MC Mining Ltd - Western Australia-based coal miner with projects in South Africa - Plans to raise AUD40 million, or about ZAR472 million, a rights issue of shares. The fully underwritten 1.012 for 1 rights issue of new shares in MC Mining is offered at AUD0.20 per new share in Australia and New Zealand, and ZAR2.36 per new share in South Africa.
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. Says planning and early works at the Makhado project is expected to start as soon as possible after the completion of the rights issue, with construction to start in early next year.
Sydney stock price: AUD0.35
12-month change: up from AUD0.13
Johannesburg stock price: ZAR4.40
12-month change: up from ZAR1.21
By Artwell Dlamini; artwelldlamini@alliancenews.com
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Mc Mining (MCM)