Mkango Resources Ltd (AIM:MKA, TSX-V:MKA, OTC:MKNGF) said its placing of 28mln common shares at 12.5p per share has received conditional approval from the TSX Venture Exchange, a Canadian stock exchange.
The group has raised, therefore, £3.5mln from new and existing investors, according to a statement.
Application has been made for the shares to be admitted to trading on the AIM market of the London Stock Exchange with admission expected today. Following admission, the total issued share capital of the company is 243,206,548 shares.
Additionally, the Canadian mineral exploration company said it has issued 1.4mln non-transferable warrants to the brokers who advised on the placing, exercisable for a period of 12 months with a price of 12.5p per warrant.
On 14 February, Mkango said it had conditionally raised £3.5mln to finalise plans for the Songwe Hill rare earths project in Malawi and to start work on a magnet recycling facility in Germany.