Background
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- MC Mining Limited (MC Mining or the Company) is an emerging developer of high-quality coking and thermal coal assets, located primarily in the Limpopo province of South Africa
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- Headquartered in Johannesburg, South Africa, MC Mining is an Australian incorporated company listed on the Australian Securities Exchange (ASX), Johannesburg Securities Exchange (JSE) and Alternative Investment Market of the London Stock Exchange (AIM)
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- The Company engaged AE to explore a range of funding alternatives to fund the development of the Makhado project, with specific consideration to the Company’s cross-border listings
Our role
Capital raising process commencing in mid-2022, where AE’s role included:
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- Providing the Company an assessment of funding alternatives from a financial analysis and cross-border listing perspective
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- Advising the Company on the commercial parameters, appropriate size and structure of a capital raise
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- Participate in dealings and commercial negotiations with legal counsel, advisors and investors involved in the capital raise
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- Assisting the Company in engaging its lead manager and underwriter (Morgans)
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- Advising appropriate pricing of capital raising in line with market comparable and regulatory expectations
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- Assisting in the preparation of offer documents including the Offer Booklet, presentations and listing announcements
Outcomes
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- Advised the Company on the most commercially viable funding solution to obtain funding certainty and equitable outcomes for existing shareholders
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- MC Mining successfully completed a $40m underwritten rights issue on November 2022
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- AE maximised value for the Company by assisting in managing communication and expectations of investors
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- Worked collaboratively with the Company’s legal counsels and advisors to ensure a successful capital raising in line with market and cross-border regulations