Last Friday, Philippine Metals Inc(OTCMKTS:PHIXF) was in the news after the company provided a key update with regards to its subscription receipts. The company announced that after the news releases with regards to the same in the past, Philippine Metals had been successful in completing the first tranche of the subscription receipts.
Trading Data
On Friday, PHIXF stock ended flat at $0.0850 with more than 2k, compared to its average volume of 1 share. The stock has moved within a range of $0.0850 – 0.0850 after opening trade at $0.0850.
Philippine Metals Closes First Tranche of Subscription Receipt Financing
The company noted that as many as 3,180,793 subscription receipts had been a part of the transaction and had been sold for $0.50 each. The company managed to raise as much as $1,590,396.50 from the first tranche and that represents a significant development.
However, at the same time, it is also necessary to point out that the news did not lead to any particularly bullish sentiments with regards to the Philippine Metals stock. The transaction was conducted by the company due to the reverse takeover transaction that had been announced in the past with the company Revolve Renewable Limited.
At this point in time, the gross proceeds from the first tranche are being held in escrow and that is in keeping with the subscription receipt agreement that had been put in place back on December 8, 2021. It remains to be seen if there is any notable movement in the stock today.
