Mkango Resources Ltd (AIM:MKA, TSX-V:MKA, FRA:ZMK, OTC:MKNGF) said it has received approval from the Toronto Venture Exchange to issue around 23mln new shares at a price of 24p each, raising £5.52mln from new and existing investors.
The company also said that subscriptions from related parties, being Resource Early Stage Opportunities Company (RESOC) for 1.67mln new shares and Derek Linfield for 2.92mln shares, remain conditional on approval from shareholders which will be sought at the firm’s Annual General and Special Meeting to be held on October 6, 2021.
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In addition to the new shares, Mkango said it has issued 344,815 non-transferable warrants to the brokers who advised in connection with the placing, each of which are exercisable for a period of 12 months at a price of 24p each.