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ASX:MCM

7 stories mentioning ASX:MCMUpdated 9d ago

Every FINWIRES story that references ASX:MCM, newest first.

Asia

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

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.

ASX:MCMHKG:1277
Asia

MC Mining Secures Funding From Kinetic Development Group

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.

ASX:MCM
Asia

MC Mining CEO Resigns

MC Mining (ASX:MCM) said Yi He resigned as chief executive, effective Wednesday, according to an Australian bourse filing on Tuesday after market hours.The board named Chairman Jianheng Deng as interim CEO, effective Wednesday, until a permanent CEO is appointed, the filing added.

ASX:MCM
Asia

Kinetic Development to Participate in MC Mining Debt Offering

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.

ASX:MCMHKG:1277
Asia

Update: MC Mining Enters $10 Million Promissory Notes Deal With Two Shareholders; Shares Gain 5%

(Updates with the stock movement in the headline and last paragraph.)MC Mining (ASX:MCM) entered binding agreements for a $9.9 million promissory note program with controlling shareholder Kinetic Development Group and minority shareholder Eagle Canyon International Group, according to a Thursday filing with the Australian bourse.Kinetic and Eagle will respectively subscribe for $6.1 million and $3.8 million worth of unsecured convertible promissory notes to be issued by MC Mining, per the filing.The proceeds will be used for the construction and commissioning of MC Mining's flagship Makhado hard coking coal project in South Africa, as well as for general working capital needs.The investors may convert the notes into MC Mining ordinary shares at a fixed conversion price of $0.2089 per share, the company said.MC Mining shares gained over 5% in recent Friday trade.

ASX:MCM
Asia

MC Mining Enters $10 Million Promissory Notes Deal With Two Shareholders

MC Mining (ASX:MCM) entered binding agreements for a $9.9 million promissory note program with controlling shareholder Kinetic Development Group and minority shareholder Eagle Canyon International Group, according to a Thursday filing with the Australian bourse.Kinetic and Eagle will respectively subscribe for $6.1 million and $3.8 million worth of unsecured convertible promissory notes to be issued by MC Mining, per the filing.The proceeds will be used for the construction and commissioning of MC Mining's flagship Makhado hard coking coal project in South Africa, as well as for general working capital needs.The investors may convert the notes into MC Mining ordinary shares at a fixed conversion price of $0.2089 per share, the company said.

ASX:MCM
Asia

MC Mining Appoints Chair

MC Mining (ASX:MCM) appointed Jianheng Deng as non-executive chairman, effective Tuesday, according to a Wednesday filing with the Australian bourse.Deng succeeded interim Chairman Mathews Senosi, who will remain on the board as a non-executive director, the filing added.

ASX:MCM

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