Mkango Announces Exercise of Warrants
December 14 2017 - 2:00AM
Mkango Resources Ltd. (AIM:MKA) (TSX-V:MKA) (the
"
Company" or "
Mkango") announces
that following the exercise of warrants over 151,515 common shares
without par value in the share capital of the Company (“New
Shares”), it has received an aggregate cash consideration of
£10,000 and is today issuing the equivalent number of New Shares.
The warrants are being exercised at 6.6 pence each.
The New Shares will rank pari passu with the
existing shares and application has been made for the New Shares to
be admitted to trading on AIM (“Admission”). It is expected that
Admission will become effective and dealings in the New Shares will
commence at 8:00a.m. on 18 December 2017. The New Shares will also
trade on the Toronto Venture Exchange.
In accordance with the Disclosure Guidance and
Transparency Rules (DTR 5.6.1R) the Company hereby notifies the
market that immediately following Admission, its issued share
capital will consist of 102,879,224 shares. The Company does
not hold any shares in treasury. Shareholders may use these
figures as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change to their interest in, the Company under the FCA's Disclosure
and Transparency Rules.
Market Abuse Regulation (MAR)
Disclosure
Certain information contained in this
announcement would have been deemed inside information for the
purposes of Article 7 of Regulation (EU) No 596/2014 until the
release of this announcement.
About Mkango Resources
Limited
Mkango's primary business is the 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 three
exclusive prospecting licenses in Malawi, the Phalombe licence, the
Thambani licence and the Chimimbe Hill licence.
The main exploration target in the 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.
In November 2017, Mkango entered into an
agreement with Talaxis, a wholly owned subsidiary of Noble Group
Limited, whereby, subject to regulatory approval, Talaxis will
fully fund a feasibility study for Songwe by investing £12 million
(C$20 million) for a 49% interest in the project. Talaxis will also
have the option to acquire a further 26% interest in the project by
arranging funding for project development.
In addition, by investing a further £2 million
(C$3.3 million), Talaxis may acquire a 49% interest in a new
venture to be established by Mkango focused on neodymium alloy
powders, magnet and other technologies. This includes the
collaboration with Metalysis Ltd announced in September 2017, which
is focused on advanced alloys using neodymium or praseodymium with
other elements for permanent magnet manufacturing.
Permanent magnets are critical materials for
most electric vehicles, direct drive wind turbines and many other
high growth applications. Neodymium is a key rare earth component
at Songwe.
Talaxis and Mkango have also agreed to cooperate
as preferred partners on rare earths projects worldwide and on
other projects in Malawi.
The main exploration targets of Mkango's
remaining two licences are, in the Thambani licence, uranium,
niobium, tantalum and zircon and, in the Chimimbe Hill licence,
nickel and cobalt.
For more information, please visit
www.mkango.ca.
Cautionary Note Regarding
Forward-Looking Statements
This news release may contain forward-looking
statements. 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, delays in obtaining
financing or governmental or stock exchange approvals. The
forward-looking statements contained in this press release are made
as of the date of this press 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 |
Canada: +1 403 444
5979 |
|
www.mkango.ca |
|
@MkangoResources |
|
|
|
Blytheweigh |
|
Financial Public
Relations |
|
Tim Blythe, Camilla
Horsfall, Nick Elwes |
|
UK: +44 207 138
3204 |
|
|
|
SP Angel
Corporate Finance LLP |
|
Nominated Adviser and
Broker |
|
Jeff Keating, Caroline
Rowe |
|
UK: +44 20 3470
0470 |
|
|
|
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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