REG - Mkango Resources Ltd - MKANGO CLOSES PRIVATE PLACEMENT

Mkango ResourcesAnnouncement

20/11/2024 07:00

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RNS Number : 8702M  Mkango Resources Limited  20 November 2024

 

 

 

 

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 (http://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 (http://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.

 

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