MC Mining Secures Funding From Kinetic Development Group

MT Newswires Live08-14

MC Mining (ASX:MCM) entered into agreements with controlling shareholder Kinetic Development Group for an immediate $8 million unsecured bridge loan and a two-tranche $16 million share subscription at an issue price of $0.2089 per share, according to an Australian bourse filing on Thursday after market hours.

The bridge loan will provide immediate working capital, while the equity subscription remains subject to shareholder and regulatory approvals, including those required under the Australian Securities Exchange listing rules and the Corporations Act, per the filing.

The company will convene a shareholder meeting within 90 days of the loan drawdown, supported by an independent expert's report on the proposed transaction.

Kinetic Development Group, which currently holds a 51% stake in the company, will be excluded from voting on the relevant resolutions, the filing said.

The funds will be used for working capital and business operations, including the continued development and commissioning of the Makhado Project and the sustainability of the company's other operations, the filing added.

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