M8 Sustainable Limited (M8S) is a recycling and waste management entity which currently operates a waste recycling business on a leased site in Maddington, Western Australia (Maddington Facility), plans to develop a waste landfill facility in Gingin, Western Australia on land owned by a wholly owned subsidiary (Gingin Facility) and provides operation and maintenance (O&M) services to the Brockway waste compost and energy facility located in Shenton Park, Western Australia (Brockwaste Facility) via a long term contract.
Last year, a 1 for 1 Renounceable Rights Issue raised $4.7 million; priced at $0.02 cents per share, with rights trading from 30 June 2021. Major shareholder, M8 Holding Limited (formerly SBANG Sustainable Energies Limited), took up full entitlement under the offer of approximately $1.67 million. Funds raised will be used for the progressive ramp up of steel activities at Maddington, complete construction of Gingin and supplement working capital to strengthen the balance sheet. Key focus on completing construction and commissioning of the Gingin Landfill Facility with commencement of operations currently expected in Q1 2022.
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