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MMG Limited (MMG, the Company) (HK.1208) today announced the successful completion of its Rights Issue of 2 new shares for every 5 shares held for a subscription price of HK$2.62 per share, launched on 4 June 2024.
The Rights Issue was approximately 2.8 times oversubscribed in aggregate, with valid acceptances for 98.18% (3.40 billion) of the Rights Shares provisionally allotted and valid applications for excess Rights Shares representing 184.21% (6.38 billion) of the Total Rights Shares available.
MMG CEO, Mr Liang Cao, said that the successful completion of the Rights Issue will provide greater flexibility to fund future growth initiatives, and that the strong appetite for MMG equity is a significant vote of confidence in MMG’s future outlook.
“The Rights Issue completed our funding plan for the Khoemacau acquisition and brought gearing level down decade low levels of approximately 44%, which will deliver immediate interest cost savings and provide greater flexibility to fund future growth. To have the offer almost 3 times oversubscribed demonstrates the significant support from our shareholders, including the ongoing support of our major shareholder, China Minmetals Corporation.”
The Rights Issue raised approximately US$1,164m[1] before expenses and will result in 3,465,432,486 million new shares on issue. The size of the Rights Issue and significant investor demand demonstrates the strength of MMG’s financing capacity and access to public capital markets.
The fully-paid Rights Shares are expected to commence trading on the Hong Kong Stock Exchange on Tuesday 16 July 2024.
Please find the full copy of the Announcement available for download here.
About MMG
Founded in 2009, MMG’s vision is to create a leading international mining company for a low carbon future. The company is headquartered in Melbourne, Australia and listed on the Hong Kong Stock Exchange (HKEX1208). MMG operates and develops copper, zinc and other base metal projects across Australia, Botswana, the Democratic Republic of Congo and Peru.
Media Enquiries
Andrea Atell
+61 439 689 991
CorporateAffairs@mmg.com
Investor Relations
Jarod Esam
+61 475 564 285
InvestorRelations@mmg.com
[1] Approximately HK$ 9,079 million before expenses at 7.80 HKD to USD exchange rate.