CALGARY, AB--(Marketwired - Dec 30, 2016) - Mkango Resources Limited (TSX VENTURE: MKA) (AIM: MKA)
TSXV / AIM: MKA
MKANGO RESOURCES LTD.
706 27 Avenue NW,
Calgary, Alberta T2M 2J3
MKANGO RECIEVES REGULATORY APPROVAL FOR NOBLE TRANSACTION AND CLOSES £450,000 PLACING
THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
Calgary, Alberta: December 30, 2016 - Mkango Resources Ltd. (TSXV / AIM: MKA) (the "Company" or "Mkango"), is pleased to announce that it has received regulatory approval for its previously announced agreement (the "Agreement") to collaborate with Noble Resources International ("Noble") in the rare earths sector and for the £450,000 placing (the "Placing") with existing shareholders and new institutional investors.
The press release relating to the Agreement can be accessed via the following link: http://www.mkango.ca/s/news.asp?ReportID=773885. In connection with the Agreement, Mkango has issued 12 million common share purchase warrants ("Warrant") to Noble, aligning Noble's interests with those of Mkango's shareholders. Each whole Warrant will entitle Noble to acquire one common share of the Company at a price of 6.6 UK pence until December 30, 2018. The Warrants give Noble the right to acquire up to a 12.5% interest in Mkango. In connection with the Agreement and in respect of ongoing advice in the Asian and Australian markets, Zenith Advisory Services Pty Ltd. has been issued with warrants to acquire 1.2 million common shares of the Company on the same terms as those issued to Noble.
Complementary to and on the basis of the Agreement, Mkango completed a Placing of 12,857,124 common shares at 3.5 UK pence per common share ("Share") to raise £450,000 (£430,125 net of finders' fees). As a result two specialist Swiss mutual funds, the Rare Earth Elements Fund and the Metals Exploration Fund, each hold an interest of 3.6% in Mkango.
For further information on Mkango, please contact:
SP Angel Corporate Finance LLP
Nominated Adviser and Broker
Jeff Keating, Caroline Rowe
UK: +44 20 3470 0470
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