Mkango Resources Ltd. (AIM:MKA) (TSX-V:MKA) (the
"
Company" or "
Mkango") announces
that Derek Linfield, Non-Executive Chairman of the Company,
exercised 351,909 warrants at an exercise price of C$0.15 each on
28 February 2018. The consideration received by the Company will be
C$52,786.
The 351,909 new common shares without par value
(“New Shares”) arising from the exercise of these warrants 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 or
around 6 March 2018. The New Shares will also trade on the Toronto
Venture Exchange.
Following completion of the exercise of
warrants, Derek Linfield now holds 1,706,228 shares in the Company
which will represent 1.57 per cent. of the total issued share
capital and voting rights of the Company.
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 108,650,055 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
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 is currently commencing a Feasibility Study.
Under the terms of an agreement with Talaxis,
Talaxis will fully fund a feasibility study for Songwe by investing
£12 million (C$21 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. If Talaxis exercises its option,
Mkango will retain a 25% interest, free carried to production. To
date, Talaxis has invested £5 million (C$8.8 million), which is
funding the initial phase of the Feasibility Study, for a 20%
interest in the project with Mkango holding 80%.
By investing a further £2 million (C$3.3
million), Talaxis will acquire a 49% interest in Maginito Ltd, a
new subsidiary of 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. To date, Talaxis has invested £1 million
(C$1.8 million) for a 24.5% interest in Maginito with Mkango
holding 75.5%.
The main exploration targets in Mkango’s
remaining two 100% held 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 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, 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 |
|
|
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.
NOTIFICATION AND PUBLIC DISCLOSURE OF
TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND
PERSONS CLOSELY ASSOCIATED WITH THEM
1. |
Details of the person discharging managerial
responsibilities/person closely associated |
a) |
Name: |
Derek Linfield |
2. |
Reason for the notification |
a) |
Position/status: |
Non-Executive Chairman |
b) |
Initial notification/Amendment: |
Initial notification |
3. |
Details of the issuer, emission allowance
market participant, auction platform, auctioneer or auction
monitor |
a) |
Name: |
Mkango Resources Ltd |
b) |
LEI: |
213800RPILRWRUYNTS85 |
4. |
Details of the transaction(s): section to be
repeated for (i) each type of instrument; (ii) each type of
transaction; (iii) each date; and (iv) each place where
transactions have been conducted |
a) |
Description of the financial instrument, type of instrument: |
Common shares without par value |
Identification code: |
CA60686A4090 |
b) |
Nature of the transaction: |
Exercise of warrants |
c) |
Price(s) and volume(s): |
|
Price(s) |
Volume(s) |
C$0.15 |
351,909 |
d) |
Aggregated information: |
Single transaction as in 4 c) above |
Aggregated volume: |
Price(s) |
Volume(s) |
Price: |
C$0.15 |
351,909 |
|
|
e) |
Date of the transaction: |
28-Feb-18 |
f) |
Place of the transaction: |
Outside a trading venue |
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