Mkango closes three-million-British-pound financing

Executive Summary

• Mkango Resources Ltd. closed a private placement raising gross proceeds of £3 million (≈ US$5.6 M) via issuance of 10 million common shares at £0.30 each.
• The transaction also included 5 million subscriber warrants (½ warrant per share) exercisable at £0.45 for two years, and a separate 500,000 broker‑warrants issued to Jub Capital Management LLP exercisable at £0.30 for three years.
• Net proceeds of £2.8 million (≈ US$5.3 M) will be used to fund ongoing recycling development costs in Germany and the United Kingdom and general corporate expenses.

Key Details

• Gross proceeds: £3,000,000 (≈ US$5.6 M).
• Subscription price: £0.30 per share (≈ US$0.56).
• Shares issued: 10,000,000 common shares.
• Subscriber warrants: 5,000,000 warrants (½ warrant per subscription share); each whole warrant allows purchase of one share at £0.45 for two years (expires Oct 2 2027).
• Broker warrants to Jub Capital Management LLP: 500,000 warrants; exercisable at £0.30 per share for three years (expires Feb 3 2026).
• Statutory hold period (Canada): All issued shares and warrants subject to hold until Feb 3 2026 (subscription shares) / Feb 6 2026 (listed on TSX‑V).
• Net proceeds after fees: £2,800,000 (≈ US$5.3 M).
• Use of proceeds: Finance continuing recycling development costs in Germany and the United Kingdom; fund ongoing corporate expenses.
• Listing: Subscription shares admitted to trading on AIM and will also be listed on TSX‑V.
• Post‑closing share capital: 345,992,907 total outstanding shares; no treasury shares.
• Regulatory condition: Closing subject to final acceptance by the TSX Venture Exchange.

Notable Quotes

(No executive quotes were provided in the release.)