MKANGO RESOURCES LTD.
550 Burrard Street
Suite 2900
Vancouver
BC V6C 0A3
Canada
MKANGO CLOSES PRIVATE
PLACEMENT
London / Vancouver: 20 November 2024
- Mkango Resources Ltd. (AIM/TSX-V: MKA) is
pleased to announce that further to the Company's announcements of
28 October 2024 and 8 November 2024 , it has now closed its private
placement through the issuance of 1,583,332 common shares of the
Company (the "Placement Shares") at a price per Placement Share of
6 pence ("p") (approximately C$0.108, using
the Bank of Canada exchange rate as of closing on 25 October 2024
of £1:C$1.8005) (the "Private Placement") to management.
Of the total, 666,666 shares have
been issued to William Dawes, 666,666 shares to Alexander Lemon and
250,000 shares to Robert Sewell, structured for tax and regulatory
reasons as a cash bonus and private placement of the after-tax
amounts of the bonus. The value of the after-tax bonus invested in
the shares of the Company is £40,000 (C$72,020) for William Dawes
and Alexander Lemon, and £15,000 (C$27,008) for Robert
Sewell.
Admission to trading on AIM and Total Voting
Rights
The Placement Shares will rank pari
passu with the Company's existing shares and application has been
made for the Placement Shares to be admitted to trading on AIM
("Admission"). It is expected that Admission will become effective
and dealings in the Placement Shares will commence at 8:00am on or
around 22 November 2024.
In accordance with the Disclosure
Guidance and Transparency Rules (DTR 5.6.1R) the Company hereby
notifies the market that immediately following Admission of the
Placement Shares, its issued and outstanding share capital will
consist of 295,036,906 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 Financial
Conduct Authority's Disclosure and Transparency Rules.
The Placement Shares will also be
listed for trading on the TSX-V and will be subject to a statutory
hold period in Canada expiring on 20 March 2025.
About Mkango Resources Ltd.
Mkango is listed on the AIM and the TSX-V. Mkango's
corporate strategy is to become a market leader in the production
of recycled rare earth magnets, alloys and oxides, through its
interest in Maginito Limited ("Maginito"), which is owned 79.4 per
cent by Mkango and 20.6 per cent by CoTec, and to develop new
sustainable sources of neodymium, praseodymium, dysprosium and
terbium to supply accelerating demand from electric vehicles, wind
turbines and other clean energy technologies.
Maginito holds a 100 per cent
interest in HyProMag and a 90 per cent direct and indirect interest
(assuming conversion of Maginito's convertible loan) in HyProMag
GmbH, focused on short loop rare earth magnet recycling in the UK
and Germany, respectively, and a 100 per cent interest in Mkango
Rare Earths UK Ltd ("Mkango UK"), focused on long loop rare earth
magnet recycling in the UK via a chemical route.
Maginito and CoTec are also
rolling out HyProMag's recycling technology into the United States
via the 50/50 owned HyProMag USA LLC joint venture company.
HyProMag is also evaluating other jurisdictions,
and recently launched a collaboration with Envipro on rare earth
magnet recycling in Japan.
Mkango also owns the advanced stage Songwe Hill rare
earths project and an extensive rare earths, uranium, tantalum,
niobium, rutile, nickel and cobalt exploration portfolio in Malawi,
and the Pulawy rare earths separation project in Poland.
For more information, please
visit www.mkango.ca
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
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, Keith Dowsing
UK: +44 20 7186 9004/5
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.