ANNOUNCEMENT
8 March 2024
RECEIPT OF NON-BINDING
INDICATIVE OFFER OF BETWEEN A$0.17c AND A$0.20c FROM VULCAN
RESOURCES
MC Mining Limited (MC Mining or the Company) confirms that it is in receipt
of a letter (Proposal
Letter) from Vulcan Resources (Vulcan). Vulcan is the operator of the
Moatize Coal Mine, the largest operating steelmaking coking coal
mine in Mozambique and Africa.
The Proposal Letter outlines
Vulcan's non-binding proposal to make an off-market cash takeover
offer for all the shares in the Company at an indicative price of
between A$0.17 and A$0.20 cents per share valuing the Company's
equity at between A$69.34 million and A$81.58 million (Proposal).
The Proposal contains a number of
customary conditions, including completion of a due diligence
process, and is not a binding offer currently capable of acceptance
by shareholders of the Company. The Independent Board Committee
(IBC) notes that the
Proposal Letter is at an indicative price range that is higher than
the current takeover offer price of A$0.16 per share by Goldway
Capital Investment Limited. There is no certainty however, that any
formal offer by Vulcan will be received nor the terms
thereof.
The IBC reiterates its
recommendation to shareholders NOT TO ACCEPT the current Goldway
Capital Investment Limited offer.
The IBC will evaluate the indicative
terms of the Proposal Letter, including taking advice from its
financial and Australian and South African legal advisors, Adelaide
Equity Partners Limited as Financial Advisor, K&L Gates as
Australian Legal Advisors and Falcon & Hume Inc. as South
African Legal Advisors.
MC Mining remains committed to
keeping shareholders appraised of developments and intends to make
a further announcement when more complete and definitive details
are received.
Khomotso Mosehla
Chairman of the IBC
The information contained within
this announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulation (EU)
No. 596/2014 as it forms part of United Kingdom domestic law by
virtue of the European Union (Withdrawal) Act 2018, as
amended.
This announcement has been approved
for release by the Company's Disclosure Committee.
For
more information contact:
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Tony Bevan
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Company Secretary
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Endeavour Corporate
Services
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+61 42 1072 165
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Company advisers:
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Richard Johnson / Rob
Patrick
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Nominated Adviser
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Strand Hanson Limited
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+44 20 7409 3494
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Rory Scott
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Broker (AIM)
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Tennyson Securities
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+44 20 7186 9031
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Marion Brower
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Financial PR (South
Africa)
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R&A Strategic
Communications
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+27 11 880 3924
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BSM Sponsors Proprietary Limited is
the nominated JSE Sponsor
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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).