Mineral Commodities Ltd (AU:MRC) has released an update.
Mineral Commodities Ltd (MRC) has announced its intention to up its stake in the Munglinup Graphite Project to 90% by fulfilling its Earn-in Obligations, including a payment of A$800,000 and issuing 30 million MRC shares to Gold Terrace on June 6, 2024. The company is embroiled in a dispute with Gold Terrace, which challenges MRC’s completion of a Feasibility Study, a condition for the stake increase. The funding for this transaction is set to come from a loan provided by major shareholder Au Mining Ltd, pending shareholder approval at MRC’s 2024 AGM.
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