The group’s shares in issue will rise by about 9.4% as it raises capital to develop its flagship Makhado project in Limpopo
Junior coal miner MC Mining has been given the go-ahead for a R15m capital raise, as it continues to raise capital to develop its flagship Makhado project.
The group, which has a market capitalisation of R188m, will issue about 13.3-million shares, at 105.56c per share. The number of shares in issue will rise by about 9.4% to 154-million once the capital raise is completed, with the permission coming from the Reserve Bank. The issue was part of an agreement in a R40m restructured loan agreement with the Industrial Development Corporation , and the proceeds will be used for general working capital and to advance the Makhdo project.
The IDC will receive 1.1-million shares, bringing its direct participation in the project to 6.7% from 5% previously, MC Mining said. MC Mining relies on the Uitkomst colliery in KwaZulu-Natal for cash generation, but its priority is Makhado in Limpopo, which will produce coking coal and thermal coal once production begins.
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