TIDMMKA
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/).
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
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 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
), 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.
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END
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