Mantengu Mining Limited (MTU), a leading mining company incorporated in the Republic of South Africa, has unveiled the pro forma financial effects of its recent share and warrant issuance. The move follows the announcements released on the Stock Exchange News Service (SENS) on 26 October 2023 and 21 December 2023, as well as the circular distributed to shareholders on 21 December 2023.
The pro forma financial effects stem from the Proposed Transaction, which encompasses specific issues of shares and warrants by Mantengu. This transaction is part of a larger R500 million Facility to be made available by GEM Global Yield LLC SCS, the investing entity. Shareholders were previously informed of the specifics in the Circular distributed on 21 December 2023.
Mantengu has released the pro forma financial information to illustrate the impact of the Specific Issues of Shares and Warrants on its reviewed condensed consolidated results for the six months ended 31 August 2023. The pro forma financial effects have been prepared in compliance with International Financial Reporting Standards (IFRS) and the Listings Requirements and the Guide on Pro Forma Financial Information issued by the South African Institute of Chartered Accountants.
| Item | August 2023 | Adjustment Note 1 | Adjustment Note 2 | Adjustment Note 3 | Consolidated after Adjustments |
|---|---|---|---|---|---|
| Revenue | 13,087 | – | – | – | 13,087 |
| Cost of sales | (11,617) | – | – | – | (11,617) |
| Gross Profit | 1,470 | – | – | – | 1,470 |
| Other Income | 2,257 | – | – | – | 2,257 |
| … (Continue with other items) |
(Note: Only a portion of the table is shown for brevity.)
| Assets | August 2023 | Adjustment Note 4 | Adjustment Note 5 | Adjustment Note 6 | Adjustment Note 7 | Adjustment Note 8 | Consolidated after Adjustments |
|---|---|---|---|---|---|---|---|
| Non-current assets | 287,232 | – | – | – | – | – | 287,232 |
| Current Assets | 159,421 | 50,622 | 80,000 | (1,526) | – | – | 446,653 |
| … (Continue with other sections) |
(Note: Only a portion of the table is shown for brevity.)
HLB CMA South Africa Inc., the independent reporting accountant, provided assurance on the pro forma financial information. In their report, they state that the pro forma financial information has been compiled, in all material respects, on the basis specified in the JSE Listings Requirements.
Mantengu Mining Limited’s pro forma financial effects shed light on the potential impact of the Specific Issues of Shares and Warrants on the company’s financial position. Shareholders are encouraged to review the detailed pro forma financial information along with the independent reporting accountant’s assurance report.
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