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MC Mining Limited (ASX:MCM)

ALERT: Price-sensitive ASX Announcement for MCM
Current share price for MCM : $0.275 -0.005 (-1.79%)+
Announcement
Release
11 Jun 2026 6:06PM
Price at Release
$0.280
Full Release
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Summary
MC Mining Limited has announced a US$9.94 million unsecured convertible promissory note program with Kinetic Development Group and Eagle Canyon to fund the construction of the Makhado Project in South Africa. The program allows for fund drawdowns in tranches until September 30, 2026, with interest accruing based on Australia's business loan rate plus a 3% margin. The notes, which are unsecured, mature twelve months after fund receipt and offer conversion into company shares at US$0.2089 per share, subject to shareholder and regulatory approval. This program provides strategic financial support for MC Mining's flagship project and illustrates continued shareholder backing.
Key Points
  • MC Mining Limited enters into US$9.94 million unsecured convertible promissory note funding arrangements.
  • Promissory Note Program involves Kinetic Development Group Limited and Eagle Canyon International Group Holding.
  • Proceeds will primarily fund the Makhado Project in South Africa.
  • Notes can be drawn down in tranches until September 30, 2026.
  • Interest is based on Australia's medium business loan rate plus 3% per annum.
  • Maturity of notes is twelve months from receipt of funds.
  • Notes are unsecured and rank equally with other unsecured debts.
  • Conversion into shares possible at US$0.2089 per share upon maturity.
  • Requires shareholder and regulatory approvals for conversion.
  • Strategic rationale includes timely funding for Makhado Project and continued shareholder support.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.