Business
CoTec Provides Additional £500,000 Funding to Mkango
LONDON, UK and VANCOUVER, BC / ACCESSWIRE / September 7, 2022 / Mkango Resources Ltd. (AIM/T...
About this update from Mkango Resources Ltd.
[{"type":"text","content":"CoTec Provides Additional £500,000 Funding to MkangoLONDON, UK and VANCOUVER, BC / ACCESSWIRE / September 7, 2022 / Mkango Resources Ltd. (AIM/TSX-V:MKA) (the \"Company\" or \"Mkango\") and CoTec Holdings Corp. (TSX-V:CTH) (\"CoTec\") are pleased to announce that, further to the announcements on 30 May and 21 June 2022, CoTec has agreed to advance a further £500,000 (C$755,000) to Mkango by way of a convertible advance note (the \"Advance\") and Mkango has agreed to extend CoTec's exclusivity period with respect to the proposed transaction, announced on 30 May 2022, until 30 November 2022. The Advance is to be completed no later than 15 September 2022. The terms of the Advance are consistent with the terms of the £500,000 advance that CoTec provided to Mkango in June 2022 (the \"Initial Advance\"). The conversion rights associated with the Advance remain subject to TSX Venture Exchange approval.CoTec may extend exclusivity to 31 December 2022 by completing the £2 million (C$3 million) convertible note to Mkango (\"Mkango Note\") by 15 October 2022. The value of the Advance and the Initial Advance will be off-set against the Mkango Note.Market Abuse Regulation (MAR) DisclosureTheinformation contained withinthis 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 publicationof this announcementvia Regulatory Information Service, this inside information is now considered to be in the public domain.About Mkango Resources LimitedMkango'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 developing Songwe Hill in Malawi with a Feasibility Study completed in July 2022. 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 ...