Aim-, ASX- and JSE-listed coal explorer, developer and miner MC Mining has successfully concluded a fully underwritten renounceable rights offer, raising its targeted A$40-million through the issue of more than 200-million new ordinary shares.
MC Mining CEO and MD Godfrey Gomwe says the encouraging result of the rights issue has underscored the continued robust support of the company’s anchor shareholders, combined with the increased opportunity for new equity participants to partake in MC Mining’s 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 as the only large-scale producer of hard coking coal in the South African market.”
MC Mining expects to issue the new shares to investors with a registered address in South Africa on November 4, while investors with a registered address in Australia or New Zealand will receive their shares on November 8.
Morgans Corporate acted as underwriter to the rights issue and joint lead managers together with Adelaide Equity Partners, while K&L Gates and Ares Capital – the company’s legal and financial advisers – assisted in other means.