Delays in regulatory approvals, which TVI said was partly due to local public holidays, had prompted it to postpone the initial public offering.
The miner was previously looking at a Dec. 18 listing after a 1 billion peso ($21 million) IPO intended to fund a gold and silver mining project.
"TVI remains optimistic about the prospects for the IPO in early 2016 given TVIRD's diverse pipeline of projects and the strong support of its majority shareholder, Prime Resource Holdings Inc.," Clifford James, chairman and CEO of TVI and chairman of TVIRD, said in a statement.
TVIRD has filed an updated IPO prospectus and is still looking to sell up to 272.02 million primary shares and up to 136.01 million shares currently held by existing shareholders, at a price of up to 3.71 pesos per share.
"We believe the establishment of a public market for TVIRD shares will allow North American investors to better evaluate the value of TVI's 30.66 percent indirect interest and provide us with a potential source of non-dilutive funding," James said.
After market volatility took its toll on local listings this year, the country's bourse expects a busy year ahead with Philippine companies likely to raise as much as 200 billion pesos in fresh equity capital via share sales.
source: www.abs-cbnnews.com
