Quarterly Results for the 3 months ending 30 June 2023
Shares issued to Bacchus Capital
LONDON and VANCOUVER, British Columbia, 25 August 2023 (GLOBE NEWSWIRE) -- Mkango Resources Ltd (AIM / TSX-V:MKA) (the "Company" or "Mkango"), is pleased to announce that it has released its Financial Statements and Management Discussion and Analysis for the 6-month period ended 30 June 2023. The reports are available under the Company's profile on the SEDARplus website (https://www.sedarplus.com/landing page) and on the Company's website (https://mkango.ca/investors/financials/).
Furthermore, Mkango has agreed to issue 280,678 shares (the "Shares") to Bacchus Capital Advisors Limited ("Bacchus Capital"), an arm's length party to Mkango, in connection with the strategic and financial advisory services provided by Bacchus Capital to the Company for the period from 1 April 2023 to 30 June 2023. The value of the Shares is equivalent to a monthly retainer of US$15,000 for April and May 2023 and a reduced monthly retainer of US$5,000 for June 2023 and the Shares were issued at a deemed price per Share of C$0.1650, based on the closing price of the common shares of Mkango on 30 June 2023 and an exchange rate of US$1:C$1.3232. Pursuant to the agreement with Bacchus Capital, Shares are issuable to it on a quarterly basis, based on the closing price of the shares of Mkango on the last trading day in the applicable quarter. The issuance of the Shares to Bacchus Capital remains subject to the approval of the TSV Venture Exchange ("TSX-V").
The Shares may not be sold through the facilities of the TSX-V or, absent a prospectus exemption, otherwise to a resident of Canada until four months and one day from the date of issue. The Shares will rank pari passu with the Company's existing shares.
Admission to trading on AIM and Total Voting Rights
Application has been made for the Shares to be admitted to trading ("Admission") on the AIM Market of the London Stock Exchange ("AIM"). It is expected that Admission will become effective and dealings in the Shares will commence at 8:00 am on or around 4 September 2023. The Shares will also trade on the TSX-V. In accordance with the Disclosure Guidance and Transparency Rules (DTR 5.6.1R) the Company hereby notifies the market that immediately following Admission, its issued share capital will consist of 243,711,543 shares. The Company does not hold any shares in treasury. Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.
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.