underwriter for the offer.

According to the Department of Environment and Natural Resources, JDVC’s mining area has an estimated 512 million metric tons of mineral deposits and a lifespan of 47 years.

source: https://bilyonaryo.com/2021/08/06/sec-greenlights-apollo-globals-follow-on-offer/