MC Mining Limited Resignation of Non-Executive Chairman (4765E)
March 11 2022 - 2:00AM
UK Regulatory
TIDMMCM
RNS Number : 4765E
MC Mining Limited
11 March 2022
ANNOUNCEMENT 11 March 2022
RESIGNATION OF NON-EXECUTIVE CHAIRMAN
MC Mining Limited (MC Mining or the Company) announces that Mr
Bernard Pryor will step down as Chairman of the Board, effective
5pm Western Australian Standard Time, Friday 11 March 2022. Long
standing non-executive director Mr Khomotso Mosehla has been
appointed as interim Chairman pending the outcome of the
shareholder requisitioned meeting scheduled for 11 April 2022.
Mr Pryor joined the Company during August 2012, initially
serving as a Non-Executive Director and then as Chairman from
February 2014.
At the time of his initial appointment, MC Mining was in a
precarious financial positon having significant debt and operating
several loss making coal mines. The Company is now on more stable
footing having secured a large coal resource base, substantially
reduced debt and with the recently announced South African Rand 86
million capital raising agreement with Senosi Group Investment
Holdings Proprietary Limited (SGIH).
Mr Pryor said: "I am leaving the Board of MC Mining at a hugely
positive time for the Company. The recent investment by SGIH, and
in particular the coal experience and skills they bring to the
Company, alongside completing the land acquisition for the Makhado
project at a time of strong coal prices, the Company is well placed
to finalise the Makhado financing and set along a path to generate
value for all stakeholders. This has been long overdue but there
have been numerous hurdles to overcome to reach this point. Also as
a shareholder myself, I wish the company all success in the
future."
Newly appointed interim Chairman, Mr Khomotso Mosehla said: "The
MC Mining board expressed their sincere appreciation to Mr Pryor
for his role in helping to steer the company through some turbulent
periods and wish him every success in his future endeavors."
This announcement has been approved by the Company's Disclosure
Committee.
This announcement is inside information for the purposes of
Article 7 of Regulation 596/2014.
For more information contact:
Sam Randazzo Interim CEO MC Mining Limited +61 408 945010
Tony Bevan Company Secretary Endeavour Corporate Services +61 08 9316 9100
Company advisors:
James Harris / James Dance Nominated Adviser Strand Hanson Limited +44 20 7409 3494
Rory Scott Broker (AIM) Mirabaud Securities Limited +44 20 3167 7220
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 and thermal
coal), Makhado Project (hard coking coal). Vele Colliery (semi-soft
coking and thermal coal), and the Greater Soutpansberg Projects
(coking and thermal coal).
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END
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