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Provider: Reuters Investment Profile
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Mkango Resources Ltd Announces Private Placement


Monday, 25 Feb 2013 05:55am EST 

Mkango Resources Ltd announced a non-brokered private placement of up to 11,430,000 units at a price of CAD0.175 per Unit for gross cash proceeds of up to CAD2,000,250. Each Unit consists of one common share and one-half of a Common Share purchase warrant of Mkango. Each whole Warrant entitles the holder to acquire one Common Share for CAD0.35 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 CAD0.40 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. The Private Placement will be completed in two or more tranches. Under the first tranche of the Private Placement, 4,285,715 Units will be issued to Leo Mining and Exploration Limited at a price of CAD0.175 per Unit for gross cash proceeds of CAD750,000. The Corporation expects that this first tranche of the Private Placement will close on or about March 4, 2013. The use of proceeds from the Private Placement comprise further metallurgical test work, mine planning, environmental studies and other aspects required to move the project through the pre-feasibility stage, in addition to regional exploration and general corporate purposes. 

Company Quote

0.12
0.0050 +4.35%
11 Jul 2014