TIDMMKA
RNS Number : 2745Z
Mkango Resources Limited
14 December 2017
MKANGO RESOURCES LTD.
706 27 Avenue NW,
Calgary, Alberta T2M 2J3
MKANGO ANNOUNCES EXERCISE OF WARRANTS
London / Calgary: December 14, 2017 - Mkango Resources Ltd.
(AIM/TSX-V: MKA) (the "Company" or "Mkango") announces that
following the exercise of warrants over 151,515 common shares
without par value in the share capital of the Company ("New
Shares"), it has received an aggregate cash consideration of
GBP10,000 and is today issuing the equivalent number of New Shares.
The warrants are being exercised at 6.6 pence each.
The New Shares will rank pari passu with the existing shares and
application has been made for the New Shares to be admitted to
trading on AIM ("Admission"). It is expected that Admission will
become effective and dealings in the New Shares will commence at
8:00a.m. on 18 December 2017. The New Shares will also trade on the
Toronto Venture Exchange.
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 102,879,224 shares. The Company does not hold any shares
in treasury. Shareholders may use these figures 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
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
About Mkango Resources Limited
Mkango's primary business is the exploration for rare earth
elements and associated minerals in the Republic of Malawi, a
country whose hospitable people have earned it a reputation as "the
warm heart of Africa". The Company holds three exclusive
prospecting licenses in Malawi, the Phalombe licence, the Thambani
licence and the Chimimbe Hill licence.
The main exploration target in the Phalombe licence is the
Songwe Hill rare earths' deposit, which features carbonatite hosted
rare earth mineralisation and was subject to previous exploration
in the late 1980s. Mkango completed an updated Pre-feasibility
Study for the project in November 2015.
In November 2017, Mkango entered into an agreement with Talaxis,
a wholly owned subsidiary of Noble Group Limited, whereby, subject
to regulatory approval, Talaxis will fully fund a feasibility study
for Songwe by investing GBP12 million (C$20 million) for a 49%
interest in the project. Talaxis will also have the option to
acquire a further 26% interest in the project by arranging funding
for project development.
In addition, by investing a further GBP2 million (C$3.3
million), Talaxis may acquire a 49% interest in a new venture to be
established by Mkango focused on neodymium alloy powders, magnet
and other technologies. This includes the collaboration with
Metalysis Ltd announced in September 2017, which is focused on
advanced alloys using neodymium or praseodymium with other elements
for permanent magnet manufacturing.
Permanent magnets are critical materials for most electric
vehicles, direct drive wind turbines and many other high growth
applications. Neodymium is a key rare earth component at
Songwe.
Talaxis and Mkango have also agreed to cooperate as preferred
partners on rare earths projects worldwide and on other projects in
Malawi.
The main exploration targets of Mkango's remaining two licences
are, in the Thambani licence, uranium, niobium, tantalum and zircon
and, in the Chimimbe Hill licence, nickel and cobalt.
For more information, please visit www.mkango.ca.
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements.
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, delays in obtaining
financing or governmental or stock exchange approvals. The
forward-looking statements contained in this press release are made
as of the date of this press 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, Camilla Horsfall, Nick
Elwes
UK: +44 207 138 3204
SP Angel Corporate Finance LLP
Nominated Adviser and Broker
Jeff Keating, Caroline Rowe
UK: +44 20 3470 0470
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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