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This IS the first time in 25 yrs that i have seen ANY placing at or around the current share price Normally they do placings 30 -40% lower to ensure 100% take up.
So that's a real big boost. Imo
*extract*
Strong market backdrop with accelerating demand for rare earths permanent magnets and increased focus on security of supply and recycling of rare earths
London / Vancouver: 5 August, 2021 - Mkango Resources Ltd. (AIM/TSX-V: MKA) (the "Company" or "Mkango") is pleased to announce that Mkango and Talaxis Limited ("Talaxis"), a subsidiary of Noble Group, have entered into an agreement (the "Agreement") whereby Mkango will acquire Talaxis' 49% interest in Lancaster Exploration Limited ("Lancaster"), which owns the Songwe Hill Rare Earths Project in Malawi ("Songwe Hill"), and Talaxis' 24.5% interest in Maginito Limited ("Maginito"), which holds a 25% interest in rare earths magnet recycler HyProMag Limited ("HyProMag"), for 54,166,666 Mkango shares (the "Transaction"), equivalent to £13m at the Placing Price (as defined below).
Complementary to the Transaction, Mkango has conditionally raised £5.52m (£5.29m net of fees) (the "Placing") from new and existing shareholders at a price of £0.24 (approx. C$0.42) per share (the "Placing Price"), including a proposed £700,000 investment by Non-Executive Chairman Derek Linfield.
Completion of the Placing and Transaction are subject to customary closing conditions and the approval of the TSX Venture Exchange ("TSX-V"). Completion of the Transaction and the investments proposed by Mr Linfield and Resource Early Stage Opportunities Company ("RESOC"), another related party proposing to participate in the Placing, are also subject to the approval of the independent shareholders of the Company. One additional investor has also made its participation in the Placing conditional on shareholder approval of the Transaction. Mkango has scheduled its Annual General and Special Meeting of Shareholders (the "Meeting") to approve, amongst other things, the Transaction and the investments by Mr Linfield and RESOC, on 6 October 2021. See "Related Party Transaction, Control Person Approvals and Other Regulatory Matters" below for further discussion.
On completion of the Transaction, Mkango will own 100% of Lancaster and Maginito, in addition to its existing wholly owned interests in Mkango Polska (which is developing a rare earth separation plant in Poland) and three other exploration licences in Malawi, which includes the exciting Mchinji exploration project.
https://www.investegate.co.uk/mkango-resources-ltd--mka-/rns/mkango-to-acquire-100--of-songwe-and-maginito/202108050700056764H/
The Transaction is expected to bring significant benefits to the Mkango group, including:
Great RNS better than my wildest dreams. We are heading in the right direction Future takeover may not be so far iff?
https://www.investegate.co.uk/mkango-resources-ltd--mka-/rns/mkango-to-acquire-100--of-songwe-and-maginito/202108050700056764H/
https://www.asktraders.com/analysis/mkango-resources-mka-shares-jump-on-deal-to-acquire-songwe-and-maginito/
Shares in Mkango Resources Ltd. rose Thursday after the company said it is increasing its ownership over the Songwe Hill rare earths project in Malawi and Maginito Ltd. to 100% for 13 million pounds ($18.1 million) in shares.
The London- and Toronto-listed mining company said it has entered into an agreement with a subsidiary of Noble Group Ltd. to acquire a 49% stake in Songwe Hill and a 24.5% interest in Maginito--which holds a 25% shareholding in rare earths magnet recycler HyProMag Ltd.
As consideration for the deal, Noble's subsidiary Talaxis Ltd. will receive 54.2 million shares in Mkango.
Moreover, Mkango said it has conditionally raised GBP5.5 million from new and existing shareholders at a price of 24 pence per new share, including a proposed GBP700,000 by Chairman Derek Linfield.
Excellent tweet by myles. Explains the rationale behind the deal.
THIS IS A GAME CHANGER !!!! Expect a mega deal offtake to be announced soon. Sp will sky rocket. Personally that deal is done hence they got 100% offtake back in control.
Great news to start the day! Still loads more to follow too! Would agree even more so to us being a buyout target, win win really what ever they do
Very positive for MKA. So much going on in the background.
No surprises for me. I thought this was happening behind the scenes. Now it is much easier to talk business with other parties. Big thumbs up here. Significant positive news and great directors investment. Wondering if Myles took place in the placing. He has been quiet lately.
This is big news. We the shareholders will see all the benefit in the coming months!
Would this not open us up for a take over by one of UK/US miners at substantially higher price?
Have to think how to buy more!