VCI Global provides preliminary funding for Saudi project

VCI Global Limited announces plans to facilitate the Capital Raising of no less than $210M for Magnum Mining & Exploration Limited through its subsidiary, V Capital Consulting Limited, VCCL. The agreement with VCCL and 2×1.Digital Private Limited is to undertake a capital raising of no less than US$210 million to advance Magnum’s Green Pig Iron Project in Saudi Arabia. Magnum is to receive no less than $10 million as working capital, and the remaining amount, no less than $200 million, is to be provided as 50% of the capital for the Midmetal HIsmelt plant. The remaining 50% funding for the Midmetal HIsmelt plant will be matched by the Saudi Investment Development Fund. Investors participating in the Capital Raising will receive fully paid ordinary shares in Midmetal in proportion to their participation in the Capital Raising up to a total aggregate interest in Midmetal of 50%; and, subject to Magnum’s shareholder approval, fully paid ordinary shares in Magnum in proportion to their participation in the Capital Raising up to a total aggregate interest in Magnum of 19.99%.