Mkango closes £2.34m private placement
A private placement by Aim-listed Mkango Resources to raise gross proceeds of £2.34-million through the issuance of 29.19-million common shares at a price per subscription share of 8p, has closed.
The company says the subscription shares have been issued pursuant to the private placement.
In addition to the subscription shares, the company has issued an aggregate of 1.46-million warrants to the brokers who advised in connection with the placing.
Each broker warrant is exercisable for a period of three years with an exercise price of 8p per broker warrant.
The net proceeds of the subscription, after fees, are £2.22-million and will be used to fund ongoing recycling development costs in Germany and the UK, and to fund ongoing corporate costs.
Mkango is developing the Songwe Hill rare earth mining project, in Malawi, along with rare earth recycling plants in Europe and the US.
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