MC Mining Ltd - emerging developer and producer of high-quality thermal and coking coal - Says Columbia Skies Holdings Proprietary Ltd has not paid the subscription price of about ZAR10 million, or USD600,000, following a subscription agreement between the pair. CSH agreed to subscribe for 7.8 million MC Mining shares.
"The company continues its discussions with various potential funders in respect of the balance of the financing required for the development of Phase 1 of its flagship Makhado hard coking coal project and general working capital requirements. A further announcement will be made in due course," MC Mining added.
MC's acting CEO Brenda Berlin said: "MC Mining is very disappointed that Madibo and his company have defaulted on the Agreement. We have taken legal advice in this regard and have reserved all our rights to enforce due performance by CSH and Madibo personally."
Current London stock price: 6.00 pence
Year-to-date change: down 79%
Current Johannesburg stock price: ZAR1.55
Year-to-date change: down 78%
By Paul McGowan; paulmcgowan@alliancenews.com
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Mc Mining (MCM)