Mkango Resources Ltd. (AIM/TSX-V: MKA) (the “Company” or “Mkango”)
and CoTec Holdings Corp. (TSX-V: CTH) (“CoTec”) are pleased to
announce that, further to the announcements on 30 May and 21 June
2022, CoTec has agreed to advance a further £500,000 (C$755,000) to
Mkango by way of a convertible advance note (the “Advance”) and
Mkango has agreed to extend CoTec’s exclusivity period with respect
to the proposed transaction, announced on 30 May 2022, until 30
November 2022. The Advance is to be completed no later than 15
September 2022. The terms of the Advance are consistent with the
terms of the £500,000 advance that CoTec provided to Mkango in June
2022 (the “Initial Advance”). The conversion rights associated with
the Advance remain subject to TSX Venture Exchange approval.
CoTec may extend exclusivity to 31 December 2022
by completing the £2 million (C$3 million) convertible note to
Mkango (“Mkango Note”) by 15 October 2022. The value of the Advance
and the Initial Advance will be off-set against the Mkango
Note.
Market Abuse Regulation (MAR)
Disclosure
The information contained within this
announcement is deemed by the Company to
constitute inside information as stipulated under the
Market Abuse Regulations (EU) No. 596/2014 ('MAR') which
has been incorporated into UK law by the European Union
(Withdrawal) Act 2018. Upon the publication of this
announcement via Regulatory Information Service, this inside
information is now considered to be in the public domain.
About Mkango
Resources Limited
Mkango's corporate strategy is to develop new
sustainable primary and secondary sources of neodymium,
praseodymium, dysprosium and terbium to supply accelerating demand
from electric vehicles, wind turbines and other clean technologies.
This integrated Mine, Refine, Recycle strategy differentiates
Mkango from its peers, uniquely positioning the Company in the rare
earths sector.
Mkango is developing Songwe Hill in Malawi with
a Feasibility Study completed in July 2022. Malawi is known as "The
Warm Heart of Africa", a stable democracy with existing road, rail
and power infrastructure, and new infrastructure developments
underway.
In parallel, Mkango and Grupa Azoty PULAWY,
Poland's leading chemical company and the second
largest manufacturer of nitrogen and compound fertilizers in
the European Union, have agreed to work together towards
development of a rare earth Separation Plant at Pulawy in Poland
(the “Pulawy Separation Plant”). The Pulawy Separation Plant will
process the purified mixed rare earth carbonate produced at Songwe
Hill.
Through its ownership of Maginito
(www.maginito.com), Mkango is also developing green technology
opportunities in the rare earths supply chain, encompassing
neodymium (NdFeB) magnet recycling as well as innovative rare earth
alloy, magnet, and separation technologies. Maginito holds a 42%
interest in UK rare earth (NdFeB) magnet recycler, HyProMag
(www.hypromag.com) with an option to increase its interest to
49%.
Mkango also has an extensive exploration
portfolio in Malawi, including the Mchinji rutile exploration
project, the Thambani uranium-tantalum-niobium-zircon project and
Chimimbe nickel-cobalt project.
For more information, please
visit www.mkango.ca
About CoTec Holdings Corp.
CoTec is an ESG-focused company investing in
innovative technologies that have the potential to fundamentally
change the way metals and minerals can be extracted and processed.
The Company is committed to supporting the transition to a lower
carbon future for the extraction industry, a sector on the cusp of
a green revolution as it embraces technology and innovation. CoTec
is listed on the TSX Venture Exchange under the symbol CTH.
For more information, please
visit www.cotec.ca.
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, and CoTec. Generally,
forward looking statements can be identified by the use of words
such as “plans”, “expects” or “is expected to”, “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.
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, completion of the
Transactions, governmental action relating to COVID-19, COVID-19
and other market effects on global demand and pricing for the
metals and associated downstream products for which Mkango is
exploring, researching and developing, factors relating the
development of the Mkango UK Pilot Plant, the Pulawy Separation
Plant, including the outcome and timing of the completion of the
feasibility studies, cost overruns, complexities in building and
operating the Separation Plant, changes in economics and government
regulation, the positive results of a feasibility study on the
Pulawy Separation Plant and Songwe and delays in obtaining
financing or governmental approvals for, and the impact of
environmental and other regulations relating to, Songwe, the Mkango
UK Pilot Plant and the Pulawy Separation Plant. 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 and
CoTec disclaim any intention and assume 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 and CoTec undertake 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 |
Canada: +1 403 444 5979 |
|
www.mkango.ca |
|
@MkangoResources |
|
|
|
BlytheRay |
|
Financial Public Relations |
|
Tim Blythe |
|
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, Keith Dowsing |
|
UK: +44 20 7186 9004/5 |
|
|
|
For further information on CoTec, please
contract: |
|
|
|
CoTec Holdings Corp. |
|
Braam Jonker |
|
Chief Financial Officer |
|
braam.jonker@cotec.ca |
|
Canada: +1 604 992-5600 |
|
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.
Cotec (TSXV:CTH)
Historical Stock Chart
Von Nov 2024 bis Dez 2024
Cotec (TSXV:CTH)
Historical Stock Chart
Von Dez 2023 bis Dez 2024