Sign up USA
Proactive Investors - Run By Investors For Investors

Mkango Resources gets regulatory approval for collaboration deal with Noble Resources

It also said it has obtained regulatory approval for a £450,000 placing with existing shareholders and new institutional investors.
Mkango Resources gets regulatory approval for collaboration deal with Noble Resources
Africa mine workers

Mkango Resources Ltd (LON:MKA, CVE:MKA) said today it has received regulatory approval for its previously announced agreement to collaborate with commodity trader Noble Resources.

It also said it has obtained regulatory approval for a £450,000 placing with existing shareholders and new institutional investors. 

READ: Mkango surges as Noble gets behind it ...

Mkango shares surged before Christmas on the news that Noble Resources is to lend its considerable weight to the rare earths explorer.

The group confirmed that it would issue 12 million warrants to Noble, with an exercise price of 6.6p.

Should Noble exercise all of the warrants, which have a life-span of two years, it would end up with a 12.5% stake in Mkango.

Noble, one of world's largest commodity traders and the largest in Asia, will identify the optimal markets and counter-parties for output from Mkango’s Songwe Hill rare earths project in Malawi.

Songwe Hill is in development and heading towards completion of a definitive feasibility study.

Noble will advise on the best strategy for the product mix at the project, and the optimal logistics route to take the project’s production to market.

Will Dawes, chief executive of Mkango, said at the time that the deal should transform the company.

Mkango has also completed the placing of shares at a price of 3.5p each which raised £450,000 from existing and new institutional investors.

As a result two specialist Swiss mutual funds, the Rare Earth Elements Fund and the Metals Exploration Fund, each hold an interest of 3.6% in Mkango.

The group said the main uses of the proceeds from the placing will be to accelerate the optimisation of the processing flow sheet and evaluation of product marketing options to facilitate further marketing, offtake and partnership discussions, as well as to evaluate additional opportunities and other expenditures.

View full MKA profile View Profile

Mkango Resources Ltd Timeline

Newswire
February 20 2017
Newswire
November 28 2016

Related Articles

Tinka_drilling_592c3d47d9b15.png
August 15 2017
The Ayawilca zinc zone already has an inferred mineral resource of 18.8 million tonnes at 8.2% zinc equivalent
Porto-portugal-1350648_1920.jpg
June 22 2017
He spoke to Proactive after the firm struck a deal, which sees it regain 100% of the Alvalade VMS project
NioCorp Developments steadily de-risking giant Nebraska super-alloys project
October 24 2017
Elk Creek is a superalloy materials project in southeast Nebraska...

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You understand that the Company receives either monetary or securities compensation for our services. We stand to benefit from any volume this write-up may generate.

You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Copyright © Proactiveinvestors.com, 2017. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use