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Mkango Resources Ltd Closes First Tranche of Private Placement


Friday, 1 Mar 2013 02:23pm EST 

Mkango Resources Ltd announced that it has closed the first tranche of its non-brokered private placement of units (the "Units") announced in its press release of February 25, 2013. 4,285,715 Units were issued to Leo Mining and Exploration Limited ("Leominex") at a price of CAD0.175 per Unit for gross cash proceeds of CAD750,000. Each Unit consists of one common share ("Common Share") and one-half of a Common Share purchase warrant ("Warrant") of Mkango. 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 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 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. 

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30 Sep 2014