07:59 AM EDT, 05/13/2024 (MT Newswires) -- OceanaGold Corporation ( OCANF ) announced Monday that its wholly owned subsidiary, OceanaGold Philippines, Inc., has completed the initial public offering of 20% in the outstanding common shares of OGPI on the Philippines Stock Exchange. The shares are listed under the ticker 'OGP', and trading began on May 13, 2024.

A statement noted OGPI holds the company's interest in the Didipio Mine and, pursuant to the terms of the renewed Financial or Technical Assistance Agreement, 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 ( OCANF ).

Monday's statement also noted the final Offering price was 13.33 Philippine peso per share for 456,000,000 common shares of OGPI and gross proceeds totalling 6.08 billion pesos (approximately US$106 million) were raised. Available proceeds from the Offering, net of fees and taxes, will be applied to the repayment of OceanaGold's ( OCANF ) debt. The company had $160 million of debt at March 31, 2023.