Mkango Resources Ltd (AIM:MKA, TSX-V:MKA, OTC:MKNGF), the rare earths company, has closed a £12.5 million investment round to fund a potential acquisition in Germany and expand its operations there and in the UK.
The raise comprised a placing of 30.9 million shares at 33p each, generating approximately £10.2 million, alongside a retail offer, a subscription and a Canadian-listed issuer financing exemption (LIFE) offering.
Admission of the new shares has become effective on AIM, with conditional acceptance for listing on the TSX Venture Exchange subject to the usual closing conditions.
Mkango says the proceeds will support a potential acquisition in Germany, fund feasibility studies on the expansion of its UK and German processing plants, and cover working capital requirements.