Mkango Resources Ltd (AIM / TSX-V: MKA) announce that it has released the Financial Statements and Management’s Discussion and Analysis for the 3-month period ending 31 March 2023. The reports are available under the Company’s profile on SEDAR (www.sedar.com) and on the Company’s website (https://mkango.ca/investors/financials/).
Furthermore, the Company announces that, subject to regulatory approval, Mkango has granted 3,350,000 stock options over 3,350,000 common shares of the Company (“Options”) to directors, officers, employees and consultants of the Company in accordance with the Company’s existing Option Plans.
The Options have an exercise price of $0.2025 CDN per common share, being the same price at the equity placing announced on 13 February 2023. The options will vest over the next two years and are valid for a period of ten years from the date of the grant. Furthermore, certain options will, subject to certain exceptions, only vest if the Company has finalized the Mining Development Agreement (“MDA”) in Malawi and secured the mining license for the Songwe Hill rare earths project.
1,775,000 of these Options are granted to the following directors and officers in accordance with the Company’s stock Option Plans.
Details of the Options being issued to Directors and PDMRs are set out below:
|
Name of director/officer |
Proposed New Options |
Total Options held |
Special Vesting Conditions |
|
Derek Linfield Chairman |
250,000 |
3,410,000 |
Finalised MDA and secured Mining License |
|
Alexander Lemon President |
287,500 |
6,547,500 |
Finalised MDA and secured Mining License |
|
William Dawes Chief Executive Officer |
287,500 |
6,547,500 |
Finalised MDA and secured Mining License |
|
Shaun Treacy Non-Executive Director |
175,000 |
1,370,000 |
Finalised MDA and secured Mining License |
|
Susan Muir Non-Executive Director |
175,000 |
1,370,000 |
Finalised MDA and secured Mining License |
|
Philipa Varris Non-Executive Director
|
400,000 |
400,000 |
No special vesting conditions |
|
Robert Sewell Chief Financial Officer |
375,000 |
725,000 |
Finalised MDA and secured Mining License |
The Company has also issued 575,000 Restricted Share Units (“RSU”) to Will Dawes and Alexander Lemon (287,500 Restricted Share Units each). Each RSU is exchangeable, on vesting, for 1 common share of the Company. In addition to the normal vesting condition contained in the RSU Plan, these RSUs will not vest, until the MDA is finalised and the Mining License is secured.
Following this grant of Options and RSUs, the total number of ordinary shares under option is 24,125,000, representing 9.9 per cent of the Company’s total issued share capital.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.
