Mantengu Mining Secures Shareholder Approval for R500 Million Transaction

  • Shareholder Approval: Mantengu Mining secures overwhelming shareholder support for the R500 million transaction in a General Meeting.
  • Resounding Resolutions: All proposed resolutions, including Specific Issues of Shares and Warrants, receive strong endorsement from shareholders.
  • Published by
    Lethabo Ntsoane

Mantengu Mining Limited has successfully obtained shareholder approval for its proposed transaction involving the Specific Issues of Shares and Warrants, as outlined in the Circular distributed to shareholders on December 21, 2023. The results were announced today following a General Meeting held on January 22, 2024.

General Meeting Success

At the General Meeting, shareholders overwhelmingly supported all Resolutions presented, marking a significant step forward for Mantengu Mining. The total number of shares voted, either in person or by proxy, reached 113,404,428, representing a substantial 69% of the total issued share capital of the same class of Mantengu Shares.

Resounding Support for Resolutions

Resolution% of Votes For% of Votes Against% of Shares Abstained
Ordinary Resolution 1 – Specific Issue of Consideration Shares98.85%1.15%0.00%
Ordinary Resolution 2 – Specific Issue of Warrants98.85%1.15%0.00%
Ordinary Resolution 3 – Specific Issue of additional Commitment Fee Shares98.85%1.15%0.00%
Ordinary Resolution 4 – Specific Issue of Warrant Payment Shares98.85%1.15%0.00%
Special Resolution 1 – Approval to issue the Consideration Shares in terms of Section 41(1) of the Companies Act98.85%1.15%0.00%
Special Resolution 2 – Approval of the Specific Issue of Shares and Warrants in terms of Section 41(3) of the Companies Act98.85%1.15%0.00%
Ordinary Resolution 5 – Authority granted to Directors98.85%1.15%0.00%

Investor Partnership and Facility

The success of the resolutions paves the way for a significant financial injection into Mantengu Mining. The company is set to receive a R500 million facility from the Investor, GEM Global Yield LLC SCS. The approved transaction encompasses the issuance of Specific Issues of Shares and Warrants, as detailed in the Circular.

Forward Momentum

The resounding support from shareholders signals confidence in Mantengu Mining’s strategic direction and the proposed partnership with GEM Global Yield LLC SCS. With all resolutions passed by a substantial majority, the company is now poised to execute its plans and leverage the financial support to drive growth and development initiatives.

Designated Adviser’s Perspective

Merchantec Capital, the designated adviser for Mantengu Mining, expressed satisfaction with the outcome of the General Meeting. The strong endorsement of the resolutions reflects positively on the company’s management and strategic decisions.

Mantengu Mining Limited’s success in securing shareholder approval for the R500 million transaction marks a pivotal moment in the company’s trajectory. The approved resolutions provide the necessary green light for the execution of the proposed partnership, setting the stage for future growth and development in the South African mining sector.

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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: lethabo@rateweb.co.za Twitter: @NtsoaneLethabo