TIDMMKA
RNS Number : 9863X
Mkango Resources Limited
02 May 2023
MKANGO RESOURCES LTD.
550 Burrard Street
Suite 2900
Vancouver
BC V6C 0A3
Canada
2 May 2023
Mkango releases year-end 2022 financial statements, appoints
Investor Relations Adviser and issues shares to Bacchus Capital
LONDON and VANCOUVER, British Columbia, 2 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 period ending 31 December 2022. 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/).
Furthermore, the Company announces that it has entered into an
agreement (the "Agreement") with Tavistock Communications Ltd
("Tavistock") to act as Mkango's retained communications and
investor relations adviser with immediate effect. As consideration
for the services to be provided, Tavistock will receive cash
compensation in the amount of GBP4,250 per month.
Tavistock is a leading corporate and financial communications
consultancy based in London. Tavistock currently holds no
securities of Mkango, however, Tavistock may from time to time
acquire or dispose of securities of the Company through the market,
privately or otherwise, as circumstances or market conditions
warrant and in accordance with applicable securities laws. The
Agreement can be terminated with three months' notice by either
party and is subject to the approval of the TSX Venture Exchange
("TSX-V").
Lastly, Mkango has issued 224,317 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 23 January 2023 to 31 March 2023. The
value of the Shares is equivalent to a monthly retainer of
US$15,000 (equivalent to C$24,000) and were issued at a deemed
price per Share of C$0.2025, based on the closing price of the
common shares of Mkango on 31 March 2023. 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
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
issuing of these shares is subject to TSX-V approval. The Shares
will rank pari passu with the existing shares and application has
been made for the Shares to be admitted to trading on AIM
("Admission"). It is expected that Admission will become effective
and dealings in the Shares will commence at 8:00 am on or around 11
May 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 243,430,865
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.
For further information, please contact:
Mkango Resources Limited Canada: +1 403 444 5979
William Dawes
Chief Executive Officer
will@mkango.ca
Alexander Lemon
President
alex@mkango.ca
Robert Sewell
Chief Financial Officer
rob@mkango.ca
www.mkango.ca
@MkangoResources
Tavistock UK: +44 (0) 20 7920 3150
PR and IR Adviser
Jos Simson, Cath Drummond
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
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") 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 ), 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
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 and CoTec. 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, the Tysley Recycling
Plant, the HyProMag GmbH Recycling Plant, the Mkango UK Pilot
Plant, the Pulawy Separation Plant, 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
Maginito's 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
Tysley Recycling Plant, the HyProMag GmbH Recycling Plant, the
Mkango UK Pilot Plant, the Pulawy Separation Plant and future
investments in the United States pursuant to the proposed
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 and
CoTec disclaim 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 and CoTec undertake 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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END
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