Mkango Resources Ltd. (AIM/TSX-V: MKA) (the
"
Company" or "
Mkango") is pleased
to announce that shareholders have approved all resolutions at the
Annual General Meeting (the “
Meeting”) held in
Toronto today.
All business put forth at the Meeting was
approved by shareholders of the Company, including:
- approval of the
previously announced acquisition on 5 August 2021 by Mkango of
Talaxis’ 49% interest in Lancaster Exploration Limited, which owns
the Songwe Hill Rare Earths Project in Malawi, and Talaxis’ 24.5%
interest in Maginito Limited (“Maginito”), which holds a 25%
interest in rare earth magnet recycler HyProMag Limited
(“HyProMag”), for 54,166,666 common shares in Mkango (the
“Acquisition”);
- approval of the investments by and
issuance of 2,916,666 shares to Mr. Derek Linfield, Director of the
Company, and 1,666,666 shares to Resource Early Stage Opportunities
Company (“RESOC”) pursuant to the previously announced placing on 5
August 2021 (together, the “Subscription Shares”);
- the re-election
of Derek Linfield, William Dawes, Alexander Lemon, Susan Muir and
Shaun Treacy as Directors of the Company;
- the election of
Stephen Motteram as a Director of the Company (subject to closing
of the Acquisition and to completion of a normal due diligence
exercise by the Company's nominated adviser);
- appointment of
BDO LLP as auditors of the Company and authorising the Directors to
fix their remuneration; and
- approval of the
Company’s amended stock option plan, the Enterprise Management
Incentive (EMI) plan and the Restricted Stock Unit (RSU) plan in
accordance with the policies of the TSX Venture Exchange, full
details of which are set out in this circular: Mkango Final 2021
Notice_Circular (002).pdf
Completion of the Acquisition and the issuances
of the Subscription Shares to Mr. Derek Linfield and RESOC are
expected to occur prior to the end of October 2021. A further
announcement will be made as appropriate.
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 ('RIS'), this inside information is now
considered to be in the public domain.
About Mkango
Resources Limited
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 developing Songwe Hill in Malawi with
a Feasibility Study targeted for completion in Q1 2022. 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 recently announced that
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 Separation Plant will process the purified
mixed rare earth carbonate produced at Songwe.
Through its subsidiary Maginito
(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. Maginito holds a 25%
interest in UK rare earth (NdFeB) magnet recycler, HyProMag
(www.hypromag.com) with an option to increase its interest to
49%.
Mkango also has an extensive exploration
portfolio in Malawi, including the Mchinji rutile project, the
Thambani uranium-tantalum-niobium-zircon project and Chimimbe
nickel-cobalt project.
For more information, please
visit 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, its business, completion
of the Acquisition, HyProMag, the Separation Plant and Songwe.
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,
regulatory approval for the Acquisition, technical and commercial
risks in scaling up HyProMag’s business to commercial production,
governmental action relating to COVID-19, COVID-19 and other market
effects on global demand and pricing for the metals and associated
downstream products for which Mkango is exploring, researching and
developing, factors relating the development of the Separation
Plant, including the outcome and timing of the completion of the
feasibility studies, cost overruns, complexities in building and
operating the Separation Plant, changes in economics and government
regulation, the positive results of a feasibility study on Songwe
Hill and delays in obtaining financing or governmental approvals
for, and the impact of environmental and other regulations relating
to, Songwe Hill and the Separation Plant. 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 assumes 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.ca |
|
@MkangoResources |
|
|
|
Blytheweigh |
Financial Public Relations |
|
Tim Blythe |
|
UK: +44 207 138 3204 |
|
|
|
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 |
|
|
|
Bacchus Capital Advisers |
Strategic and Financial Adviser |
|
Richard Allan, Andrew Krelle |
|
UK: +44 20 3848 1642 / +44 79 5636 2903 |
|
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.
Mkango Resources (TSXV:MKA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Mkango Resources (TSXV:MKA)
Historical Stock Chart
From Apr 2023 to Apr 2024