Axelum reallocates proceeds from IPO

By Brix Lelis

Dec 13, 2023 12:42 am

AXELUM Resources Corp. (ARC) will be realigning part of its initial public offering (IPO) proceeds to fund operational expenses and capital expenditures (capex).

In a disclosure on Tuesday, ARC said its board of directors had authorized the reallocation of about P350 million, of which P200 million will be used for product development and marketing expenses, and P150 million for capex.

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