Business
Mkango Resources Issues Shares to Bacchus Capital in Relation to Its Previously Announced Engagement as Strategic and Financial Advisor
LONDON and VANCOUVER, British Columbia, March 10, 2022 (GLOBE NEWSWIRE) -- Mkango Resources Ltd. (AIM/TSX-V: MKA) (the "Company" or "Mkango") announces that, fu
About this update from Mkango Resources Ltd.
[{"type":"text","content":" LONDON and VANCOUVER, British Columbia, March 10, 2022 (GLOBE NEWSWIRE) -- Mkango Resources Ltd. (AIM/TSX-V: MKA) (the \"Company\" or \"Mkango\") announces that, further to its press releases of December 21, 2020 and February 8, 2021, it has issued 625,000 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 December 18, 2021. The Shares were issued at a deemed price per Share of C$0.475. 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 4 July, 2022, being the date which is 4 months plus one day from issuance. Final acceptance of the TSX Venture Exchange (“TSX-V”) 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 15 March 2022. The Shares will also trade on the TSX-V. 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 215,206,548 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. About Mkango Mkango'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 nearing completion. Malawi is known as \"The Warm Heart of Africa\", a stable democracy with existing road, rail and power infrastructure, and new i...