TIDMMCM
RNS Number : 8024A
MC Mining Limited
27 September 2022
27 September 2022
MC Mining Limited
FULLY UNDERWRITTEN A$40 MILLION (ZAR 472 MILLION) RIGHTS ISSUE
TO FUND THE MAKHADO PROJECT
Highlights
-- Fully underwritten 1.012 for 1 pro rata renounceable rights
issue offer of New Shares to raise gross proceeds of A$40 million
(equivalent to approximately ZAR 472 million(1) )
-- Net proceeds raised under the Rights Issue to fund the equity
contribution requirement in relation to the continued development
of the Makhado Project and to repay the Standby Facility(2)
-- Written commitments of approximately A$26 million (equivalent
to ZAR 305 million) in debt funding (also) received for the
continued development of the Makhado Project
-- An enhanced development strategy for the Makhado Project
which optimises capex and reduces operational costs
-- Planning and early works at the Makhado Project expected to
commence as soon as possible after the completion of the Rights
Issue, with construction to start in early 2023
MC Mining Limited (MC Mining or the Company) is pleased to
announce a fully underwritten 1.012 for 1 renounceable rights issue
offer of new shares in MC Mining (each, a New Share) at an issue
price of A$0.20 per New Share for Eligible Shareholders in
Australia and New Zealand and ZAR 2.36 per New Share for Eligible
Shareholders in South Africa (in either case, the Issue Price) to
raise gross proceeds of A$40 million (equivalent to approximately
ZAR 472 million) (Rights Issue).
The funds raised under the Rights Issue will (either directly,
or by way of "set-off" in the case of the repayment of the Standby
Facility) be used by the Company:
-- to meet the Company's equity contribution (required for the
IDC's proposed debt funding, detailed further below) in relation
the development of the Makhado Project;
-- fund the continued development of the Makhado Project;
-- reduction of debt owed under the current Standby Facility
(which is approximately A$5.09 million (equivalent to ZAR 60
million)); and
-- for general working capital (including to pay the costs of the Rights Issue) purposes.
1 A reference in this announcement to the equivalent "ZAR price"
for an item (e.g. for the Issue Price) is based on the ZAR/AUD
exchange rate of 11.79 at noon (Sydney time) on 16 September
2022.
2 For further detail in relation to the set-off (and priority
sub-underwriting) arrangements between the Company and the
Dendocept Group, please see Sections 1.3 and 1.4 of the Rights
Issue offer booklet (Offer Booklet).
Please see below and Sections 1.3 and 1.4 of the Offer Booklet
for further detail on the Company's proposed use of the funds
raised under the Rights Issue.
The Rights Issue will be made to all holders of the Company's
fully paid ordinary shares (each, a Share) who are, as at 7pm
(local time(3) ) on Wednesday, 12 October 2022 (Record Date),
registered (in accordance with the records of the Company's share
registry) with an address in Australia, New Zealand or South Africa
(Eligible Shareholders).
The Issue Price per New Share under the Rights Issue represents
an approximately 49.7% discount to the 30-day volume weighted
average price (VWAP) of Shares traded on ASX and an approximately
48.0% discount to the 30-day VWAP of Shares traded on JSE, in
either case, over the 30 trading days on which trades were recorded
prior to (and including) Friday, 16 September 2022.
Since the Rights Issue is renounceable, "Rights(4) " will be
tradeable on ASX and JSE (but not on AIM) and/or otherwise
transferable by Eligible Shareholders to Eligible Investors(5) .
This provides Eligible Shareholders with the opportunity to sell
some or all of their Rights and for Eligible Investors to acquire
Rights and exercise those Rights to subscribe for a corresponding
number of New Shares(6) .
3 A reference in this announcement to "local time" is a
reference to Sydney time for Eligible Investors in Australia (and
New Zealand) or to Johannesburg time for Eligible Investors in
South Africa.
4 The tradeable securities known as " Rights" are referred to as
"Letters of Allocation" for Eligible Shareholders in South
Africa.
5 As that term is defined in the Offer Booklet.
6 Eligible Shareholders can choose to take up all, part or none
of their Rights. The Rights Issue will also include a shortfall
facility under which Eligible Shareholders who take up all of their
Rights may also apply for New Shares in excess of their pro rata
entitlement. There is no guarantee that Eligible Shareholders who
apply for additional New Shares in this manner will receive any or
all of the additional New Shares for which they apply.
Morgans Corporate Limited ACN 010 539 607 (Morgans or the
Underwriter) and Adelaide Equity Partners Limited ACN 119 059 559
(together, the Joint Lead Managers) will act as joint lead managers
of the Right Issue. The Rights Issue is fully underwritten by
Morgans, pursuant to the terms of an underwriting agreement details
of which are included in Sections 1.7 and 3.3 (and Schedule 2) of
the Offer Booklet.
Senosi Group Investment Holdings Proprietary Limited (an entity
that is owned and controlled by Mr Mathews Senosi, a Director of
the Company) (SGIH) and Dendocept Proprietary Limited (Dendocept)
and its associates (collectively, the Dendocept Group) have each
(as applicable) (i) irrevocably committed to take up their Rights
in full and (ii) entered into sub-underwriting agreements with the
Underwriter for the balance of the total amount the Company is
seeking to raise under the Rights Issue. SGIH has a pro rata
Entitlement of 38,824,276 New Shares pursuant to the Rights Issue,
and has additionally sub-underwritten up to 51,128,010 of the
balance of New Shares not subscribed for or sold under the Rights
Issue (for which SGIH will receive a fee from the Underwriter).
Should any Shareholder (together with its Associates) acquire a
Relevant Interest in more than 20% of the Shares on completion of
the Rights Issue that Shareholder will, pursuant to the
requirements of AIM, be required to enter into a market standard
relationship agreement with the Company designed to seek to ensure
that the Company's business is run for the benefit of Shareholders
as a whole and independently of any such Shareholder.
Fractional entitlements to New Shares will be rounded up or down
(as appropriate) with fractions of 0.5 and above being rounded up
and fractions below 0.5 being rounded down in either case to the
nearest whole New Share .
Whilst the Company believes the Rights Issue structure to be the
most appropriate mechanism to raise the required funds, it
acknowledges that certain Shareholders in ineligible jurisdictions
will be unable to participate. However, the Company has opted for a
renounceable rights issue which allows all Shareholders, including
those ineligible to participate, the potential opportunity to
monetize their rights if they choose to.
Timetable
Eligible Investors should refer to Schedule 1 of this
announcement for the corporate action timetable applicable to the
Rights Issue on ASX and to Schedule 1 of the Offer Booklet for the
corporate action timetable applicable to the Rights Issue on
JSE.
Offer Booklet
Further details of the Rights Issue and other information
described in this announcement are set out in the Offer Booklet, a
copy of which will be sent to Eligible Shareholders (together with
a personalised entitlement and acceptance form) in accordance with
the timetable set out in Schedule 1. Eligible Shareholders should
read the Offer Booklet carefully and in its entirety before
deciding whether to participate in the Rights Issue.
A copy of the Offer Booklet will also be available at the
Company's website: www.mcmining.co.za .
Godfrey Gomwe, Chief Executive Officer & Managing Director
of MC Mining, commented:
"The capital raise is a significant development for the Company
and the proceeds will also satisfy a requirement for debt funders (
the IDC debt funding ) who are expected to contribute to the
development of the Makhado Project. With record global coal prices,
this is a very exciting time for MC Mining. The Rights Issue is
transformational for the Company and ensures that we have the
cornerstone funding for our flagship Makhado Project. The
fundraising process has been undertaken in tough equity markets,
particularly for junior coal miners, and is it very pleasing to
have the support of our large shareholders.
The Makhado Project has very attractive project economics and is
well positioned given the favourable coal price forecasts. This is
an important milestone in our ambition to become the premier
producer of hard coking coal in South Africa and provide long-term
returns to our Shareholders. The proceeds of the Rights Issue will
contribute towards early-works at the project, including
confirmatory and geotechnical drilling, civils infrastructure and
securing long-lead time equipment for the Makhado coal processing
plant."
Makhado Project Background
The Makhado Project is a hard coking coal project in the Limpopo
province of South Africa. It is located in the Soutpansberg
Coalfield, approximately 15km north of the town of Louis Trichardt.
It spans an area of over 60km(2) across five farms. The Company
owns the surface rights of the properties required for the project
and has the requisite regulatory approvals to commence mining. The
Makhado Project is MC Mining's flagship asset and most advanced
project, having reached bankable feasibility in April 2022. The
bankable feasibility study(7) (BFS) assessed a 'Base Case'
development of Makhado. This was subsequently expanded in August
2022 by Minxcon to assess potential alternative development
scenarios (at pre-feasibility level) as well as the advantages of
BOOT (build, own, operate, transfer) funding for elements of the
Makhado coal processing plant (CPP).
7 For further detail in relation to findings and features of the
BFS prepared by independent consultancy Minxcon (Pty) Ltd
(Minxcon), please see the Company's announcement dated 14 April
2022.
Figure 1 : Makhado Project Location Area, Minxcon
The development of the Makhado Project will provide significant
direct and indirect benefits to local communities in one of the
poorest areas of South Africa. Makhado is expected to create
approximately 650 job opportunities.
Makhado Project Development Strategy
Minxcon assessed potential alternative development scenarios (to
pre-feasibility level) for Makhado with a view to optimise capex
and reduce operational costs(8) . This resulted in MC Mining
subsequently committing to a development strategy involving the
construction of the Makhado CPP. This plant will have the same
processing capacity as the Vele CPP, namely 2.0Mt per annum. Whilst
this approach will increase construction capital costs, it is
expected to improve returns over the long-term when compared to the
Base Case through higher operational margins, unlocking long-term
value for Shareholders and retains the Vele Colliery for future
opportunities.
8 For further detail on the findings and features of the
alternative development scenarios prepared by Minxcon, please see
the Company's announcement dated 30 August 2022.
The construction of a new CPP at Makhado results in a
significant reduction in logistics costs and provides similar NPV
results but has a peak funding of ZAR 1.3 billion (equivalent to
A$110 million). The increased peak funding is due to the
requirement to build the Makhado CPP. In order to reduce peak
funding requirement, Minxcon further assessed opportunities for
BOOT arrangements. The results were that the NPV value remained
similar but the BOOT funding of up to ZAR 653m resulted in
Makhado's IRR increasing significantly (i.e. from 41.0% to
61.6%).
The table below reflects the Minxcon assessment of the improved
economics of BOOT funding the Makhado CPP.
Build new Makhado CPP BOOT fund R663m of the new Makhado CPP
Construction capital ZAR 1.2bn ZAR 1.2bn
---------------------- ---------------------------------------
Peak funding ZAR 1.3bn ZAR 653m
---------------------- ---------------------------------------
Maximum BOOT funding(1) - R663m
---------------------- ---------------------------------------
Post-tax IRR 41.0% 61.6%
---------------------- ---------------------------------------
Post-tax NPV(2) (6.1%) ZAR 5.8bn ZAR 5.8bn
---------------------- ---------------------------------------
Post-tax NPV(10%) ZAR 3.8bn ZAR 3.9bn
---------------------- ---------------------------------------
Average payback period (years) 3.5 2.8
---------------------- ---------------------------------------
(1) Not necessarily indicative of finance to be secured (assumes
100%).
(2) The 6.1% (real, after tax/ 10.9% nominal) discount rate
calculated by Minxcon was the optimal rate due to inter alia, the
Company's financial position and macroeconomic factors.
Following this, MC Mining has initiated discussions with
potential BOOT funding providers and has also approached potential
service providers to complete the detailed study work that will
allow for a full process plant design specifically for the Makhado
CPP. Minxcon confirmed that this design work could potentially
materially reduce capital costs and in turn, the peak funding
requirement.
Makhado Project Funding
The development of the Makhado Project is expected to be funded
by a mix of debt and equity. MC Mining has received written
indicative commitments for debt funding of ZAR 305 million
(approximately A$26 million) towards the development of the Makhado
Project. This comprises a new ZAR 245 million (approximately A$21
million) facility from the Industrial Development Corporation of
South Africa Limited (IDC), which is still subject to the
successful conclusion of a due diligence exercise and credit
approval, and a ZAR 60 million (approximately A$5.09 million)
written commitment for BOOT funding from a minerals processing
company for portions of the Makhado CPP. This debt funding is
contingent on the capital mix of the Company and proceeds from the
Rights Issue will be sufficient to meet such requirement of the
debt funders.
The potential funding for Makhado is assessed in the table
below.
Construction of Makhado CPP (no BOOT BOOT fund new Makhado CPP
funding)
Peak funding ZAR 1.3bn ZAR 653m
-------------------------------------------- --------------------------
Construction capital ZAR 1.2bn ZAR 1.2bn
-------------------------------------------- --------------------------
Underwritten Rights Issue (ZAR 420m) (ZAR 420m)
-------------------------------------------- --------------------------
Potential BOOT funding (ZAR 60m)(1) (ZAR 663m)(2)
-------------------------------------------- --------------------------
Indicative IDC debt funding (ZAR 245m) (ZAR 245m)
-------------------------------------------- --------------------------
Potential debt funding(3) (ZAR 375m) -
-------------------------------------------- --------------------------
Working capital funding (to peak funding) (ZAR 200m) -
(3)
-------------------------------------------- --------------------------
Average payback period (years) 3.5 2.8
-------------------------------------------- --------------------------
(1) In-principle BOOT funding proposal received.
(2) Not necessarily indicative of finance to be secured (assumes
100%).
(3) The Company is considering options in this regard.
Standby Facility
As announced on 6 June 2022, the Company and Dendocept entered
into an agreement pursuant to which Dendocept would provide the
Company with up to ZAR 60 million (equivalent to approximately
A$5.09 million) by way of a standby loan facility (Standby
Facility). Funds drawn under the Standby Facility were utilised by
the Company to progress early works at the Makhado Project, to
enhance specific areas of the Makhado BFS and for related
geotechnical studies and confirmatory drilling(9) as well as
working capital .
9 For further detail on the nature and terms of the Standby
Facility, please see the Company's announcement dated 6 June
2022.
As at the date of this announcement, the Company has drawn ZAR
60 million under the Standby Facility with interest settled on a
monthly basis. The Company intends to settle the outstanding
balance by offsetting against Dendocept's payment obligations for
New Shares, either as a Shareholder or as a sub-underwriter, owing
under the Standby Facility. To the extent any Standby Facility
balance remains owing following the Right Issue, the Company
intends to promptly repay this to Dendocept either in cash or
through the issue of additional equity.
The Company will (at its election) either repay that remaining
amount in cash (including from cash raised under the Rights Issue)
and/or (but provided that the Company has sufficient placement
capacity under Listing Rule 7.1 (and is permitted to do so under
section 606 of the Corporations Act)) convert that outstanding
amount into New Shares at either the Issue Price or at an issue
price which is 85% of the 30-day VWAP of Shares traded on JSE (at
the Company's election) (with that VWAP calculated over the 30
trading days prior to the date on which those New Shares are issued
to Dendocept (if any)).
Use of Funds
The purpose of the Rights Issue is to raise gross proceeds of
A$40 million (equivalent to ZAR 472 million) to be utilised by the
Company for the following purposes:
Use of Funds Amount
Fund the Company's equity contribution requirement A$31.11 million
in relation to the continued development of
the Makhado Project
----------------
Repay the total amount owing under the Standby A$5.09 million
Facility
----------------
General working capital (including to pay A$3.80 million
the costs of the Rights Issue)
----------------
Total A$40 million
----------------
The net proceeds will contribute towards the development of
Makhado, commencement of early-works that will facilitate (funding
dependent), the commencement of construction of Makhado in early
CY2023. The early works include completion of the confirmatory and
geotechnical drilling programmes, construction of specific civils
infrastructure and ensures the Company can commence securing
long-lead time items required for the CPP. MC Mining has also
contracted specialised engineering consultants to complete the
detailed design for the Makhado CPP.
Treatment of the Rights of Ineligible Shareholders
The Company has appointed a nominee affiliated with the
Underwriter and will issue that nominee with the Rights which would
otherwise have been available for subscription by Ineligible
Shareholders (i.e. had they been eligible to participate in the
Rights Issue). The nominee has been approved by the Australian
Securities and Investments Commission (ASIC) pursuant to section
615 of the Corporations Act.
The Rights issued to the ASIC approved nominee will then be
offered for sale and, to the extent that there is any value
(referred to as a "premium") realised from that sale, that premium
(less any expenses associated with that sale) will be remitted pro
rata to all Ineligible Shareholders (and regardless of which
register the Ineligible Shareholder holds their Shares, where, or
to whom the Rights were ultimately sold).
No Offer in the United States or in the United Kingdom
The information in this announcement does not constitute an
offer in any jurisdiction in which, or to any person to whom, it
would not be lawful to make such an offer. No action has been taken
to register the Rights Issue, the rights to New Shares (Rights) or
the New Shares, or otherwise to permit a public offering of the
Rights or New Shares, in any jurisdiction other than Australia, New
Zealand and South Africa.
This announcement does not constitute an offer to sell, or a
solicitation of an offer to buy, any securities in the United
States. The Rights and the New Shares have not been, and will not
be, registered under the US Securities Act of 1933 (US Securities
Act) or the securities laws of any State or other jurisdiction of
the United States. The Rights may not be acquired and/or taken up
by persons in the United States and the New Shares may not be
offered or sold in the United States except in transactions exempt
from, or not subject to the registration requirements of the US
Securities Act and the applicable securities laws of any State or
other jurisdiction of the United States.
The New Shares to be offered and sold to Eligible Investors will
only be offered and sold in "offshore transactions" (as defined in
Rule 902(h)) in compliance with Regulation S thereunder. The
provision of this announcement is not, and should not be considered
as financial product advice. The information in this announcement
is general information only, and does not take into account your
individual objectives, taxation position, financial situation or
needs.
Before acting on the information, you should consider the
appropriateness of the information, having regard to your
objectives, taxation position, financial situation or needs. If you
are unsure of your position, please contact your accountant,
lawyer, tax adviser, stockbroker, financial adviser or other
professional adviser without delay .
The Rights Issue is not being made to, and accordingly no Rights
or New Shares are being offered to, any person registered (in
accordance with the records of the Company' share registry) with an
address in the United Kingdom. Such persons are not "Eligible
Shareholders" for the purposes of the Rights Issue. This
announcement does not contain an offer or constitute any part of an
offer of transferrable securities to the public within the meaning
of sections 85 and 102B of the United Kingdom's Financial Services
and Markets Act 2000 (as amended) (FSMA) or otherwise. This
announcement is not an approved prospectus for the purposes of
section 85 of the FSMA and a copy of it has not been, and will not
be, delivered to the United Kingdom's Financial Conduct Authority
(FCA) in accordance with the Prospectus Regulation Rules of the FCA
made under section 73A of FSMA or delivered to or approved by any
other authority which could be a competent authority for the
purposes of Regulation (EU) 2017/1129 as it forms part of retained
European Union law as defined in the United Kingdom's European
Union Withdrawal Act 2018 (Prospectus Regulation).
Shareholders registered (in accordance with the records of the
Company's share registry) with an address in the UK will not be
sent an Entitlement and Acceptance Form (and will not be issued
with any Rights) and DI Holders registered (in accordance with the
records of the share registry) with an address in the UK and who
hold their interest in Shares by way of DIs in uncertificated form,
that is in CREST, will not have their CREST account credited with
any Rights.
Within the UK, the contents of this announcement have not been
approved by an authorised person within the meaning of FSMA on the
basis that this announcement is a non-real time communication by
the Company to its members for the purposes of paragraph 43 of the
Financial Services and Markets Act 2000 (Financial Promotion) Order
2005.
The Company may however, in its absolute discretion, by way of
direct placement with certain Shareholders and DI Holders
registered with an address in the United Kingdom, offer to issue
such number of New Shares to those Shareholders and DI Holders that
is equivalent to their pro rata entitlement to New Shares under the
Rights Issue (i.e. had they been eligible to participate in the
Rights Issue) at the Issue Price per New Share. Any such direct
placement (if applicable) will be made in parallel with but not
under the Rights Issue. Such direct placements in the United
Kingdom will only be made: (1) to any legal entity which is a
qualified investor (as defined under Article 2 of the Prospectus
Regulation); (2) to fewer than 150 natural or legal persons (other
than qualified investors as defined under Article 2 of the
Prospectus Regulation); or (3) in any other circumstances falling
within section 86 of FSMA, provided that no such offer shall
require the Company or any other person to publish a prospectus
pursuant to section 85 of FSMA.
Such direct placements will only be directed at persons in the
United Kingdom who are qualified investors (within the meaning of
Article 2 of the Prospectus Regulation) who: (1) have professional
experience in matters relating to investments falling within
Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005, as amended (FPO); (2) are high
net worth entities falling within Article 49(2)(a) to (d) of the
FPO; or (3) are such other persons to whom it may otherwise be
lawful to communicate it. Any investment or investment activity
constituted by, or related to, such direct placements will only be
available to such persons and will be engaged in only with such
persons. Any other person should not rely on or act upon this
announcement in relation to any direct placement or subscription
for New Shares. Any Ineligible Shareholder who participates in any
direct placement of New Shares made by the Company in parallel with
the Rights Issue will not be entitled to receive a pro rata
allocation of any premium realised from the sale of Rights to the
extent of that participation because the Rights that would have
otherwise been issued to those "placees" will be deemed by the
Company to have lapsed.
A letter setting out further information in relation to these
arrangements will be sent to Shareholders who are not eligible to
participate in the Rights Issue on or about 13 October 2022.
1 (0) "DIs" or "Depositary Interests" are defined as
dematerialised depositary interests in respect of Shares issued by
Computershare Investor Services PLC acting as depositary to the
Company (in relation to such Depositary Interests held within
CREST).
(1) 1 CREST " is the relevant system (as defined in the
Uncertificated Securities Regulations 2001 (SI 2001 No. 3755)
("CREST Regulations")) in respect of which Euroclear UK (as defined
in the CREST Regulations) is the operator.
This announcement has been approved by the Company's Disclosure
Committee.
Admission to AIM and Total Voting Rights
Further announcements will be made in due course with regard to
the application to be made for the admission to trading on AIM for
the New Shares and the total voting rights of the Company.
Capitalised terms used but not otherwise defined in this
announcement have the meanings given to them in the Offer Booklet,
which is available at www.mcmining.co.za .
This announcement may contain inside information for the
purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014,
as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended.
Godfrey Gomwe
Managing Director and Chief Executive Officer
For more information contact:
Endeavour Corporate
Tony Bevan Company Secretary Services +61 08 9316 9100
---------------- ------------------- ------------------------------- ------------------
James Harris/
James Dance Nominated Adviser Strand Hanson Limited +44 20 7409 3494
---------------- ------------------- ------------------------------- ------------------
Rory Scott Broker (AIM) Tennyson Securities +44 20 7186 9031
---------------- ------------------- ------------------------------- ------------------
Financial PR
Marion Brower (SA) 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).
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 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.
SCHEDULE 1 - RIGHTS ISSUE TIMETABLE (ASX)
Announcement of Rights Issue 27 September 2022
-------------------------------------------- ------------------------
"Ex" date 11 October 2022
-------------------------------------------- ------------------------
Rights trading begins 10am(12) on 11 October
2022
-------------------------------------------- ------------------------
Record Date 7pm on 12 October 2022
-------------------------------------------- ------------------------
Offer Booklet sent to Eligible Shareholders 13 October 2022
-------------------------------------------- ------------------------
Opening Date 13 October 2022
-------------------------------------------- ------------------------
Rights trading ends(13) 4pm on 27 October 2022
-------------------------------------------- ------------------------
Last day to extend the Closing Date 31 October 2022
-------------------------------------------- ------------------------
Closing Date 5pm on 3 November 2022
-------------------------------------------- ------------------------
Issue Date(14) 8 November 2022
-------------------------------------------- ------------------------
Trading of New Shares begins(15) 10am on 9 November 2022
-------------------------------------------- ------------------------
(12) A reference to a time and a date in this Rights Issue
timetable is a reference to a time and a date in Sydney,
Australia.
(13) New Shares will begin trading (on a deferred settlement
basis) on ASX at 10am (Sydney time) on the trading day immediately
following the date on which Rights trading on ASX ends.
(14) New Shares will continue to trade (on a deferred settlement
basis) on ASX until the close of trading on the trading day
immediately before the Issue Date.
(15) New Shares will begin trading (on a normal settlement
basis) on ASX on the day after the Issue Date. The New Shares will
also be admitted to trading on AIM at 8.00 a.m. on this date.
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END
ARIFIFEEADIDFIF
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September 27, 2022 02:02 ET (06:02 GMT)
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