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RNS Number : 7541C
Mkango Resources Limited
02 October 2018
MKANGO RESOURCES LTD.
706 27 Avenue NW,
Calgary, Alberta T2M 2J3
MKANGO ANNOUNCES RESULTS OF ANNUAL GENERAL AND SPECIAL
MEETING
London / Calgary, October 2, 2018 - Mkango Resources Ltd.
(AIM/TSX-V: MKA) (the "Company" or "Mkango") is pleased to announce
that shareholders have approved all resolutions at the Annual
General and Special Meeting (the "Meeting") held in Toronto
today.
At the Meeting, a special resolution was passed, approving the
making of an application to the Registrar of Corporations under the
Business Corporations Act (Alberta) (the "ABCA") and to the
Registrar of Companies under the Business Corporations Act (British
Columbia) (the "BCBCA") to continue the Company from the
jurisdiction of Alberta pursuant to the ABCA into the jurisdiction
of British Columbia pursuant to the BCBCA.
Also pursuant to the Meeting, Mr Shaun Reginald Treacy, has been
appointed as a Director of the Company. Mr Treacy, aged 52, is a
senior strategic and financial adviser. He is based in Sydney,
Australia and is currently Chief Investment Officer for the private
equity firm, Arete Capital Partners, and previously held senior
investment banking positions with JPMorgan, Lehman Brothers, Nomura
and UBS.
The following details in relation to the appointment of Mr
Treacy are disclosed in accordance with Schedule 2(g) of the AIM
Rules:
Current directorships Past directorships held within
the last five years
------------------------------- -------------------------------
Arete Capital Partners Pty ltd Peloton ltd
CFPT Pty ltd
CDG Pty ltd
Zenith Advisory Services Pty
ltd
Mr Treacy currently holds 714,285 common shares without par
value in the share capital of the Company, which represents 0.65
per cent. of the issued share capital of the Company. Mr Treacy
also holds 335,000 options in the Company, details of which are
included in the announcement of 31 August 2018.
Mr Treacy also holds 1.2 million warrants in the Company through
Zenith Advisory Services Pty ltd.
All other business put forth at the Meeting was also approved by
shareholders of the Company, including:
- the election of Derek Linfield, William Dawes, Alexander
Lemon, Adrian Reynolds, Susan Muir and Sandra du Toit as Directors
of the Company;
- re-appointment of Meyers Norris Penny LLP as auditors of the Company; and
- approval of the Company's stock option plan in accordance with
the policies of the TSX Venture Exchange.
About Mkango Resources Limited
Mkango's primary business is exploration for rare earth elements
and associated minerals in the Republic of Malawi, a country whose
hospitable people have earned it a reputation as "the warm heart of
Africa". The Company holds interests in three exclusive prospecting
licenses in Malawi, the Phalombe licence, the Thambani licence and
the Chimimbe Hill licence.
The main exploration target in the 80% held Phalombe licence is
the Songwe Hill rare earths deposit, which features
carbonatite-hosted rare earth mineralisation and was subject to
previous exploration in the late 1980s. Mkango completed an updated
Pre-Feasibility Study for the project in November 2015 and a
Feasibility Study is currently underway, the initial phases of
which include the recently completed 10,900 metre drilling
programme.
Pursuant to an agreement with Talaxis Limited, Talaxis is fully
funding the Feasibility Study by investing GBP12 million for a 49%
interest in the project (via Mkango subsidiary Lancaster
Exploration Ltd). Talaxis will also have the option to acquire a
further 26% interest by arranging funding for project development
including funding the equity component thereof.
For more information, please visit www.mkango.ca.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement may have been
deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements (within
the meaning of that term under applicable securities laws) with
respect to Mkango, its business and the Project. Generally, forward
looking statements can be identified by the use of words such as
"plans", "expects" or "is expected", "scheduled", "estimates"
"intends", "anticipates", "believes", or variations of such words
and phrases, or statements that certain actions, events or results
"can", "may", "could", "would", "should", "might" or "will", occur
or be achieved, or the negative connotations thereof. Forward
looking statements in this news release include statements with
respect to the global market for products using the rare earth
metals the Company is exploring for, completion of the feasibility
study and of the transactions contemplated in the agreement with
Talaxis, as well as the use of proceeds from the investments into
the Company by Talaxis and the timing of such expenditures. Readers
are cautioned not to place undue reliance on forward-looking
statements, as there can be no assurance that the plans, intentions
or expectations upon which they are based will occur. By their
nature, forward-looking statements involve numerous assumptions,
known and unknown risks and uncertainties, both general and
specific, that contribute to the possibility that the predictions,
forecasts, projections and other forward-looking statements will
not occur, which may cause actual performance and results in future
periods to differ materially from any estimates or projections of
future performance or results expressed or implied by such
forward-looking statements. Such factors and risks include, without
limiting the foregoing, market demand for the metals and associated
downstream products for which Mkango is exploring, researching and
developing, the positive results of a feasibility study on the
Project, delays in obtaining financing or governmental or stock
exchange approvals. The forward-looking statements contained in
this news release are made as of the date of this news release.
Except as required by law, the Company disclaims any intention and
assumes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by applicable law. Additionally,
the Company undertakes no obligation to comment on the expectations
of, or statements made by, third parties in respect of the matters
discussed above.
For further information on Mkango, please contact:
Mkango Resources Limited
William Dawes Alexander Lemon
Chief Executive Officer President
will@mkango.ca alex@mkango.ca
UK: +44 207 3722 744
Canada: +1 403 444 5979
www.mkango.ca
@MkangoResources
Blytheweigh
Financial Public Relations
Tim Blythe, Camilla Horsfall, Julia Tilley
UK: +44 207 138 3204
SP Angel Corporate Finance LLP
Nominated Adviser and Joint Broker
Jeff Keating, Caroline Rowe
UK: +44 20 3470 0470
Alternative Resource Capital
Joint Broker
Alex Wood, Rob Collins
UK: +44 20 7186 9004; +44 20 7186 9001
The TSX Venture Exchange has neither approved nor disapproved
the contents of this press release. Neither the TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any equity or other securities of
the Company in the United States. The securities of the Company
will not be registered under the United States Securities Act of
1933, as amended (the "U.S. Securities Act") and may not be offered
or sold within the United States to, or for the account or benefit
of, U.S. persons except in certain transactions exempt from the
registration requirements of the U.S. Securities Act.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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