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Africa|Energy|Mining|Services
Africa|Energy|Mining|Services
africa|energy|mining|services

Mantengu to issues shares to settle R7.5m creditors balance

7th March 2024

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

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JSE-listed Mantengu Mining will issue 4.98-million shares to its creditors, to settle its R7.5-million creditor balance.

This comes as certain parties to loan contracts, which the company previously entered into, have agreed to convert their debt claims against Mantengu into equity at a rate of R1.50 of debt per Mantengu ordinary share.

This represents a 93.58% premium to the 30-day weighted average traded price prior to the date on which the settlement was agreed, namely February 29.

Mantengu is in the process of transforming into a mining, mining services and energy company. It is focused on chrome mining in South Africa. 

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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