Today, from Investor Relations OGCThanks for reaching out and happy to discuss the IPO. You are correct in that the listing is 100% secondary and was a requirement of the FTAA renewal in 2021 (actually, the government required at least 10% of OGPI shares to be listed on the PSE, but the PSE’s minimum float requirement is 20%, hence why we are listing 20%). OGPI holds the Didipio mine and any future projects that fall within our surrounding FTAA boundary.
There will be no dilution to OceanaGold’s shares, however OceanaGold as a parent company will now own 80% of the Philippines subsidiary, rather than the 100% that we previously owned. Proceeds of the sale (~US$106M), net of fees, will be received by OceanaGold parent company and will be applied to repaying our outstanding debt.
Hope that helps and feel free to reach out if you have any further questions. IMO