13,121,748 units of one share, a half-share warrant sold at C$0.175
By Devika Patel
Knoxville, Tenn., April 11 - Mkango Resources Ltd. said it raised C$1.55 million in the second and final tranche of a C$2.3 million oversubscribed non-brokered private placement of units. The deal priced for C$2 million on Feb. 25 and raised C$750,000 on March 1.
The company sold 13,121,748 units of one common share and one half-share warrant at C$0.175 per unit. It sold 4,285,715 units to Leo Mining and Exploration Ltd. in the first tranche and 8,836,033 units in the second.
Each whole warrant will be exercisable at C$0.35 for one year. The strike price is a 133.33% premium to the Feb. 24 closing share price of C$0.15.
Proceeds will be used for metallurgical test work, mine planning, environmental studies and other aspects required to move the project through the pre-feasibility stage, in addition to regional exploration and general corporate purposes.
Based in Calgary, Alta., Mkango mines for rare earths and other minerals.
| Issuer: | Mkango Resources Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2,296,306
|
| Units: | 13,121,748
|
| Price: | C$0.175
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.35
|
| Agent: | Non-brokered
|
| Investor: | Leo Mining and Exploration Ltd. (for C$750,000)
|
| Pricing date: | Feb. 25
|
| Settlement date: | March 1 (for C$750,000), April 11 (for C$1,546,306)
|
| Stock symbol: | TSX Venture: MKA
|
| Stock price: | C$0.15 at close Feb. 22
|
| Market capitalization: | C$5.99 million
|
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