Business
Mkango Resources Raises £3.5m (C$5.7m) to Catalyse Near Term Mining and Recycling Milestones
Highlights Mkango Resources (“Mkango” or the “Company”) has conditionally raised gross proceeds of £3.5 million (C$5.7 million) through its joint brokers SP Ang
About this update from Mkango Resources Ltd.
[{"type":"text","content":" Highlights Mkango Resources (“Mkango” or the “Company”) has conditionally raised gross proceeds of £3.5 million (C$5.7 million) through its joint brokers SP Angel Corporate Finance LLP (“SP Angel”) and Alternative Resource Capital (“ARC”), together with Merlin Partners LLP, with proceeds focused on catalysing near term milestones for the Company’s mining and recycling assets: Finalisation of the Mine Development Agreement (“MDA”) for the Songwe Hill Rare Earths Project (“Songwe”) with the Government of Malawi. This follows the definitive feasibility study announced in July 2022 and approval of the Environment, Social and Health Impact Assessment (“ESHIA”) announced in January 2023 Kick-start development of a new rare earth magnet recycling facility in Germany by HyProMag GmbH with minimum capacity of 100 tonnes per year (“tpa”) of NdFeB comprising recycled sintered magnets, alloys and powders with first production targeted for 2024. This complements the similar sized plant being developed at Tyseley Energy Plant in the UK by HyProMag Limited and the University of Birmingham, where first production is targeted for second half of 2023 Mkango is continuing to advance discussions with potential lenders and strategic investors for the Songwe Hill Rare Earths Project in Malawi and the Pulawy Separation Project in Poland (the “Projects”) The Projects will now be developed sequentially with initial focus on stand-alone development of Songwe to produce a mixed rare earth carbonate – next milestone is MDA approval, which is a key step towards project financing and development Economic studies to date indicate the Pulawy Separation Project can add significant value, and financing options to complete the feasibility study and develop as a stand-alone project continue to be evaluated Bacchus Capital Advisers has been appointed to provide strategic and corporate finance advice, including strategic financing options for Songwe and Pulawy LONDON and VANCOUVER, British Columbia, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Mkango Resources Ltd. (AIM/TSX-V: MKA) is pleased to announce that it has conditionally raised gross proceeds of £3.5 million (approximately C$5.7 million) via a placing and subscription totalling 28,000,000 new common shares without par value each in the Company (the “Placing Shares”) at a price of 12.5 pence (“p”) (approximately C$0.2...