3rd Feb 2025 16:58
Mkango Resources Ltd - Malawi-focused producer of recycled rare earth magnets, alloys, and oxides - Closes private placement raising gross proceeds of GBP2.3 million through the issue of 29.2 million shares at 8 pence each. Adds that it has issued 1.5 million warrants in aggregate to brokers who advised on the placing, with each warrant exercisable for three years with an exercise price of 8p per warrant. Notes net proceeds of GBP2.2 million from the subscription after fees. Mkango says it intends to use the proceeds to fund ongoing recycling development costs in Germany and the UK, as well as for ongoing corporate costs.
Current stock price: 9.66p, closed up 6.2% in London on Monday
12-month change: up 36%
By Christopher Ward, Alliance News reporter
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