Mkango Resources Ltd. (AIM / TSXV: MKA) (the “Company” or “Mkango”)
announces that further to the announcement of 29 August 2018, the
board has now granted each of Ms Susan Muir (Non-Executive
Director), Ms Sandra du Toit (Non-Executive Director) and Mr Shaun
Treacy (Consultant), 335,000 options at an exercise price of
C$0.16, being the higher of the TSX-V closing price of Mkango
shares on 27, 28 and 29 August 2018 (“Options”).
Each Option will entitle the holder thereof to
acquire one common share of Mkango, exercisable for a period of 10
years from the date of grant. The Options will vest in accordance
with Mkango's stock option plan or as otherwise required by the TSX
Venture Exchange (the "TSXV"). The grant of the Options is subject
to regulatory approval, including the approval of the TSXV.
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 Company’s
80%-held Phalombe licence is the Songwe, 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 (the “Feasibility Study”) is currently underway,
the initial phases of which include a major drilling programme.
Under the terms of an agreement with Talaxis
(the “Talaxis Agreement”), Talaxis agreed to fully fund the
Feasibility Study by investing £12 million for a 49% interest in
the Songwe 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. If Talaxis exercises its
option, Mkango will retain a 25% interest in Songwe, free carried
to production. To-date, Talaxis has invested £5 million, which is
funding the initial phase of the Feasibility Study, for a 20%
interest in the project with Mkango holding 80%.
Talaxis also agreed to invest a further £2
million to acquire a 49% interest in Maginito Ltd (“Maginito”), a
new subsidiary of Mkango focused on neodymium alloy powders,
magnets 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
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.
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: Songwe; Mkango’s board
of directors; the Meeting; the Corporation’s planned
transformation; the Feasibility Study; and the Talaxis Agreement,
the use of proceeds to the Company therefrom 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 |
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Alexander Lemon |
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Chief
Executive Officer |
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President |
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will@mkango.ca |
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alex@mkango.ca |
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UK:
+44 207 3722 744 |
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Canada: +1 403 444 5979 |
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www.mkango.ca |
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@MkangoResources |
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Blytheweigh |
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Financial Public Relations |
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Tim
Blythe, Camilla Horsfall, Julia Tilley |
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UK:
+44 207 138 3204 |
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SP Angel Corporate Finance LLP |
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Nominated Adviser and Joint Broker |
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Jeff
Keating, Caroline Rowe |
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UK:
+44 20 3470 0470 |
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Alternative Resource Capital |
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Joint
Broker |
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Alex
Wood, Rob Collins |
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UK:
+44 20 7186 9004; +44 20 7186 9001 |
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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
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1. |
Details of the person discharging managerial
responsibilities/person closely associated |
a) |
Name: |
Susan Muir |
2. |
Reason for the notification |
a) |
Position/status: |
Non-Executive Director |
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: |
Issue of options |
c) |
Price(s) and volume(s): |
|
Price(s) |
Volume(s) |
C$0.16 |
335,000 |
d) |
Aggregated information: |
Single transaction as in 4 c) above |
Aggregated volume: |
Price(s) |
Volume(s) |
Price: |
C$0.16 |
335,000 |
e) |
Date of the transaction: |
29-Aug-18 |
f) |
Place of the transaction: |
Outside a trading venue |
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1. |
Details of the person discharging managerial
responsibilities/person closely associated |
a) |
Name: |
Sandra du Toit |
2. |
Reason for the notification |
a) |
Position/status: |
Non-Executive Director |
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: |
Issue of options |
c) |
Price(s) and volume(s): |
|
Price(s) |
Volume(s) |
C$0.16 |
335,000 |
d) |
Aggregated information: |
Single transaction as in 4 c) above |
Aggregated volume: |
Price(s) |
Volume(s) |
Price: |
C$0.16 |
335,000 |
e) |
Date of the transaction: |
29-Aug-18 |
f) |
Place of the transaction: |
Outside a trading venue |
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|
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1. |
Details of the person discharging managerial
responsibilities/person closely associated |
a) |
Name: |
Shaun Treacy |
2. |
Reason for the notification |
a) |
Position/status: |
Consultant |
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: |
Issue of options |
c) |
Price(s) and volume(s): |
|
Price(s) |
Volume(s) |
C$0.16 |
335,000 |
d) |
Aggregated information: |
Single transaction as in 4 c) above |
Aggregated volume: |
Price(s) |
Volume(s) |
Price: |
C$0.16 |
335,000 |
e) |
Date of the transaction: |
29-Aug-18 |
f) |
Place of the transaction: |
Outside a trading venue |
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