mc mining ltd said friday that it will have to repay a 20 million south african rand 12 million portion of an advanced loan as shareholders failed to approve a relevant resolution at an extraordinary general meeting the south africafocused coal mining company said that resolution two seeking approval for acquisition of a relevant interest in shares failed due to low shareholder support as a result the final two instalments of the second tranche of a zar86 million convertible advance and subscription agreement for shares cannot proceed and a zar20 million portion of the loan paid in advance will have to be repaid within 30 days on feb 1 mc mining said it would receive zar86 million from senosi group investment holdings proprietary ltd for settling outstanding debts and working capital in return for shares in a subscription agreement the second tranche of the subscription was conditional on shareholder approval the company said then that it would use the funds to settle the outstanding balance on two properties and for working capital requirements the funds advanced will be repaid using part of a zar60 million lineofcredit and internal cash resources the company reiterated that it is pursuing several alternative options to secure the necessary funding for the construction of the makhado hard coking coal project in south africa shares at 1200 gmt were down 025 pence or 36 at 675 pence