MEC Resources

Update for the Quarter ending 31 December 2024

MEC Resources Ltd (ASX: MMR, ACN 113 900 020) (“MEC” or “the Company”) is pleased to provide its Quarterly Report C Appendix 4C (“Quarterly Cashflow Report”) for the quarter ended 31 December 2024.


The Company’s primary focus in the last quarter was the completion of an Entitlement Offer, capital raising and reinstatement on the ASX.

Corporate Update

MEC reinstated to trading status on the ASX

The Company’s shares were reinstated to trading on the ASX on 2 December 2024 following suspension since 17 January 2020.

Capital Raise - Entitlement Offer

On 23 September 2024 the Company announced a pro-rata non-renounceable entitlement issue of one (1) Share for every one (1) existing Share together with 1 free attaching listed Option for every 2 Shares subscribed for and issued held by those Shareholders registered at the Record Date at an issue price of $0.005 per Share to raise up to $4,894,864 (before costs) (Entitlement Offer).

The Company lodged a prospectus for the Offer with ASIC and ASX on 23 September 2024 and Supplementary Prospectus on 11 October 2024.

The Entitlement Offer was closed on 25 October 2024 raising approximately $ 2,646,151 (before costs). The Entitlement Offer was supported by the Company’s existing shareholders with a total of $816,627 raised through acceptances, comprising 17% of the total amount sought under the rights issue.

In addition, Sixty-Two Capital Pty Ltd (lead manager to the shortfall) has placed $1,829,525 as part of the Shortfall offer, bringing the total amount raised under the Offer to $ 2,646,151. The Company issued Shares and New Options as set out below.


Click here for the full ASX Release

This article includes content from MEC Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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