Past year: ▼ 60%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Feb 2026capital raising announcement▲ GoodMajor
The options offer closed fully subscribed on 3 February 2026, raising $359,162 for 359,162,152 options at $0.001. Shortfall options of 146,588,552 were taken up. Issue expected 10 February. Resolves the offer opened in December.
16 Jan 2026capital raising announcement● Neutral
The closing date of the options offer is extended from 20 January to 3 February 2026, with issue now planned for 10 February. No reason is given in the announcement.
24 Dec 2025capital raising announcement● Neutral
Reminder that the $0.001 options offer, to raise up to about $359,162, closes 20 January 2026. Directors Breeze and Richards committed to take up their full entitlements (8,024,224 and 6,349,229 options). Shortfall applications are allowed.
2 Dec 2025capital raising announcement● NeutralMajor
Prospectus for 359,162,152 new options at $0.001 each, to raise up to about $359,162, plus 14,373,453 options to directors. Replaces the expired MMRO options; offered to eligible holders, with funds going to working capital. A small raise, as the options are exercisable at $0.03.
24 Jan 2025capital raising announcement▼ Bad
Applications were received for only 17,958,772 shortfall shares at $0.005, with 8,979,386 free options, out of 333,411,363 shortfall shares left (about $1.67M). The shortfall offer was due to close on 25 January 2025.
29 Nov 2024capital raising announcement▲ GoodMajor
Raise completed: $3,063,907 before costs from the offer and shortfall, with 729,162,436 shares issued 21 November at $0.005. Shares on issue now 1,831,807,078. Pro forma cash is about $3.36M, and MEC says it is funded for at least two years.
What it means for a shareholder
729m new shares at A$0.005 to raise about A$3.4m. That's 52% dilution: every existing holder's slice gets 52% smaller. If you held A$1,000 of shares (200,000 at the issue price), your slice goes from 0.0292% to 0.0141% of the company. To keep it you'd need 213,064 more shares - about A$1,065 at the issue price.
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11 Nov 2024capital raising announcement● Neutral
All reinstatement information is with ASX for review; reinstatement now expected about 14 November. Updated figures show about $2.86M of applications, with a further $1.45M of shortfall still to be placed.
30 Oct 2024capital raising announcement● NeutralMajor
The entitlement offer closed 25 October 2024 having raised about $2.65M of the $4.89M sought. Shareholders took up only $816,627 (17%); Sixty-Two Capital placed $1.83M of shortfall. About $1.67M of shortfall remains, and the $2M reinstatement minimum is exceeded.
11 Oct 2024capital raising announcement● Neutral
Supplementary prospectus extends the offer close to 25 October 2024 and pushes expected reinstatement to 4 November. It also restates the shortfall process: unclaimed shares at $0.005 can be placed within three months, capped at 19.99% voting power.
2 Oct 2024capital raising announcement● Neutral
MEC's 1-for-1 entitlement offer at $0.005 (up to $4,894,864, one free option per two shares) is now open and the prospectus has been posted. It closes 18 October 2024, with reinstatement targeted for 28 October, at ASX's discretion.
2 Oct 2024capital raising announcement● Neutral
Letter telling shareholders with registered addresses outside Australia and New Zealand they cannot join the entitlement offer. Funds are intended for Advent, new investments and working capital. Full take-up would give about 1.96 billion shares.
23 Sept 2024capital raising announcement● NeutralMajor
MEC lodged its reinstatement prospectus: a 1-for-1 non-renounceable entitlement offer at $0.005 to raise up to $4,894,864, with one free option per two shares. Issue is conditional on meeting ASX conditions; not underwritten. Shares called highly speculative.
11 July 2024capital raising announcement▲ GoodMajor
MEC made a further reinstatement submission to ASX on 27 June 2024 and plans a 1-for-1 entitlement offer at $0.005 to raise about $5.26M, with free options. Prospectus targeted mid-August, reinstatement by 31 October 2024. About $1.65M is earmarked for Advent.
5 Apr 2024capital raising announcement● NeutralMajor
MEC raised $157,300 in a placement at $0.0044 per share, with a free option ($0.0055, two years) per share. Funds go to compliance and reinstatement work. Shares on issue rise to 1,045,021,916, and the placement shares are locked until a prospectus.
26 Apr 2023capital raising announcement▲ GoodMajor
MEC raised a further $179,263 before costs at $0.0044 per share (40,741,652 shares), taking shares on issue to 884,993,167. Free attaching options at $0.0055 need shareholder approval at the AGM. Shares are locked pending a prospectus; ASX reinstatement submissions continue.
What it means for a shareholder
40.7m new shares at about A$0.0044 to raise about A$179,263. That's 5.6% dilution: every existing holder's slice gets 5.6% smaller. If you held A$1,000 of shares (227,273 at the issue price), your slice goes from 0.0332% to 0.0313% of the company. To keep it you'd need 13,528 more shares - about A$60 at the issue price.
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22 Feb 2023capital raising announcement● Neutral
Update to the 21 February placement: each of the 33,488,180 shares also came with a free option exercisable at $0.0055, expiring 21 February 2025. The raise remains $154,388 at $0.0044 per share.
What it means for a shareholder
33.5m new shares at about A$0.0046 to raise about A$154,388. That's 4.7% dilution: every existing holder's slice gets 4.7% smaller. If you held A$1,000 of shares (216,909 at the issue price), your slice goes from 0.0317% to 0.0302% of the company. To keep it you'd need 10,613 more shares - about A$49 at the issue price.
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21 Feb 2023capital raising announcement▲ GoodMajor
MEC raised $154,388 before costs through a placement of 33,488,180 shares at $0.0044, lifting shares on issue to 842,651,515. Funds are for compliance, work toward reinstatement and working capital. Eases the thin cash position; LeMessurier takes a 6% fee.
What it means for a shareholder
33.5m new shares at A$0.0044 to raise about A$154,388. That's 4.7% dilution: every existing holder's slice gets 4.7% smaller. If you held A$1,000 of shares (227,273 at the issue price), your slice goes from 0.0332% to 0.0317% of the company. To keep it you'd need 11,120 more shares - about A$49 at the issue price.
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14 Aug 2019capital raising announcement● Neutral
Shortfall placement period closed on 10 August 2019. A final 21.0M shortfall shares, worth $105,100 at $0.005, were applied for after the 6 August notice.
7 Aug 2019capital raising announcement● Neutral
MEC places a further 43.7M shortfall shares at $0.005: 23.3M for $116,500 cash and 20.4M to creditors in lieu of $101,803 owed. Follows a 22 July placement. About 65.5M shortfall shares remain available.
14 May 2019capital raising announcement▼ BadMajor
Rights issue closed with only 65.6M entitlement shares taken up plus 7.1M shortfall applications, raising $363,552 against the up to $1.7M sought. A further 269.2M shortfall shares can be placed within three months. Funds go first to Advent, then new investments and working capital.
9 May 2019capital raising announcement● Neutral
Reminder that the 1-for-1 rights issue closes at 5pm AEST on 10 May 2019. Shareholders who have not applied are urged to do so. No new information.
23 Apr 2019capital raising announcement● Neutral
Rights issue closing date extended from 3 May to 10 May 2019 after the share registry's application form wrongly showed $0.007 per share; the correct price is still $0.005. Corrected forms are being posted.
10 Apr 2019capital raising announcement● Neutral
Letter telling shareholders with addresses outside Australia and New Zealand that they cannot take part in the rights issue. Their non-renounceable entitlements lapse with no payment. Administrative.
10 Apr 2019capital raising announcement● Neutral
Standard letter to eligible shareholders restating the 1-for-1 rights issue at $0.005, with shortfall applications allowed and no shareholder approval needed. No underwriter or broker. No new information.
9 Apr 2019capital raising announcement● Neutral
Letter to option holders on the rights issue: options carry no entitlement unless exercised before the 12 April record date. Repeats the offer terms ($0.005, 1-for-1, up to $1.7M); no new information.
9 Apr 2019capital raising announcement● NeutralMajor
MEC launches a 1-for-1 non-renounceable rights issue at $0.005 a share to raise up to about $1.7M, versus 1.2-1.6c trading last November. Funds go to new investments, Advent Energy exploration and working capital. Full take-up would double shares to about 684M.
9 Apr 2019capital raising announcement● Neutral
Prospectus for the 1-for-1 rights offer at $0.005 per share, closing 3 May 2019. It is described as highly speculative and is not underwritten. Repeats the terms announced the same day.
9 July 2018capital raising announcement▲ GoodMajor
MEC issued 9,696,476 shortfall shares at 1.8 cents with equal free 4-cent options from the rights offer, on 6 July 2018 (about $175K). Shares on issue rise to 340,726,936. Funds go to Advent well intervention, 2D seismic costs and working capital.
4 June 2018capital raising announcement● Neutral
Rights offer closing date pushed from 7 to 15 June 2018 so shareholders who applied in the withdrawn April offer can resubmit. Allotment moves to 22 June; other terms unchanged.
16 May 2018capital raising announcement● Neutral
MEC lodged a replacement prospectus for the 1 for 2 rights offer at 1.8 cents (free 4-cent options), now closing 7 June 2018. It adds disclosure on finances, litigation and the PEP11 sale vote timing; replaces the 8 May prospectus.
