Kinetic Development Group (HKG:1277) will subscribe for $6.1 million of MC Mining's (ASX:MCM) $9.9 million debt offering, according to a Thursday filing with the Hong Kong bourse.
The one-year notes will be convertible into shares of MC Mining at an initial rate of $0.2089 each.
The Australia-listed group, which is an indirect non-wholly owned subsidiary of the Hong Kong-listed coal producer, earmarked proceeds for the construction and commissioning of its flagship Makhado hard coking coal project in South Africa, as well as for general working capital needs.
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