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mining|project|resources

MRC secures A$2.4m loan from shareholders

17th October 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Graphite miner and developer Mineral Commodities (MRC) has secured a loan of A$2.4-million from existing shareholders, including Au Mining and four others.

The ASX-listed company will use A$250 000 to pay Garnet International Resources, in accordance with a standstill agreement, and A$250 000 will be used as a nonrefundable deposit to acquire 49% of the Munglinup project, in Western Australia.

The balance of the funds will be used for working capital at the Skaland graphite project, in Norway, as well as corporate and general working capital.

Subject to MRC shareholder approval, Au Mining may convert the loan into ordinary shares at a price of A$0.015 a share.

The company is also in discussions with a third party for the sale of its 100% share in the Skaland graphite mine and says it will provide an update at a later stage.

Edited by Creamer Media Reporter

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