TIDMMKA
RNS Number : 2138O
Mkango Resources Limited
08 February 2021
MKANGO RESOURCES LTD.
550 Burrard Street
Suite 2900
Vancouver
BC V6C 0A3
Canada
MKANGO ISSUES SHARES TO BACCHUS CAPITAL IN RELATION TO ITS
APPOINTMENT AS STRATEGIC AND FINANCIAL ADVISOR
London / Vancouver: February 8 , 2021 - Mkango Resources Ltd.
(AIM/TSX-V: MKA) (the "Company" or "Mkango") announces that,
further to its press release of December 21, 2020, it has issued
325,000 shares (the "Shares") to Bacchus Capital Advisors Limited
("Bacchus Capital"), in connection with the financial advisory
services provided by Bacchus Capital to the Company for the period
from December 18, 2020 to January 31, 2021. The Shares were issued
at a deemed price per Share of C$0.27.
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 June 8, 2021. Final acceptance of the TSX Venture
Exchange to the issuance of the Shares has been obtained.
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 8:00am on or
around February 11, 2021. The 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 135,525,721 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.
Mkango will issue a further 625,000 shares on 18 December 2021
should its engagement continue with the Company until such
date.
Mkango continues to work closely with Bacchus Capital, whose
mandate encompasses mergers and acquisitions, takeover defence,
strategic and other financial advice.
About Mkango
Mkango's corporate strategy is to develop new sustainable
primary and secondary sources of neodymium and praseodymium to
supply accelerating demand from electric vehicles, wind turbines
and other clean technologies.
Mkango is developing the 51% owned Songwe Hill rare earths
project in Malawi with the ongoing Feasibility Study funded through
a GBP12 million investment by strategic partner, Talaxis Limited.
Malawi is known as "The Warm Heart of Africa", a stable
jurisdiction with major road, rail and power developments.
Following completion of the Feasibility Study, Talaxis has an
option to acquire a further 26% interest in Songwe by arranging
financing for project development including funding the equity
component thereof.
In parallel, through its 75.5% interest in Maginito Limited (
www.maginito.com ), Mkango is 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, and recently invested in
UK rare earth (NdFeB) magnet recycler, HyProMag Limited (
www.hypromag.com ).
Maginito's strategy is underpinned by offtake rights for
sustainably sourced primary and secondary raw materials from Songwe
and HyProMag, respectively, and geared to accelerating growth in
the electric vehicle sector, wind power generation and other
industries driven by decarbonization of the economy.
Mkango also has an extensive exploration portfolio in Malawi,
including the recently announced Mchinji rutile discovery, in
addition to the Thambani uranium-tantalum-niobium-zircon project
and Chimimbe nickel-cobalt project.
For more information, please visit www.mkango.ca .
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement may have been
deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
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 and the Project. Generally, forward
looking statements can be identified by the use of words such as
"plans", "expects" or "is expected", "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, governmental action relating to COVID-19,
COVID-19 and other market effects on global demand for the metals
and associated downstream products for which Mkango is exploring,
researching and developing, the positive results of a feasibility
study on the Project and delays in obtaining financing or
governmental or stock exchange approvals. 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
UK: +44 20 7186 9004
Bacchus Capital Advisers
Strategic and Financial Adviser
Richard Allan
UK: +44 20 3848 1642
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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