TIDMMKA
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/).
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 Special Vesting
held Conditions
Finalised MDA
Derek Linfield and secured Mining
Chairman 250,000 3,410,000 License
--------------------- -------------- --------------------
Finalised MDA
Alexander Lemon and secured Mining
President 287,500 6,547,500 License
--------------------- -------------- --------------------
William Dawes Finalised MDA
Chief Executive and secured Mining
Officer 287,500 6,547,500 License
--------------------- -------------- --------------------
Finalised MDA
Shaun Treacy and secured Mining
Non-Executive Director 175,000 1,370,000 License
--------------------- -------------- --------------------
Finalised MDA
Susan Muir and secured Mining
Non-Executive Director 175,000 1,370,000 License
--------------------- -------------- --------------------
Philipa Varris No special vesting
Non-Executive Director 400,000 400,000 conditions
--------------------- -------------- --------------------
Robert Sewell Finalised MDA
Chief Financial and secured Mining
Officer 375,000 725,000 License
--------------------- -------------- --------------------
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
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 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 ), 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. 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 Common shares of nil
instrument, type of instrument: 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
--------------------------------- -------------------------------------
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 Restricted Share Units
instrument, type of instrument: exchangeable for common
Identification code: shares with no par
value
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
----------------------------------- ----------------------------------
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END
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