MC Mining Ltd - Western Australia-based coal miner with projects in South Africa - Raises AUD40 million, or about ZAR472 million, through an equity rights issue as planned. New shares were offered at AUD0.20 a piece in Australia and New Zealand, and ZAR2.36 per new share in South Africa.
Of the 200.0 million new shares that were offered, the company received total applications of 107.6 million new shares. The total shortfall, being 92.4 million new shares, will be issued to the sub-underwriters of the rights issue. They included Senosi Group Investment Holdings Pty Ltd, and Dendocept Pty Ltd.
Proceeds raised will be used to fund the development of the Makhado hard coking coal project located in South Africa and to repay debt. Debt owed under the current standby facility amounts to about AUD5.09 million, or ZAR60 million.
Johannesburg current stock price: ZAR2.85, down 1.0% on Friday
12-month change: multiplied from 98.32 rand cents on November 5, 2021
London current stock price: 14.50 pence, up 7.4%
12-month change: multiplied from 2.76p on November 4, 2021
By Artwell Dlamini; artwelldlamini@alliancenews.com
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Mc Mining (MCM)