VANCOUVER, BC, April 25,
2024 /CNW/ - OceanaGold Corporation (TSX: OGC)
(OTCQX: OCANF) ("OceanaGold" or the "Company") announces that it
will raise ₱6.08B (approximately US$106M1) through an Initial Public
Offering ("the Offering") of 20% of the common shares of its
wholly-owned subsidiary, OceanaGold Philippines, Inc. ("OGPI") on
the Philippines Stock Exchange ("PSE"). OGPI holds the Company's
interest in the Didipio Mine and, pursuant to the terms of the
renewed Financial or Technical Assistance Agreement ("FTAA"), is
required to list its common shares on the PSE. The Offering is a
secondary offering of common shares, with the proceeds to be
received by a wholly-owned subsidiary of OceanaGold.
The final Offering price will be ₱13.33 per share, which was
determined by the market through a book-building process involving
international and Philippines
institutional investors. The retail offer period will run from
April 29, 2024 to May 6, 2024, with listing of OGPI on the PSE
expected on May 13, 2024.
Available proceeds from the offering, net of fees and taxes, are
expected to be applied to the repayment of OceanaGold's drawn bank
debt. The Company had drawn bank debt of $135M at December 31,
2023.
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1 Calculated
at an exchange rate of US$1=₱57.32, subject to change
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About OceanaGold
OceanaGold is a growing intermediate gold and copper producer
committed to safely and responsibly maximizing the generation of
Free Cash Flow from our operations and delivering strong returns
for our shareholders. We have a portfolio of four operating mines:
the Haile Gold Mine in the United States
of America; Didipio Mine in the
Philippines; and the Macraes and Waihi operations in
New Zealand.
Cautionary Statement Regarding Forward-Looking
Information
Certain information contained in this news release may be deemed
"forward-looking" within the meaning of applicable securities laws.
All statements other than statements of historical facts included
in this news release constitute forward-looking statements,
including but not limited to, the terms and details of the
Offering, completion of the Offering, information relating to
future performance and reflect the Company's expectations regarding
the generation of free cash flow, execution of business strategy,
future growth, future production, estimated costs, results of
operations, business prospects and opportunities of the Company and
its related subsidiaries. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
"expects" or "does not expect", "is expected", "anticipates" or
"does not anticipate", "plans", "estimates" or "intends", or
stating that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved) are not
statements of historical fact and are forward-looking statements.
Forward-looking statements are subject to a variety of risks and
uncertainties which could cause actual events or results to differ
materially from those expressed in the forward-looking statements
and information. They include, among others, the accuracy of
Mineral Reserve and Mineral Resource estimates and related
assumptions, inherent operating risks and those risk factors
identified in the Company's most recent Annual Information Form
prepared and filed with securities regulators which is available on
SEDAR+ at www.sedarplus.com under the Company's name. There are no
assurances the Company can fulfil forward-looking statements and
information. Such forward-looking statements and information are
only predictions based on current information available to
management as at the date that such predictions are made; actual
events or results may differ materially as a result of risks facing
the Company, some of which are beyond the Company's control.
Although the Company believes that any forward-looking statements
and information contained in this news release are based on
reasonable assumptions, readers cannot be assured that actual
outcomes or results will be consistent with such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements and information. The Company expressly
disclaims any intention or obligation to update or revise any
forward-looking statements and information, whether as a result of
new information, events or otherwise, except as required by
applicable securities laws.
A REGISTRATION STATEMENT RELATING TO OGPI'S SHARES HAS BEEN
FILED WITH THE PHILIPPINE SECURITIES AND EXCHANGE COMMISSION, BUT
HAS NOT YET BECOME EFFECTIVE. THESE SHARES MAY NOT BE SOLD NOR
OFFERS TO BUY THEM BE ACCEPTED PRIOR TO THE TIME THE REGISTRATION
STATEMENT IS RENDERED EFFECTIVE. THIS COMMUNICATION SHALL NOT
CONSTITUTE AN OFFER TO SELL OR BE CONSIDERED A SOLICITATION TO
BUY.
THIS DOCUMENT IS NOT AN OFFER OF SECURITIES FOR SALE IN
THE UNITED STATES OR ELSEWHERE.
THE SECURITIES OF OGPI OR THE COMPANY ARE NOT BEING REGISTERED
UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT") AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES UNLESS REGISTERED UNDER THE
SECURITIES ACT OR PURSUANT TO AN EXEMPTION FROM SUCH REGISTRATION.
THERE WILL BE NO PUBLIC OFFERING OF THE SECURITIES OF OGPI OR THE
COMPANY IN THE UNITED STATES. NO
MONEY, SECURITIES OR OTHER CONSIDERATION IS BEING SOLICITED BY THIS
DOCUMENT OR THE INFORMATION CONTAINED HEREIN AND, IF SENT IN
RESPONSE TO THIS DOCUMENT OR THE INFORMATION CONTAINED HEREIN, WILL
NOT BE ACCEPTED.
THIS PRESS RELEASE IS NOT FOR PUBLICATION OR
DISTRIBUTION IN THE UNITED STATES,
JAPAN OR AUSTRALIA
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SOURCE OceanaGold Corporation