Ann: A$4M convertible loan funding facility, page-2

I hate convertible equity arrangement due to shareholder dilution, although this appears better option where MRC can pay out the loan.


"If MRC raises additional funds of not less than A$12M, the loan will become payable upon completion of the minimum A$12M raising); "

Although I cannot see MRC being able to raise any additional funds with so much uncertainty around its production at Tormin, Skaland and Munglinup.


it is disappointing to read Tormin still appears to be sold. i was looking forward to seeing more positive results in the QTR report.

Last comment, the use of the funds doesn't appear to be for anything significant.

"Funds will be used to:
o Purchase a new drill rig for MRC’s Skaland graphite mine
o Advance MRC’s graphite and active anode projects (including pilot plant, studies and permits at MRC’s Munglinup graphite project)
o Meet costs associated with MRC’s proposed divestment of its Tomin mineral sands mine
o Pay corporate expenses and provide general working capital"