Purpose-, ASX- and JSE-listed coal explorer, developer and miner MC Mining has efficiently concluded a completely underwritten renounceable rights provide, elevating its focused A$40-million by way of the problem of greater than 200-million new unusual shares.
MC Mining CEO and MD Godfrey Gomwe says the encouraging results of the rights situation has underscored the continued strong help of the corporate’s anchor shareholders, mixed with the elevated alternative for brand spanking new fairness contributors to partake in MC Mining’s maturing development technique.
“The extra capital transforms the corporate’s stability sheet and marks an additional key milestone in direction of the whole financing of the flagship Makhado challenge and the positioning of MC Mining as the one large-scale producer of arduous coking coal within the South African market.”
MC Mining expects to situation the brand new shares to buyers with a registered deal with in South Africa on November 4, whereas buyers with a registered deal with in Australia or New Zealand will obtain their shares on November 8.
Morgans Company acted as underwriter to the rights situation and joint lead managers along with Adelaide Fairness Companions, whereas Ok&L Gates and Ares Capital – the corporate’s authorized and monetary advisers – assisted in different means.