Zhitong Finance App News, Power Development (01277) announced that on August 13, 2026, the Company signed a share subscription agreement with MC Mining. The Company is an indirect non-wholly-owned subsidiary of the Company, duly incorporated and survives in accordance with Australian law, and its securities are listed on JSE and ASX (ASX: MCM).
According to the terms and conditions set forth in the share subscription agreement, the Company has agreed to subscribe and purchase, and MC Mining has agreed to issue and sell 38,295,836 shares (first delivery shares) to the Company at a price of $0.2089 per share, but the price must be adjusted in accordance with ASX's listing rules to reflect any share splits, mergers, bonus issues or share offerings (adjustment events) that occurred after the date of this agreement. The total subscription price for the first delivery was US$8 million; and 38,295,836 shares (second delivery shares). $0.2089 per share, but the price is subject to adjustment events, and the total subscription price is $8 million.
In order to provide MC Mining with the capital required for its business operations and working capital requirements before the first delivery, the Company entered into a bridge loan agreement with MC Mining on the same day. MC Mining has requested and the Company has agreed to lend a total of 8 million US dollars (bridge loan) to MC Mining. All outstanding amounts of the bridge loan (except accrued interest, which must be paid in cash by MC Mining) will be used to offset MC Mining's share subscription agreement at the time of the first delivery First delivery purchase price. At the time of the second delivery, the Company shall pay MC Mining the second delivery purchase price in cash and transfer the instantly available funds to MC Mining's designated bank account in writing by wire transfer.