MC Mining Limited CONDITION SATISFIED FOR THE ISSUE OF NEW EQUITY (8994V)
August 12 2020 - 2:59AM
UK Regulatory
TIDMMCM
RNS Number : 8994V
MC Mining Limited
12 August 2020
ANNOUNCEMENT
12 August 2020
CONDITION SATISFIED FOR THE ISSUE OF NEW EQUITY
Further to the announcement published on 21 July 2020, MC Mining
Limited ("MC Mining" or the "Company") is pleased to confirm South
Africa Reserve Bank approval for the issue of new equity ("New
Equity") for a collective R15.0 million ($0.9 million*). This
satisfies the condition required for the issue of the New Equity
comprising 13,331,433 new ordinary shares in the Company. The New
Equity will be issued at an agreed price of 105.56 SA cents/ 6.27
pence (United Kingdom).
A commitment for the issue of the New Equity was a condition in
the R40 million ($2.4 million) restructured loan agreement (the
"Agreement") with the Industrial Development Corporation of South
Africa Limited ("IDC") to advance the Makhado hard coking coal
project ("Makhado Project") and for general working capital. In
terms of the Agreement, the IDC will receive an estimated 1.1
million warrants, equating to 0.8% of MC Mining's issued shares,
and its direct participation in the Makhado Project will increase
from 5% to 6.7%.
Application will be shortly made for the admission of the
13,331,433 new ordinary shares to trading on AIM, the ASX and the
JSE and an announcement will be made in due course. Following
admission of the New Equity, the Company will have 154,419,555
ordinary shares in issue, such figure can be used as the
denominator for the calculations by which a shareholder will
determine if they are required to notify their interest in, or a
change to their interest in the Company, under the ASX Listing
Rules or the DTRs.
Brenda Berlin
Acting Chief Executive Officer
This announcement has been approved by the Company's Disclosure
Committee.
* All figures are in South African rand or United States dollars
unless otherwise stated.
For more information contact:
Brenda Berlin Acting Chief Executive Officer MC Mining Limited +27 10 003 8000
Tony Bevan Company Secretary Endeavour Corporate Services +61 08 9316 9100
Company advisors:
Ross Allister/David McKeown Nominated Adviser and Broker Peel Hunt LLP +44 20 7418 8900
James Duncan Financial PR (South Africa) R&A Strategic Communications +27 11 880 3924
Investec Bank Limited is the nominated JSE Sponsor
About MC Mining Limited:
MC Mining is an AIM/ASX/JSE-listed coal exploration, development
and mining company operating in South Africa. MC Mining's key
projects include the Uitkomst Colliery (metallurgical coal),
Makhado Project (hard coking coal). Vele Colliery (semi-soft coking
coal), and the Greater Soutpansberg Projects (coking and thermal
coal).
Forward-looking statements
This announcement, including information included or
incorporated by reference in this announcement, may contain
"forward-looking statements" concerning MC Mining that are subject
to risks and uncertainties. Generally, the words "will", "may",
"should", "continue", "believes", "expects", "intends",
"anticipates" or similar expressions identify forward-looking
statements. These forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those expressed in the forward-looking statements. Many of
these risks and uncertainties relate to factors that are beyond MC
Mining's ability to control or estimate precisely, such as future
market conditions, changes in the regulatory environment and the
behaviour of other market participants. MC Mining cannot give any
assurance that such forward-looking statements will prove to have
been correct. The reader is cautioned not to place undue reliance
on these forward-looking statements. MC Mining assumes no
obligation and does not undertake any obligation to update or
revise publicly any of the forward-looking statements set out
herein, whether as a result of new information, future events or
otherwise, except to the extent legally required.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IOEFIFFRTAIFLII
(END) Dow Jones Newswires
August 12, 2020 02:59 ET (06:59 GMT)
Mc Mining (LSE:MCM)
Historical Stock Chart
From May 2024 to Jun 2024
Mc Mining (LSE:MCM)
Historical Stock Chart
From Jun 2023 to Jun 2024