Mkango Resources Ltd. (AIM/TSX-V: MKA) (the
"
Company" or "
Mkango") is pleased
to announce that shareholders have approved all resolutions at the
Annual General and Special Meeting (the “
Meeting”)
held in Toronto today.
At the Meeting, a special resolution was passed,
approving the making of an application to the Registrar of
Corporations under the Business Corporations Act (Alberta) (the
“ABCA”) and to the Registrar of Companies under
the Business Corporations Act (British Columbia) (the
“BCBCA”) to continue the Company from the
jurisdiction of Alberta pursuant to the ABCA into the jurisdiction
of British Columbia pursuant to the BCBCA.
Also pursuant to the Meeting, Mr Shaun Reginald
Treacy, has been appointed as a Director of the Company. Mr Treacy,
aged 52, is a senior strategic and financial adviser. He is based
in Sydney, Australia and is currently Chief Investment Officer for
the private equity firm, Arete Capital Partners, and previously
held senior investment banking positions with JPMorgan, Lehman
Brothers, Nomura and UBS.
The following details in relation to the
appointment of Mr Treacy are disclosed in accordance with Schedule
2(g) of the AIM Rules:
Current directorships |
Past directorships held within the last five
years |
|
|
Arete Capital Partners
Pty ltd |
Peloton ltd |
CFPT Pty ltd |
|
CDG Pty ltd |
|
Zenith Advisory
Services Pty ltd |
|
Mr Treacy currently holds 714,285 common shares
without par value in the share capital of the Company, which
represents 0.65 per cent. of the issued share capital of the
Company. Mr Treacy also holds 335,000 options in the Company,
details of which are included in the announcement of 31 August
2018.
Mr Treacy also holds 1.2 million warrants in the
Company through Zenith Advisory Services Pty ltd.
All other business put forth at the Meeting was
also approved by shareholders of the Company, including:
- the election of Derek Linfield, William Dawes, Alexander Lemon,
Adrian Reynolds, Susan Muir and Sandra du Toit as Directors of the
Company;
- re-appointment of Meyers Norris Penny LLP as auditors of the
Company; and
- approval of the Company’s stock option plan in accordance with
the policies of the TSX Venture Exchange.
About Mkango Resources Limited
Mkango's primary business is exploration for
rare earth elements and associated minerals in the Republic of
Malawi, a country whose hospitable people have earned it a
reputation as “the warm heart of Africa”. The Company holds
interests in three exclusive prospecting licenses in Malawi, the
Phalombe licence, the Thambani licence and the Chimimbe Hill
licence.
The main exploration target in the 80% held
Phalombe licence is the Songwe Hill rare earths deposit, which
features carbonatite-hosted rare earth mineralisation and was
subject to previous exploration in the late 1980s. Mkango completed
an updated Pre-Feasibility Study for the project in November 2015
and a Feasibility Study is currently underway, the initial phases
of which include the recently completed 10,900 metre drilling
programme.
Pursuant to an agreement with Talaxis Limited,
Talaxis is fully funding the Feasibility Study by investing £12
million for a 49% interest in the project (via Mkango subsidiary
Lancaster Exploration Ltd). Talaxis will also have the option to
acquire a further 26% interest by arranging funding for project
development including funding the equity component thereof.
For more information, please visit
www.mkango.ca.
Market Abuse Regulation (MAR)
Disclosure
Certain information contained in this
announcement may have been deemed inside information for the
purposes of Article 7 of Regulation (EU) No 596/2014 until the
release of this announcement.
Cautionary Note Regarding
Forward-Looking Statements
This news release contains forward-looking
statements (within the meaning of that term under applicable
securities laws) with respect to Mkango, its business and the
Project. Generally, forward looking statements can be identified by
the use of words such as “plans”, “expects” or “is expected”,
“scheduled”, “estimates” “intends”, “anticipates”, “believes”, or
variations of such words and phrases, or statements that certain
actions, events or results “can”, “may”, “could”, “would”,
“should”, “might” or “will”, occur or be achieved, or the negative
connotations thereof. Forward looking statements in this news
release include statements with respect to the global market for
products using the rare earth metals the Company is exploring for,
completion of the feasibility study and of the transactions
contemplated in the agreement with Talaxis, as well as the use of
proceeds from the investments into the Company by Talaxis and the
timing of such expenditures. Readers are cautioned not to place
undue reliance on forward-looking statements, as there can be no
assurance that the plans, intentions or expectations upon which
they are based will occur. By their nature, forward-looking
statements involve numerous assumptions, known and unknown risks
and uncertainties, both general and specific, that contribute to
the possibility that the predictions, forecasts, projections and
other forward-looking statements will not occur, which may cause
actual performance and results in future periods to differ
materially from any estimates or projections of future performance
or results expressed or implied by such forward-looking statements.
Such factors and risks include, without limiting the foregoing,
market demand for the metals and associated downstream products for
which Mkango is exploring, researching and developing, the positive
results of a feasibility study on the Project, delays in obtaining
financing or governmental or stock exchange approvals. The
forward-looking statements contained in this news release are made
as of the date of this news release. Except as required by law, the
Company disclaims any intention and assumes no obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by
applicable law. Additionally, the Company undertakes no obligation
to comment on the expectations of, or statements made by, third
parties in respect of the matters discussed above.
For further information on Mkango,
please contact:
Mkango Resources Limited
William Dawes |
Alexander Lemon |
Chief Executive
Officer |
President |
will@mkango.ca |
alex@mkango.ca |
UK: +44 207 3722
744 |
|
Canada: +1 403 444
5979 |
|
www.mkango.ca |
|
@MkangoResources |
|
BlytheweighFinancial Public
RelationsTim Blythe, Camilla Horsfall, Julia TilleyUK: +44 207 138
3204
SP Angel Corporate Finance
LLPNominated Adviser and Joint BrokerJeff Keating,
Caroline RoweUK: +44 20 3470 0470
Alternative Resource
CapitalJoint BrokerAlex Wood, Rob CollinsUK: +44 20 7186
9004; +44 20 7186 9001
The TSX Venture Exchange has neither
approved nor disapproved the contents of this press release.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This press release does not constitute an offer
to sell or a solicitation of an offer to buy any equity or other
securities of the Company in the United States. The securities of
the Company will not be registered under the United States
Securities Act of 1933, as amended (the “U.S. Securities Act”) and
may not be offered or sold within the United States to, or for the
account or benefit of, U.S. persons except in certain transactions
exempt from the registration requirements of the U.S. Securities
Act.
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