REG - Mkango Resources Ltd - MKANGO CLOSES PRIVATE PLACEMENT

Mkango ResourcesAnnouncement

13/03/2025 12:30

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RNS Number : 5978A  Mkango Resources Limited  13 March 2025

 

 

 

 

MKANGO RESOURCES LTD.

550 Burrard Street

Suite 2900

Vancouver

BC V6C 0A3

Canada

 

MKANGO CLOSES PRIVATE PLACEMENT

 

London / Vancouver: 13 March 2025 - Mkango Resources Ltd. (AIM/TSX-V: MKA)
(the "Company" or "Mkango") announces that, further to the Company's
announcement on 28 February 2025, it has closed its private placement through
the issuance of 577,271 common shares of the Company (the "Placement Shares")
at a price per Placement Share of 11 pence ("p") (approximately C$0.205, using
the Bank of Canada exchange rate as of closing on 12 March 2025 of
£1:C$1.8649 (The "Private Placement") to management.

Of the total, 236,363 shares have been issued to William Dawes, 236,363 shares
to Alexander Lemon and 104,545 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 £26,000 (C$48,487) for William Dawes and Alexander Lemon,
and £11,500 (C$21,446) for Robert Sewell.

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 and outstanding share capital will consist of 326,843,532 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 have been admitted to trading on AIM on 12 March 2025 and
will also be listed for trading on the TSX-V and will be subject to a
statutory hold period in Canada expiring on 13 July 2025.

About Mkango

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.

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.

Songwe Hill is one of the few rare earths projects to have progressed to the
Definitive Feasibility Stage, with an expected life of mine of 18 years,
producing a 55% mixed rare earth carbonate, yielding 1,953 tons per annum of
NdPr and 56 tons per annum of DyTb.

Mkango's proposed Pulawy separation facility site, located in a Special
Economic Zone in Poland, stands adjacent to the EU's second largest
manufacturer of nitrogen fertilisers, and features established infrastructure,
access to reagents and utilities on site.

Mkango has signed a letter of Intent with Crown PropTech Acquisitions to list
Mkango's Songwe Hill and Pulawy Rare Earths Projects on NASDAQ via a SPAC
Merger.

For more information, please visit www.mkango.ca (about:blank)

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
"targeted", "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, receipt of TSX-V approval for the Subscription, the
availability of (or delays in obtaining) financing to develop Songwe Hill, and
the various recycling plants in the UK, Germany and the US as well as the
separation plant in Poland, governmental action and other market effects on
global demand and pricing for the metals and associated downstream products
for which Mkango is exploring, researching and developing, geological,
technical and regulatory matters relating to the development of Songwe Hill,
the ability to scale the HPMS and chemical recycling technologies to
commercial scale, competitors having greater financial capability and
effective competing technologies in the recycling and separation business of
Maginito and Mkango, availability of scrap supplies for recycling activities,
government regulation (including the impact of environmental and other
regulations) on and the economics in relation to recycling and the development
of the various recycling and separation plants of Mkango and Maginito and
future investments in the United States pursuant to the cooperation agreement
between Maginito and CoTec, the outcome and timing of the completion of the
feasibility studies, cost overruns, complexities in building and operating the
plants, and the positive results of feasibility studies on the various
proposed aspects of Mkango's, Maginito's and CoTec's activities. 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.com

@MkangoResources

 

SP Angel Corporate Finance LLP

Nominated Adviser and Joint Broker

Jeff Keating, Jen Clarke, Devik Mehta

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.

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)    William Dawes

                                                                         2)    Alexander Lemon

                                                                         3)    Robert Sewell
 2          Reason for the notification
 a)         Position/status                                              1)    Chief Executive Officer

                                                                         2)    President and Co-Founder

                                                                         3)    Chief Financial Officer
 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 of nil par value each

            Identification code                                          ISIN: CA60686A4090

 b)         Nature of the transaction                                     Issue of Common Shares in connection with a Private Placement
 c)         Price(s) and volume(s)                                                         Price(s)       Volume(s)

                                                                                         1)    11p      236,363

                                                                                           2)    11p      236,363

                                                                                           3)    11p      104,545
 d)         Aggregated information

            - Aggregated volume

            - Price

Price(s)  Volume(s)
                                                                         1-3) 11p  577,271
 e)         Date of the transaction                                      28 February 2025
 f)         Place of the transaction                                     Outside a trading venue

d)

 

Aggregated information

- Aggregated volume

- Price

 

 

 

 

 Price(s)  Volume(s)
 1-3) 11p  577,271

e)

Date of the transaction

28 February 2025

f)

Place of the transaction

Outside a trading venue

 

 

 

 

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