REG - Mkango Resources Ltd - Q1 2023 financials and award of options and RSUs

Mkango ResourcesAnnouncement

30/05/2023 07:15

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RNS Number : 8953A  Mkango Resources Limited  30 May 2023

 

 

 

 

MKANGO RESOURCES
LTD.

550 Burrard
Street

Suite
2900

Vancouver

BC V6C
0A3

Canada

 

30 May 2023

 

Mkango releases Q1 2023 financial statements and awards share options and RSUs

 

LONDON and VANCOUVER, British Columbia, 30 May 2023 (GLOBE NEWSWIRE) -- Mkango
Resources Ltd (AIM / TSX-V:MKA) (the "Company" or "Mkango"), is pleased to
announce that it has released the Financial Statements and Management's
Discussion and Analysis for the 3-month period ending 31 March 2023. The
reports are available under the Company's profile on SEDAR (www.sedar.com) and
on the Company's website (https://mkango.ca/investors/financials/
(https://mkango.ca/investors/financials/) ).

 

Furthermore, the Company announces that, subject to regulatory approval,
Mkango has granted 3,350,000 stock options over 3,350,000 common shares of the
Company ("Options") to directors, officers, employees and consultants of the
Company in accordance with the Company's existing Option Plans.

The Options have an exercise price of $0.2025 CDN per common share, being the
same price at the equity placing announced on 13 February 2023. The options
will vest over the next two years and are valid for a period of ten years from
the date of the grant. Furthermore, certain options will, subject to certain
exceptions, only vest if the Company has finalized the Mining Development
Agreement ("MDA") in Malawi and secured the mining license for the Songwe Hill
rare earths project.

1,775,000 of these Options are granted to the following directors and officers
in accordance with the Company's stock Option Plans.

Details of the Options being issued to Directors and PDMRs are set out below:

 Name of director/officer  Proposed New Options  Total Options held  Special Vesting Conditions
 Derek Linfield            250,000               3,410,000           Finalised MDA and secured Mining License

 Chairman
 Alexander Lemon           287,500               6,547,500           Finalised MDA and secured Mining License

 President
 William Dawes             287,500               6,547,500           Finalised MDA and secured Mining License

 Chief Executive Officer
 Shaun Treacy              175,000               1,370,000           Finalised MDA and secured Mining License

 Non-Executive Director
 Susan Muir                175,000               1,370,000           Finalised MDA and secured Mining License

 Non-Executive Director
 Philipa Varris            400,000               400,000             No special vesting conditions

 Non-Executive Director

 Robert Sewell             375,000               725,000             Finalised MDA and secured Mining License

 Chief Financial Officer

 

The Company has also issued 575,000 Restricted Share Units ("RSU") to Will
Dawes and Alexander Lemon (287,500 Restricted Share Units each).  Each RSU is
exchangeable, on vesting, for 1 common share of the Company.  In addition to
the normal vesting condition contained in the RSU Plan, these RSUs will not
vest, until the MDA is finalised and the Mining License is secured.

Following this grant of Options and RSUs, the total number of ordinary shares
under option is 24,125,000, representing 9.9 per cent of the Company's total
issued share capital.

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the
European Union (Withdrawal) Act 2018. Upon the publication of this
announcement via Regulatory Information Service, this inside information is
now considered to be in the public domain.

 

For further information, please contact:

 

 Mkango Resources Limited                                                         Canada: +1 403 444 5979

 William Dawes

 Chief Executive Officer

 will@mkango.ca (mailto:will@mkango.ca)

 Alexander Lemon

 President

 alex@mkango.ca (mailto:alex@mkango.ca)

 Robert Sewell

 Chief Financial Officer

 rob@mkango.ca (mailto:rob@mkango.ca)

 www.mkango.ca (http://www.mkango.ca)

 @MkangoResources

 Tavistock                                                                        UK: +44 (0) 20 7920 3150

 PR and IR Adviser

 Jos Simson, Cath Drummond

 mkango@tavistock.co.uk (mailto:mkango@tavistock.co.uk)

 SP Angel Corporate Finance LLP                                                   UK: +44 20 3470 0470

 Nominated Adviser and Joint Broker

 Jeff Keating, Kasia Brzozowska

 Alternative Resource Capital                                                     UK: +44 20 7186 9004/5

 Joint Broker

 Alex Wood, Keith Dowsing

 Bacchus Capital Advisers                                                         UK: +44 203 848 1642

 Financial Adviser                                                                UK: +44 7857 857 287

 Richard Allan

 richard.allan@bacchuscapital.co.uk (mailto:richard.allan@bacchuscapital.co.uk)

 

About Mkango

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 listed on the AIM Market of the London Stock Exchange
("AIM") and the Toronto Venture Exchange ("TSX-V").

Mkango is developing its Songwe Hill rare earths project ("Songwe Hill") in
Malawi with a Feasibility Study completed in July 2022 and an Environmental,
Social and Health Impact Assessment approved by the Government of Malawi in
January 2023. 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 (http://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.

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 (http://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, the availability of (or delays in obtaining) financing to
develop Songwe Hill, , governmental action and other market effects on global
demand and pricing for the metals Mkango is exploring and developing, and
geological, technical and regulatory matters relating to the development of
Songwe Hill, 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.

 

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)    Shaun Treacy

                                                                             5)    Susan Muir

                                                                             6)    Philipa Varris

                                                                             7)    Robert Sewell

 2.            Reason for the notification
 a)            Position/status:                                              8)    Chairman

                                                                             9)    President

                                                                             10)  Chief Executive Officer

                                                                             11)  Non-Executive Director

                                                                             12)  Non-Executive Director

                                                                             13)  Non-Executive Director

                                                                             14)  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 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 exercisable for Common Shares with no par value
 c)            Price(s) and volume(s):                                       Price(s)            Volume(s)
                                                                             1)    C$0.2025      250,000

                                                                             2)    C$0.2025      287,500

                                                                             3)    C$0.2025      287,500

                                                                             4)    C$0.2025      175,000

                                                                             5)    C$0.2025      175,000

                                                                             6)    C$0.2025      400,000

                                                                             7)    C$0.2025      375,000

               Aggregated information:                                       1,950,000

               Aggregated volume:

Price(s)        Volume(s)
               Price:                                                        1)-7) C$0.2025  1,950,000

 
 e)            Date of the transaction:                                      30 May 2023
 f)            Place of the transaction:                                     Outside a trading venue

Aggregated information:

Aggregated volume:

Price:

1,950,000

 

 Price(s)        Volume(s)
 1)-7) C$0.2025  1,950,000

 

e)

Date of the transaction:

30 May 2023

f)

Place of the transaction:

Outside a trading venue

 

 

 1.            Details of the person discharging managerial responsibilities/person closely
               associated
 a)            Name:                                                         1)    William Dawes

                                                                             2)    Alexander Lemon

 2.            Reason for the notification
 a)            Position/status:                                              1)    Chief Executive Officer

                                                                             2)    President

 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:  Restricted Share Units exchangeable for common shares with no par value

               Identification code:

                                                                             CA60686A4090
 b)            Nature of the transaction:                                    Issue
 c)            Price(s) and volume(s):                                       Price(s)            Volume(s)
                                                                             1)    C$0.2025      287,500

                                                                             2)    C$0.2025      287,500

               Aggregated information:                                       575,000

               Aggregated volume:

Price(s)        Volume(s)
               Price:                                                        1)-2) C$0.2025  575,000

 
 e)            Date of the transaction:                                      30 May 2023
 f)            Place of the transaction:                                     Outside a trading venue

Aggregated information:

Aggregated volume:

Price:

575,000

 

 Price(s)        Volume(s)
 1)-2) C$0.2025  575,000

 

e)

Date of the transaction:

30 May 2023

f)

Place of the transaction:

Outside a trading venue

 

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