Mkango Resources Ltd (CVE:MKA) has completed a share consolidation in anticipation of its impending listing on London’s Alternative Investment Market, commonly referred to as ‘Aim’, in the middle of this month.
The company completed a C$1.8mln placing, and will consolidate shares at a ratio of three old shares to one new share.
The consolidation has been approved by the TSX Venture Exchange and directors of Mkango expect the shares to list on London’s junior market on 15 June, 2016, or shortly thereafter
It currently has roughly 121mln issued and outstanding common shares, but after the consolidation, this will reduce to around 40mln.
Mkango will retain its listing on the TSX Venture Exchange.
The expected proceeds of the placing will provide the corporation with sufficient working capital for a minimum period of one and a half years from completion of the placing, Mkango said.