(Alliance News) - Mkango Resources Ltd announced on Monday that it has raised funds totalling GBP900,000.
The Canadian-based mineral exploration and development company raised GBP750,000 through the issuance, on a private basis, of 15 million shares at 5 pence each.
Meanwhile, Chief Executive Officer William Dawes has invested GBP150,000.
The proceeds will be used to purchase long lead time equipment in Germany and acquire additional equipment for its Tyseley Energy Park recycling facility in Birmingham, UK.
This comes as the company prepares to make its first commercial sales of recycled magnets using hydrogen processing recycling technology, and follows a recent cost-cutting exercise to streamline its operations and focus on recycling.
In addition to this, Mkango has launched a strategic review to evaluate options for its Songwe Hill rare earths Project in Malawi as well as its Pulawy rare earths separation project in Poland.
Shares in Mkango Resources were down 15% to 6.56p each in London on Monday afternoon.
By Elijah Dale, Alliance News reporter
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Mkango Res (MKA)