07:57 AM EDT, 04/25/2024 (MT Newswires) -- OceanaGold ( OCANF ) announced Thursday that it will raise about 6.08 billion Philippine pesos (US$106 million) through an Initial Public Offering of 20% of its wholly-owned subsidiary OceanaGold Philippines on the Philippines Stock Exchange.

The offering prices the shares at 13.33 Philippine pesos apiece, the company said in a statement. The retail offer period will run from April 29 to May 6 with OGPI expected to debut on the PSE on May 13.

OGPI holds OceanaGold's ( OCANF ) interest in the Didipio Mine and, pursuant to the terms of the renewed Financial or Technical Assistance Agreement, is required to list OPGI's shares on the PSE.

Proceeds from the offering, net of fees and taxes, are expected to be used to repay OceanaGold's ( OCANF ) bank debt, the statement said, adding that the company had drawn bank debt of $135 million at December 31, 2023.