Mkango Raises £750,000 (C$1.3M) to Advance Rare Earth Magnet Recycling in United Kingdom and Germany, and Launches Strategic Review
LONDON and VANCOUVER, British Columbia, March 25, 2024 (GLOBE NEWSWIRE) -- Mkango Resources Ltd. (AIM/TSX-V: MKA) is pleased to announce that it has conditionally raised gross proceeds of £750,000 (approximately C$1.3 million) through the issuance, on a private placement basis, of 15,000,000 common shares of the Company (the “Subscription Shares”) at a price per Subscription Share of 5 pence (“p”) (approximately C$0.086) (the “Subscription”).
- As part of this process, the Company has decided to launch a review of strategic options for its Songwe Hill Rare Earths Project in Malawi as well as the Pulawy Rare Earths Separation Project in Poland.
- Mkango believes this strategic review will help maximise returns for its shareholders whilst it seeks to expand its recycling business.”
HyProMag is commercialising Hydrogen Processing of Magnet Scrap (“HPMS”) recycling technology in the UK, Germany and United States. - William Dawes, CEO and a director of the Company, has agreed to subscribe for 3,000,000 Subscription Shares, for £150,000.
- The issuance of the Subscription Shares to William Dawes was approved by the board of directors of Mkango, with William Dawes abstaining from voting.