Coal miner MC Mining reported on October 22 that a South African company had not paid the subscription fee of about R10-million for over 7.8-million MC Mining shares, as agreed to during a September transaction.
The default was not remedied within the prescribed period and MC Mining was now continuing with discussions with various potential funders in respect of the balance of the financing required for the development of Phase 1 of its Makhado hard coking coal project and general working capital requirements.
Acting CEO Brenda Berlin said MC Mining had taken legal advice with regard to the payment default.
MC Mining's share price on the JSE fell by more than 15% on October 22.