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Mkango Resources in unique position after £6mln funding boost

Will Dawes, chief executive of Mkango Resources Ltd. (LON:MKA) (TSX-V:MKA), tells Proactive's Andrew Scott that following recent shareholder and exchange approvals, investments totalling £6mln (C$10.5mln) made by Talaxis Limited have been received by the rare earths explorer’s subsidiaries.

Talaxis has invested £5mln (C$8.8mln) into Lancaster Exploration Limited - the subsidiary which holds the licence for the advanced stage Songwe Hill rare earths project in Malawi - in return for a 20% interest in the business.

They've also invested £1mln (C$1.8mln) into a new Mkango subsidiary, Maginito Limited, in return for a 24.5% interest in Maginito.

Quick facts: Mkango Resources Ltd

Price: 8.25 GBX

LSE:MKA
Market: LSE
Market Cap: £10.97 m
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Mkango Resources signs definitive agreement to develop Songwe Hill licence

Will Dawes, chief executive of Mkango Resources Ltd (LON:MKA), tells Proactive Investors they've signed off their agreement with trading group Noble to develop the Songwe Hill licence in Malawi. Talaxis, a subsidiary of Noble, will acquire up to 75% of Lancaster Exploration, which holds...

on 18/5/18

2 min read