REG - Mkango Resources Ltd - Results for the quarter ending 30 June 23

Mkango ResourcesAnnouncement

25/08/2023 07:00

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RNS Number : 4038K  Mkango Resources Limited  25 August 2023

 

 

 

 

MKANGO RESOURCES
LTD.

550 Burrard
Street

Suite
2900

Vancouver

BC V6C
0A3

Canada

 

25 August 2023

 

Quarterly Results for the 3 months ending 30 June 2023

Shares issued to Bacchus Capital

 

LONDON and VANCOUVER, British Columbia, 25 August 2023 (GLOBE NEWSWIRE) --
Mkango Resources Ltd (AIM / TSX-V:MKA) (the "Company" or "Mkango"), is pleased
to announce that it has released its Financial Statements and Management
Discussion and Analysis for the 6-month period ended 30 June 2023. The reports
are available under the Company's profile on the SEDARplus website
(https://www.sedarplus.com/landing page) and on the Company's website
(https://mkango.ca/investors/financials/
(https://mkango.ca/investors/financials/) ).

 

Furthermore, Mkango has agreed to issue 280,678 shares (the "Shares") to
Bacchus Capital Advisors Limited ("Bacchus Capital"), an arm's length party to
Mkango, in connection with the strategic and financial advisory services
provided by Bacchus Capital to the Company for the period from 1 April 2023 to
30 June 2023. The value of the Shares is equivalent to a monthly retainer of
US$15,000 for April and May 2023 and a reduced monthly retainer of US$5,000
for June 2023 and the Shares were issued at a deemed price per Share of
C$0.1650, based on the closing price of the common shares of Mkango on 30 June
2023 and an exchange rate of US$1:C$1.3232.  Pursuant to the agreement with
Bacchus Capital, Shares are issuable to it on a quarterly basis, based on the
closing price of the shares of Mkango on the last trading day in the
applicable quarter. The issuance of the Shares to Bacchus Capital remains
subject to the approval of the TSV Venture Exchange ("TSX-V").

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 four months and
one day from the date of issue. The Shares will rank pari passu with the
Company's existing shares.

 

Admission to trading on AIM and Total Voting Rights

Application has been made for the Shares to be admitted to trading
("Admission") on the AIM Market of the London Stock Exchange ("AIM"). It is
expected that Admission will become effective and dealings in the Shares will
commence at 8:00 am on or around 4 September 2023. The Shares will also trade
on the TSX-V. 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 243,711,543
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.

 

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 AIM and the 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 90% ownership of Maginito Limited (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.

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