Mkango Resources (MKA)

Sector:

Mining

Index:

FTSE AIM All-Share

21.25p
   
  • Change Today:
    -0.25p
  • 52 Week High: 37.50
  • 52 Week Low: 18.50
  • Currency: UK Pounds
  • Shares Issued: 215.21m
  • Volume: 147,898
  • Market Cap: £45.73m

Mkango conditionally raises £5.52m to help fund developments

By Josh White

Date: Monday 16 Aug 2021

LONDON (ShareCast) - (Sharecast News) - Mkango Resources has now received TSX-V conditional approval for the issue of 23,007,495 common shares at a price of 24p, or 42 Canadian cents, each, raising £5.52m from new and existing investors, it announced on Monday, as it continued development in Malawi and Poland.
The AIM-traded firm said subscriptions from related parties, being Resource Early Stage Opportunities Company (RESOC) for 1,666,666 shares and Derek Linfield for 2,916,666 shares, remained conditional on approval from shareholders at a meeting on 6 October.

An investor that had previously indicated its intention to delay its subscription for 350,000 shares until after the meeting had now informed the company that it no longer wished to delay such subscription.

As a result, 18,424,163 new shares had now been issued under the placing, with the remaining 4,583,332 shares to be issued on those shareholder approvals.

In addition to the new shares, the company said it had issued an aggregate of 344,815 non-transferable warrants to the brokers who advised on the placing.

Each warrant would be exercisable for 12 months, with an exercise price of 24p eacgm and would be subject to a statutory hold period in Canada expiring four months and one day from issue.

"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," the company's board said in its statement.

"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 targeted for completion in the first quarter of 2022."

Mkango said Malawi was known as 'the warm heart of Africa', adding that it was a "stable democracy" with existing road, rail and power infrastructure, and new infrastructure developments underway.

"In parallel, Mkango recently announced that Mkango and Grupa Azoty, Poland's leading chemical company and the second largest manufacturer of nitrogen and compound fertilisers in the European Union, have agreed to work together towards development of a rare earth separation plant at Pulawy in Poland.

"The separation plant will process the purified mixed rare earth carbonate produced at Songwe.

"Through its ownership of Maginito, Mkango is also developing green technology opportunities in the rare earths supply chain, encompassing neodymium magnet recycling as well as innovative rare earth alloy, magnet, and separation technologies."

Maginito holds a 25% interest in UK rare earth magnet recycler HyProMag, with an option to increase its interest to 49%.

"Mkango also has an extensive exploration portfolio in Malawi, including the Mchinji rutile discovery, for which assay results are pending, in addition to the Thambani uranium-tantalum-niobium-zircon project and Chimimbe nickel-cobalt project."

At 1029 BST, shares in Mkango Resources were up 0.21% at 30.06p.

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

MKA Market Data

Currency UK Pounds
Share Price 21.25p
Change Today -0.25p
% Change -1.16 %
52 Week High 37.50
52 Week Low 18.50
Volume 147,898
Shares Issued 215.21m
Market Cap £45.73m

MKA Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
56.51% below the market average56.51% below the market average56.51% below the market average56.51% below the market average56.51% below the market average
41.88% below the sector average41.88% below the sector average41.88% below the sector average41.88% below the sector average41.88% below the sector average
Price Trend
16.97% above the market average16.97% above the market average16.97% above the market average16.97% above the market average16.97% above the market average
26.39% above the sector average26.39% above the sector average26.39% above the sector average26.39% above the sector average26.39% above the sector average
Income Not Available
Growth Not Available

MKA Dividends

No dividends found

Trades for 28-Jun-2022

Time Volume / Share Price
12:42 5,000 @ 21.17p
11:10 35,000 @ 21.16p
10:18 5,000 @ 21.49p
10:07 70,000 @ 21.45p
09:44 11,664 @ 21.45p

MKA Key Personnel

CEO William (Will) Drummond Dawes

Top of Page