TIDMMKA
RNS Number : 0620R
Mkango Resources Limited
27 February 2023
MKANGO RESOURCES LTD.
550 Burrard Street
Suite 2900
Vancouver
BC V6C 0A3
Canada
MKANGO PROVIDES UPDATE ON PLACING
London / Vancouver: February 27 , 2023 - Mkango Resources Ltd.
(AIM/TSX-V: MKA) (the "Company" or "Mkango") is pleased to announce
that further to the Company's announcement of February 13, 2023, it
has received conditional approval from the TSX Venture Exchange
("TSXV") for the issuance of 28,000,000 common shares of no par
value ("Placing Shares") at an issue price of GBP0.125 (approx.
C$0.2025) per Placing Share, raising GBP3.5 m (GBP3.25m net of
fees) from new and existing investors (the "Placing"). Receipt of
final approval from the TSXV is subject to satisfaction of
customary conditions.
Accordingly, 28,000,000 Placing Shares have now been issued
pursuant to the Placing. The Placing Shares are subject to a
statutory hold period in Canada expiring on June 28, 2023. In
addition to the Placing Shares, the Company has issued an aggregate
of 1,400,000 non-transferable warrants to the brokers who advised
in connection with the Placing. Each warrant is exercisable for a
period of 12 months with an exercise price of GBP0.125 per warrant.
The warrants (and the underlying shares) are subject to a statutory
hold period in Canada expiring on June 28, 2023.
Admission to trading on AIM and Total Voting Rights
Application has been made for the 28,000,000 Placing Shares,
which will rank pari passu with the existing common shares of no
par value each ("Common Shares") of the Company, to be admitted to
trading on AIM ("Admission") and it is expected that Admission of
the 28,000,000 Placing Shares will become effective and dealings
will commence at 8:00am on or around February 27, 2023.
Following the issue of these Placing Shares, the total issued
share capital of the Company will consist of 243,206,548 Common
Shares. The Company does not hold any Common Shares in Treasury.
Therefore, the total current voting rights in the Company following
Admission will be 243,206,548 and this figure may be used by
shareholders in the Company as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change in their interest in, the share capital of
the Company under the FCA's Disclosure Guidance and Transparency
Rules.
The Placing Shares will also be listed for trading on the TSX-V
and will be subject to a statutory hold period in Canada expiring
on the date that is four months and one day from issuance of the
Placing Shares.
About Mkango Resources Limited
Mkango's corporate strategy is to develop new sustainable
primary and secondary sources of neodymium, praseodymium,
dysprosium and terbium to supply accelerating demand from electric
vehicles, wind turbines and other clean technologies. This
integrated Mine, Refine, Recycle strategy differentiates Mkango
from its peers, uniquely positioning the Company in the rare earths
sector.
Mkango is developing Songwe Hill in Malawi with a Feasibility
Study completed in July 2022. Malawi is known as "The Warm Heart of
Africa", a stable democracy with existing road, rail and power
infrastructure, and new infrastructure developments underway.
In parallel, Mkango and Grupa Azoty PULAWY, Poland's leading
chemical company and the second largest manufacturer of nitrogen
and compound fertilizers in the European Union, have agreed to work
together towards development of a rare earth Separation Plant at
Pulawy in Poland (the "Pulawy Separation Plant"). The Pulawy
Separation Plant will process the purified mixed rare earth
carbonate produced at Songwe Hill.
Through its ownership of Maginito ( www.maginito.com ), Mkango
is also 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. Maginito holds a 42% interest in UK rare
earth (NdFeB) magnet recycler, HyProMag ( www.hypromag.com ), with
an option to increase its interest to 49%.
Mkango also has an extensive exploration portfolio in Malawi,
including the Mchinji rutile exploration project, the Thambani
uranium-tantalum-niobium-zircon project and Chimimbe nickel-cobalt
project.
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. Generally, forward looking statements can be
identified by the use of words such as "plans", "expects" or "is
expected to", "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 and pricing for the metals and
associated downstream products for which Mkango is exploring,
researching and developing, factors relating the development of the
Pulawy Separation Plant, the production facilities in
Baden-Württemberg State and Tyseley Energy Park (the "Plants"),
including the outcome and timing of the completion of the
feasibility studies, cost overruns, complexities in building and
operating the Plants, changes in economics and government
regulation, the positive results of feasibility studies and delays
in obtaining financing or governmental approvals for, and the
impact of environmental and other regulations relating to, Songwe
and the Plants. 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 assume
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
BlytheRay
Financial Public Relations
Tim Blythe
UK: +44 207 138 3204
SP Angel Corporate Finance LLP
Nominated Adviser and Joint Broker
Jeff Keating, Kasia Brzozowska
UK: +44 20 3470 0470
Alternative Resource Capital
Joint Broker
Alex Wood, Keith Dowsing
UK: +44 20 7186 9004/5
Bacchus Capital Advisers
Financial Adviser
Richard Allan
UK: +44 203 848 1642
UK: +44 7857 857 287
richard.allan@bacchuscapital.co.uk
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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END
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