Australia's MC Mining extends losses on discounted share placement

MC Mining

27/09/2022 04:32

** Shares of MC Mining  MCM.AX  fall as much as 2.7% to
A$0.360, extending losses to a fourth consecutive session 
    ** Coal miner raises A$40 million ($25.90 million) at an
issue price of A$0.20 per share, a 45.9% discount to the stock's
last closing price on Monday  urn:newsml:reuters.com:*:nASX1M00Zl
    ** Says net proceeds raised under the rights issue will be
used to fund equity contribution requirement in relation
to the continued development of the Makhado Project in
Johannesburg, among others 
    ** Stock up over three-fold this year, as of last close 
($1 = 1.5444 Australian dollars)
 (Reporting by Tejaswi Marthi in Bengaluru)
 ((tejaswi.marthi@thomsonreuters.com))