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Share Name Share Symbol Market Type Share ISIN Share Description
Mc Mining Limited LSE:MCM London Ordinary Share AU000000MCM9 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 7.00 6.00 8.00 7.00 7.00 7.00 365,967 07:43:45
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 13.8 -10.4 -6.9 - 11

MC Mining Limited FURTHER ENCOURAGING SUPPORT FOR MC MINING

04/09/2020 7:00am

UK Regulatory (RNS & others)


Mc Mining (LSE:MCM)
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RNS Number : 9946X

MC Mining Limited

04 September 2020

ANNOUNCEMENT

4 September 2020

FURTHER ENCOURAGING SUPPORT FOR MC MINING

MC Mining Limited ("MC Mining" or the "Company") is pleased to announce the conclusion of a Subscription Agreement (the "Agreement") with Columbia Skies Holdings Proprietary Limited ("CSH"). CSH is wholly-owned by Mr Pitso Madibo, a black industrialist, and the Agreement will result in CSH subscribing for 7,831,785 ordinary MC Mining shares (the "CSH Shares"). The Agreement is conditional upon South African Reserve Bank approval, an administrative process, and is anticipated during September 2020.

The CSH Shares will be allotted in terms of the Company's ASX approved capacity and subject to Reserve Bank approval, will be issued at a 10% discount to the 30-day JSE VWAP to 1 September 2020, being R1.27/share. The issue of the CSH Shares will raise approximately R10.0 million ($0.6 million*) for MC Mining and will result in CSH having a 4.8% interest in the Company. These funds will be used for general working capital requirements as well as progressing the Company's flagship Makhado hard coking coal project ("Makhado Project" or "Makhado").

Application will be made for the admission of the 7,831,785 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 162,251,340 ordinary shares in issue. This figure can be used as the denominator for calculations by which shareholders 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.

Br enda Berlin, MC Mining's Acting CEO, commented: " MC Mining previously secured a R245 million ($14.8 million) loan from the Industrial Development Corporation of South Africa Limited, a critical component in the Makhado Phase 1 debt/equity funding structure. We have made significant progress subsequent to the lifting of the COVID-19 lockdown and are in discussions with various potential funders for the balance of the Phase 1 funding. The investment by CSH ensures we have the necessary resources to be able to complete the composite funding package, anticipated to be by the end of CY2020, as well as providing working capital for the initial period of construction in H1 CY2021."

Brenda Berlin

Acting Chief Executive Officer

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.

* 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 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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

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September 04, 2020 02:00 ET (06:00 GMT)

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