MC Mining Ltd (AU:MCM) has released an update.
MC Mining Ltd has addressed the ASX’s price query, clarifying that the recent unusual trading activity of its shares does not stem from undisclosed information. Instead, the company suggests that the share price movement could be due to market illiquidity and coincidental with negotiations of a significant equity investment by Kinetic Development Group Limited (KDG), which will acquire a 51% stake for US$90 million. MC Mining also confirmed its compliance with ASX Listing Rules and the board’s authorization of their response.
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