Uranium Earn-in Agreement with Mkango

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[{"type":"text","content":"\n \nTHIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.\n\nThis announcement is for information purposes only and is not a prospectus and not an offer of securities for sale in any jurisdiction, including in the United States, Australia, Canada, Japan and South Africa.\n\n29 April 2019\n\nMetalNRG plc\n\n(The \"Company\" or “MetalNRG”)\n\n      Earn-in Agreement with Mkango Resources Limited in connection with an uranium project in Malawi\n\nMetalNRG plc (NEX:MNRG) today announces that the Company and Mkango Resources Limited, a company dual-listed on the TSX-Venture Exchange and the AIM market of the London Stock Exchange (“Mkango”) have entered into a Non-Binding Heads of Terms Agreement (the “Heads of Terms Agreement”), setting out their intention to enter into an earn-in agreement (the “Transaction Agreement”) for MetalNRG to earn up to 75% of the economic interest in the Thambani Licence controlled by Mkango in Southern Malawi over a 3 year period. The Thambani Licence entitles Mkango to conduct exploration activities over certain territory in Southern Malawi for uranium, niobium and tantalum.\n\nThe Heads of Terms Agreement provides that the parties will enter into the Transaction Agreement on or before 30th June 2019. Under the proposed Transaction Agreement:\n\n\nMetalNRG must spend, within 12 months of the date of the Transaction Agreement, US$500,000 on exploration within the Thambani project area in Malawi, in connection with drilling approximately 1,500 metres on the exploration area covered by the Thambani Licence (the “Initial Workplan”).  The details of the Initial Workplan will be determined in conjunction with Mkango. The completion of this Initial Workplan shall entitle MetalNRG to a 25% economic interest in the uranium assets and operations which are the subject of the Thambani Licence. \n\nAfter the completion of the Initial Workplan, MetalNRG may elect to explore and develop further the exploration area covered by the Thambani Licence by spending a further US$700,000 over the following 12 months (the “Second Workplan”...

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