Leo Mining and Exploration Limited Acquires 4,285,715 Units of Mkango Resources Ltd.

Fri Mar 1, 2013 3:11pm EST

* Reuters is not responsible for the content in this press release.


Leo Mining and Exploration Limited

March 1, 2013 - 03:10:44 PM

Leo Mining and Exploration Limited Acquires 4,285,715 Units of Mkango
Resources Ltd.

LONDON, UNITED KINGDOM--(Marketwire - March 1, 2013) - Leo Mining and
Exploration Limited  ("Leominex") is pleased to announce that it has acquired
4,285,715 units (the "Units") of Mkango Resources Ltd. ("Mkango") on a
non-brokered private placement basis at a price per Unit of C$0.175 and for an
aggregate subscription price of C$750,000. Each Unit consists of one common
share (a "Common Share") and one-half of one common share purchase warrant of
Mkango (a "Warrant"). Each whole Warrant entitles the holder to acquire one
Common Share for C$0.35 for a period of 12 months following the closing date
of the financing. Where the closing price of the common shares on the TSX
Venture Exchange equals or exceeds C$0.40 for 20 consecutive trading days
following the date that is four months and one day after the date of issuance
of the Warrants, the Corporation shall have the right to require conversion of
the Warrants at the exercise price upon 30 days' notice. Leominex acquired the
Units pursuant to a subscription agreement dated March 1, 2013.

After giving effect to the acquisition referred to above, Leominex owns and
controls a total of 24,138,614 Common Shares, representing approximately 58%
of the issued and outstanding Common Shares of Mkango on an undiluted basis.
Leominex also owns and controls a total of 2,142,857 Warrants. 

Leominex acquired the Units for investment purposes. Leominex may, depending
on market and other conditions, increase or decrease its beneficial ownership
control or direction over the Common Shares through market transactions,
private agreements, treasury issuances, exercise of options, warrants,
convertible securities or otherwise. 

Leominex's registered office is located at Palm Grove House, PO Box 438, Road
Town, Tortola, British Virgin Islands. For further information or to obtain a
copy of Leominex's early warning report please visit Mkango's profile on SEDAR
at www.sedar.com.

Leo Mining and Exploration Limited
Alexander Lemon
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.