Midwest Gold Ltd — Updates, 29-05-2025: Company Update

Midwest Gold Limited has completed a preferential issue totaling Rs. 118.47 crore, comprising a non-cash equity share swap worth Rs. 39.57 crore to acquire 97.40% stake in Midwest Energy Private Limited (MEPL) and a cash component of Rs. 85.02 crore via allotment of 31.56 lakh shares. Proceeds have been primarily used for MEPL acquisition, debt repayment, loans to MEPL for expansion and working capital, and general corporate purposes, with unutilized funds placed in term deposits earning around 6.75% p.a. No deviations or delays were reported in the utilization of issue proceeds, ensuring alignment with the original objectives.