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RNS Number : 3649F
MC Mining Limited
04 November 2022
4 November 2022
FULLY UNDERWRITTEN RIGHTS ISSUE OFFER CLOSES
MC Mining Limited (MC Mining or the Company) is pleased to
announce the successful conclusion of its fully underwritten
renounceable rights offer as announced on 27 September 2022 (the
Rights Issue).
The Right Issue has resulted in the Company raising its target
A$40 million through the issue of 200,026,719 new ordinary shares
(the New Shares). Previous announcements in relation to the Rights
Issue indicated that 200,026,728 news shares would be issued and
the nine share variance compared to the New Shares is following
rounding to each qualifying individual holder.
Of the 200,026,719 New Shares that were offered under the Rights
Issue, the Company received total applications in respect of
107,617,686 New Shares.
The total shortfall, being 92,409,033 New Shares, will be issued
to the sub-underwriters of the Rights Issue in the following
proportions:
Name of sub-underwriter Number of New Number of Ordinary Relevant Interest
Shares to be issued Shares held on (as a %) on
(Rights take-up Completion * Completion
and sub-underwriting) [1]
SGIH 56,993,546 95,357,455 23.98%
----------------------- ------------------- ------------------
Dendocept Group
(1) 95,357,455 23.98%
----------------------- ------------------- ------------------
- Dendocept 25,423,755 28,265,593 7.11%
----------------------- ------------------- ------------------
- Golden Eagle 26,499,345 26,499,345 6.66%
----------------------- ------------------- ------------------
- Pacific Coal 24,927,758 24,927,758 6.27%
----------------------- ------------------- ------------------
- Golden Archer 264,845 264,845 0.07%
----------------------- ------------------- ------------------
- Jun Lui 3,387,705 6,735,240 1.69%
----------------------- ------------------- ------------------
- Y He 4,358,176 8,664,674 2.18%
----------------------- ------------------- ------------------
* 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)
each (as applicable) took up their Rights in full and had entered
into sub-underwriting agreements with the Underwriter for the
balance of the total amount the Company was seeking to raise under
the Rights Issue. SGIH therefore was issued 38,824,276 New Shares
pursuant to the Rights Issue, and has additionally been issued
18,169,270 New Shares from those not subscribed for or sold under
the Rights Issue (for which SGIH received a fee from the
Underwriter).
Morgans Corporate Limited acted as Underwriter to the Rights
Issue, and Joint Lead Managers together with Adelaide Equity
Partners Limited. The Company also wishes to acknowledge the
support provided by K&L Gates and Ares Capital, the Company's
legal and financial advisers, as well as by the above noted
sub-underwriters. This support was instrumental in ensuring the
success of the Rights Issue in the current volatile market and
economic environment.
The Company expects to issue the New Shares the subject of the
Rights Issue to investors with a registered address in South Africa
on 4 November 2022 and to investors with a registered address in
Australia or New Zealand on 8 November 2022. Quotation of these New
Shares is expected to occur on the timing set out in the timetable
in Schedule 1 of the Rights Issue offer booklet (Offer
Booklet).
For further details in relation to the terms of the Rights
Issue, and the proposed use of proceeds, please refer to the Offer
Booklet [2] a copy of which is available at: www.mcmining.co.za
.
Mr Godfrey Gomwe, Managing Director & Chief Executive
Officer, commented:
"The encouraging result of the Rights Issue has underscored the
continued robust support of our anchor shareholders combined with
the increased opportunity for new equity participants to partake in
our maturing growth strategy. The additional capital transforms the
Company's balance sheet and marks a further key milestone towards
the complete financing of the flagship Makhado project and the
positioning of MC Mining Limited as the only large scale producer
of Hard Coking Coal in the South African market."
Admission and Total Voting Rights
Application has been made for the New Shares to be admitted to
trading on the ASX, AIM and JSE markets (Admission). Admission of
the New Shares to trading on AIM is expected to become effective at
8:00 a.m. on or around 9 November 2022, and the New Shares will
rank pari passu with the Company's existing ordinary shares of no
par value (Ordinary Shares).
On Admission, MC Mining's issued share capital shall comprise
397,681,589 Ordinary Shares. This figure may be used by
shareholders in the Company as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change in their interest in, the share capital of
the Company under the ASX Listing Rules or the FCA's Disclosure
Guidance and Transparency Rules.
This announcement has been authorised and approved by the Board
or an officer of the Company with the requisite delegated
authority.
For and on behalf of
MC Mining
Tony Bevan
Company Secretary
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
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.
[1] Since Dendocept, Golden Eagle, Pacific Coal, Golden Archer,
Jun Lui and Y. He are "associates" for the purposes of the Rights
Issue, their Relevant Interests are aggregated.
[2] Unless otherwise defined, capitalised words and terms used
in this announcement have the meanings given to them in the Offer
Booklet.
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END
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