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Kinetic Development to Invest Up to $16 Million in MC Mining

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Kinetic Development (HKG:1277) agreed to subscribe for up to $16 million of shares in MC Mining (ASX:MCM), an indirect non-wholly owned subsidiary, according to a Thursday Hong Kong bourse filing.

The company will subscribe for $8 million in shares at each of two closings and provide an $8 million bridge loan to fund MC Mining's operations and working capital.

The loan will carry interest at the Australian Reserve Bank Rate plus 3%, the filing said.

Shares of Kinetic were up nearly 4% in Friday morning trade.

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