1st Nov 2021 17:57
Mkango Resources Ltd - Vancouver-based explorer for rare earth elements - Gains final approval from the TSX Venture Exchange for Mkango's acquisition of the 49% interest in Lancaster Exploration Ltd, which owns the Songwe Hill rare earths project in Malawi, as well as a 25% interest in Miginito Ltd, which holds a 25% sticks in rare earth magnet recycler HyProMag Ltd.
Mkango will pay the consideration through the issue of 54.2 million shares, and following the transaction will have full ownership of Lancaster and Maginito.
"We are extremely pleased to finalise our restructuring of the Talaxis interests and to welcome Talaxis as a significantly increased shareholder in Mkango. The resulting structure, with Mkango holding 100% of Songwe, Maginito and Mkango Polska, gives us a streamlined platform to move all the assets forward, maximising synergies and allowing us to accelerate our integrated mine, refine, recycle strategy to develop a rare earths mine in Malawi, a separation plant in Poland and, through our interest in HyProMag, a rare earth magnet recycling business in the UK," says Chair Derek Linfield.
Current stock price: 31.50 pence
Year-to-date change: up 80%
By Dayo Laniyan; [email protected]
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