Mkango Announces Closing Of Transaction To Acquire 100% Of The Songwe Hill Rare Earths Project And Maginito
Mkango Announces Closing Of Transaction To Acquire 100% Of The Songwe Hill Rare Earths Project And Maginito
11/01/21, 7:01 AM
Location
londonMkango Resources Ltd. (AIM/TSX-V: MKA) (the "Company" or "Mkango") is pleased to announce that it has received final approval from the TSX Venture Exchange in respect of the transaction announced on 5 August 2021 whereby Mkango has acquired (the “Acquisition”) the 49% interest of Talaxis Limited (“Talaxis”) in Lancaster Exploration Limited (“Lancaster”), which owns the Songwe Hill Rare Earths Project in Malawi, and Talaxis’ 24.5% interest in Maginito Limited (“Maginito”), which holds a 25% interest in rare earth magnet recycler HyProMag Limited (“HyProMag”), for common shares in the Company (the “Shares”) aggregating to 54,166,666 Shares (the “Acquisition Shares”). As a result of the Acquisition, Mkango owns 100% of the shares of Lancaster and 100% of the shares of Maginito.
Company Info
Location
London, England, United Kingdom
Company info
Mkango is developing Songwe Hill in Malawi with a Feasibility Study targeted for completion in Q1 2022. 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. Mkango also has an extensive exploration portfolio in Malawi, including the Mchinji rutile discovery, for which assay results are pending, in addition to the Thambani uranium-tantalum-niobium-zircon project and Chimimbe nickel-cobalt project.