Benguet Corp to raise P440 M via private placement

Benguet Corp. is raising P440 million through the subscription of new shares by Red Earth Mineral Resources Corp. to bankroll its existing projects that include mining and agriculture.

- By JASPER EMMANUEL ARCALAS

In a regulatory filing, Benguet said its board of directors approved Red Earth's proposal for a private placement in the mining firm.

The first part of the private placement involves the subscription of 90 million shares from the miner's unissued shares. The first part would be broken down as 53 million Class A common shares and 37 million Class B shares, both priced at P4 per share.