Angus Energy to drill new Saltfleetby side-track before First Gas to avoid safety complications. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksMc Mining Share News (MCM)

Share Price Information for Mc Mining (MCM)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 5.75
Bid: 5.50
Ask: 6.00
Change: 0.00 (0.00%)
Spread: 0.50 (9.09%)
Open: 6.00
High: 6.00
Low: 5.75
Yest. Close: 6.00
MCM Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

RNS Alerts are a premium feature

Login to your account

myTerminal is a premium feature

Login to your account

Don't have an account? Click here to register.

MC Mining Concludes ZAR10 Million Columbia Skies Subscription Deal

Fri, 4th Sep 2020 10:29

(Alliance News) - MC Mining Ltd on Friday said it has concluded its ZAR10.0 million subscription agreement with Columbia Skies Holdings Prop Ltd.

Shares in MC Mining were up 7.3% in Johannesburg at ZAR1.61 in morning trading and up 4.4% in London at 6.00 pence.

Columbia Skies is wholly owned by black industrialist Pitso Madibo and will subscribe for 7.8 million shares in coal miner MC Mining, raising around ZAR10.0 million or about USD600,000.

The shares are to be issued at a 10% discount to their 30-day volume-weighted average price in Johannesburg to Monday this week, being ZAR1.27 per share.

Proceeds will be used for general working capital requirements as well as to progress MC Mining's flagship Makhado hard coking coal project in the Limpopo province of South Africa.

As a result of the subscription, Columbia Skies will hold a 4.8% stake in MC Mining.

MC Mining's acting chief executive, Brenda Berlin, said: "MC Mining previously secured a ZAR245 million (USD14.8 million) loan from the Industrial Development Corporation of South Africa Ltd, a critical component in the Makhado phase 1 debt/equity funding structure.

"We have made significant progress subsequent to the lifting of the Covid-19 lockdown and are in discussions with various potential funders for the balance of the phase 1 funding. The investment by CSH ensures we have the necessary resources to be able to complete the composite funding package, anticipated to be by the end of [calendar year] 2020, as well as providing working capital for the initial period of construction in H1 CY2021."

By Anna Farley; annafarley@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

More News

MC Mining interim loss narrows on lower costs despite revenue drop

MC Mining interim loss narrows on lower costs despite revenue drop

15 Mar 21 10:54

MC Mining's Randazzo Named As Interim CEO As Brenda Berlin Steps Down

MC Mining's Randazzo Named As Interim CEO As Brenda Berlin Steps Down

12 Feb 21 10:38

MC Mining Loan Negotiations Successful; Repayment Date Pushed To July

MC Mining Loan Negotiations Successful; Repayment Date Pushed To July

10 Feb 21 11:23

MC Mining Bags Mining Right For Mopane Coking Coal Project In Limpopo

MC Mining Bags Mining Right For Mopane Coking Coal Project In Limpopo

4 Feb 21 13:11

MC Mining Fourth Quarter Coal Production Hit As Pandemic Weighs

MC Mining Fourth Quarter Coal Production Hit As Pandemic Weighs

29 Jan 21 11:02

MC Mining Seeks Permanent Successor As Acting CEO To Step Down

MC Mining Seeks Permanent Successor As Acting CEO To Step Down

7 Dec 20 16:12

MC Mining In Talks To Extend Loan Repayment Date For Makhado Project

MC Mining In Talks To Extend Loan Repayment Date For Makhado Project

30 Nov 20 10:50

UK Shareholder Meetings Calendar - Next 7 Days

UK Shareholder Meetings Calendar - Next 7 Days

13 Nov 20 16:06

MC Mining Reports Output Growth In Third Quarter But Lower Coal Sales

MC Mining Reports Output Growth In Third Quarter But Lower Coal Sales

30 Oct 20 11:33

IN BRIEF: MC Mining Disappointed In Missed Subscription Payment

IN BRIEF: MC Mining Disappointed In Missed Subscription Payment

22 Oct 20 15:06

MC Mining Annual Loss Narrows As Impairment Charges Fall

MC Mining Annual Loss Narrows As Impairment Charges Fall

30 Sep 20 11:57

MC Mining Concludes ZAR10 Million Columbia Skies Subscription Deal

MC Mining Concludes ZAR10 Million Columbia Skies Subscription Deal

4 Sep 20 10:29

MC Mining raises £0.45m for Makhado coal project

(Sharecast News) - MC Mining announced the conclusion of a subscription agreement with Columbia Skies Holdings on Friday, raising ZAR 10m (£0.45m) for both general working capital, and the Makhado hard coking coal project.

4 Sep 20 10:27

MC Mining Gains Approval To Raise ZAR15 Million Via Share Issue

MC Mining Gains Approval To Raise ZAR15 Million Via Share Issue

12 Aug 20 08:57

IN BRIEF: MC Mining Uitkomst Production Suffers From Lockdown Halt

IN BRIEF: MC Mining Uitkomst Production Suffers From Lockdown Halt

31 Jul 20 12:08

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.