Mkango Resources Ltd. (AIM/TSX-V: MKA) (the "Company" or "Mkango")
announces that, further to its press release of December 21, 2020,
it has issued 325,000 shares (the “Shares”) to Bacchus Capital
Advisors Limited (“Bacchus Capital”), in connection with the
financial advisory services provided by Bacchus Capital to the
Company for the period from December 18, 2020 to January 31,
2021. The Shares were issued at a deemed price per Share of
C$0.27.
The Shares may not be sold through the
facilities of the TSX-V or, absent a prospectus
exemption, otherwise to a resident of Canada until June
8, 2021. Final acceptance of the TSX Venture Exchange to the
issuance of the Shares has been obtained.
The Shares will rank pari passu with the
existing shares and application has been made for the Shares to be
admitted to trading on AIM ("Admission"). It is expected that
Admission will become effective and dealings in the Shares will
commence at 8:00am on or around February 11, 2021. The 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 135,525,721 shares. The Company does
not hold any shares in treasury. Shareholders may use this figure
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.
Mkango will issue a further 625,000 shares on 18
December 2021 should its engagement continue with the Company until
such date.
Mkango continues to work closely with Bacchus
Capital, whose mandate encompasses mergers and acquisitions,
takeover defence, strategic and other financial advice.
About
Mkango
Mkango’s corporate strategy is to develop new
sustainable primary and secondary sources of neodymium and
praseodymium to supply accelerating demand from electric vehicles,
wind turbines and other clean technologies.
Mkango is developing the 51% owned Songwe Hill
rare earths project in Malawi with the ongoing Feasibility Study
funded through a £12 million investment by strategic partner,
Talaxis Limited. Malawi is known as “The Warm Heart of Africa”, a
stable jurisdiction with major road, rail and power developments.
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.
In parallel, through its 75.5% interest in
Maginito Limited (www.maginito.com), Mkango is developing green
technology opportunities in the rare earths supply chain,
encompassing neodymium (NdFeB) magnet recycling as well as
innovative rare earth alloy, magnet and separation technologies,
and recently invested in UK rare earth (NdFeB) magnet recycler,
HyProMag Limited (www.hypromag.com).
Maginito’s strategy is underpinned by offtake
rights for sustainably sourced primary and secondary raw materials
from Songwe and HyProMag, respectively, and geared to accelerating
growth in the electric vehicle sector, wind power generation and
other industries driven by decarbonization of the economy.
Mkango also has an extensive exploration
portfolio in Malawi, including the recently announced Mchinji
rutile discovery, in addition to the Thambani
uranium-tantalum-niobium-zircon project and Chimimbe nickel-cobalt
project.
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. 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,
governmental action relating to COVID-19, COVID-19 and other market
effects on global 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 and
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 |
Canada: +1 403 444 5979 |
|
|
|
|
|
www.mkango.ca |
|
|
@MkangoResources |
|
|
|
|
|
Blytheweigh |
|
|
Financial Public Relations |
|
|
Tim Blythe |
|
|
UK: +44 207 138 3204 |
|
|
|
|
|
SP Angel Corporate Finance LLP |
|
|
Nominated Adviser and Joint Broker |
|
|
Jeff Keating, Caroline Rowe |
|
|
UK: +44 20 3470 0470 |
|
|
|
|
|
Alternative Resource Capital |
|
|
Joint Broker |
|
|
Alex Wood |
|
|
UK: +44 20 7186 9004 |
|
|
|
|
|
Bacchus Capital Advisers |
|
|
Strategic and Financial Adviser |
|
|
Richard Allan |
|
|
UK: +44 20 3848 1642 |
|
|
|
|
|
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.
Mkango Resources (TSXV:MKA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Mkango Resources (TSXV:MKA)
Historical Stock Chart
From Jul 2023 to Jul 2024