Mkango Resources Ltd (AIM / TSX-V:MKA) (the “Company” or “Mkango”),
announces that, subject to regulatory approval, Mkango has granted
a total of 1,900,000 stock options (“Options”) to directors and
officers of the Company.
The Options have an exercise price of $0.11 CDN
per common share, will vest in four equal instalments over the next
two years, with the first tranche vesting immediately, and are
valid for a period of 10 years from the date of grant.
The Options granted to the following directors
are in accordance with the Company’s stock option plan pre-approved
by shareholders.
Optionee |
Granted Options |
Shaun Treacy, NED |
250,000 |
Sandra Du Toit, NED |
250,000 |
Susan Muir, NED |
250,000 |
William Dawes, CEO |
325,000 |
Alexander Lemon, President |
325,000 |
Adrian Reynolds, NED |
250,000 |
Derek Linfield, NED Chairman |
250,000 |
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.
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
four exclusive prospecting licences in Malawi:
the Phalombe licence, the Thambani licence, the Chimimbe Hill and
Mchinji licences.
The main exploration target in the 51% held
Phalombe licence is the Songwe Hill rare earths deposit. This
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 included a 10,900 metre drilling programme and an updated
mineral resource estimate, announced in February 2019. In March
2019, the Company announced receipt of a £7 million (C$12.3
million) investment from Talaxis to fund completion of the
Feasibility Study. Following completion of the Feasibility
Study, Talaxis has an option to acquire a further 26% interest in
Songwe by arranging financing for project development including
funding the equity component thereof.
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 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 LemonChief Executive
Officer
Presidentwill@mkango.ca
alex@mkango.caUK: +44 207 3722
744Canada: +1 403 444 5979www.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.
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: |
1) Derek Linfield |
2)
Alexander Lemon |
3)
William Dawes |
4)
Adrian Reynolds |
5) Shaun
Treacy |
6) Susan
Muir |
7) Sandra Du Toit |
2. |
Reason for the notification |
a) |
Position/status: |
1) Non-Executive Chairman |
2)
President and Executive Director |
3) Chief
Executive Officer |
4)
Non-Executive Director |
5)
Non-Executive Director |
6)
Non-Executive Director |
7) 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 Limited |
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 of nil pence each |
Identification code: |
CA60686A4090 |
b) |
Nature of the transaction: |
Issue of options |
c) |
Price(s) and volume(s): |
|
|
|
Price(s) |
Volume(s) |
|
|
1) |
$0.11 CDN |
250,000 |
|
|
2) |
$0.11 CDN |
325,000 |
|
|
3) |
$0.11 CDN |
325,000 |
|
|
4) |
$0.11 CDN |
250,000 |
|
|
5) |
$0.11 CDN |
250,000 |
|
|
6) |
$0.11 CDN |
250,000 |
|
|
7) |
$0.11 CDN |
250,000 |
|
|
d) |
Aggregated information: |
|
|
Single transactions as in 4 c) above |
Aggregated volume: |
|
|
Price(s) |
Volume(s) |
|
Price: |
|
|
$0.11 CDN |
1,900,000 |
|
|
|
e) |
Date of the transaction: |
29 August 2019 |
f) |
Place of the transaction: |
Outside a trading venue |
|
|
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