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Mkango And CoTec Sign Definitive Agreements to Invest in Mkango, Maginito and To Collaborate in Rare Earth Technologies in United States
Highlights Mkango Resources Ltd ("Mkango") has signed definitive agreements with CoTec Hol...
About this update from Mkango Resources Ltd.
[{"type":"text","content":"Mkango And CoTec Sign Definitive Agreements to Invest in Mkango, Maginito and To Collaborate in Rare Earth Technologies in United StatesHighlightsMkango Resources Ltd (\"Mkango\") has signed definitive agreements with CoTec Holdings Corp. (\"CoTec\"), an ESG-focused company investing in innovative technologies, in relation to investments by CoTec into Mkango and Mkango's wholly owned subsidiary, Maginito Limited (\"Maginito\"), and collaboration in downstream rare earth technologies (the \"Transactions\"):Further to previously reported advances totalling £1,547,500 (C$2,545,018), CoTec has agreed to invest an additional £452,500 (C$744,181) into Mkango, and the parties have entered into a convertible loan agreement providing for a two-year, £2 million secured convertible loan from CoTec to Mkango (the \"Convertible Loan\") with 5% interest, convertible into Mkango shares at 27p each or into Maginito sharesCoTec has agreed to subscribe for shares equivalent to a 10% equity stake in Maginito for an investment of £1.5 million (C$2,466,900) with a closing date not later than 15th March 2023 (the \"Maginito Investment Closing\")Subject to the Magnito Investment Closing, Mkango and CoTec will enter into a co-operation agreement regarding future investments in rare earth processing technology opportunities in the United StatesThe Transactions are subject to various conditions, including Mkango subsidiary, Mkango Rare Earths UK Limited, becoming a wholly owned subsidiary of Maginito, and TSX Venture Exchange (\"TSXV\") approval.LONDON, UK and VANCOUVER, BC / ACCESSWIRE / February 1, 2023 / Mkango Resources Ltd. (AIM:MKA)(TSX-V:MKA) (the \"Company\" or \"Mkango\") and CoTec Holdings Corp (TSX-V:CTH) (\"CoTec\") are pleased to announce that they have signed definitive agreements in relation to a £2 million convertible loan agreement in Mkango, a £1.5 million equity investment in Maginito, and subject to Closing, a co-operation agreement regarding future investments in rare earth processing technology opportunities in the United States.£1,500,000 Maginito InvestmentCoTec has agreed to subscribe for shares in Maginito (\"Maginito Shares\"), equivalent to a post-issuance 10% equity stake, for an investment of £1.5 million (C$2,466,900) with a closing date not later than 15th March 2023.On the Maginito ...