Mkango Resources Ltd (AIM: MKA, TSX-V: MKA, OTC: MKNGF) has completed a £12.5 million fundraise (before expenses) to support a potential acquisition in Germany and expand its operations across both Germany and the UK.
The capital raise consisted primarily of a placing of 30.9 million shares at 33p each, generating approximately £10.2 million, alongside additional contributions from a retail offer, a subscription, and a Canadian-listed issuer financing exemption (LIFE) offering.
The newly issued shares have now been admitted to trading on AIM, while conditional approval has been granted for listing on the TSX Venture Exchange, subject to standard closing conditions.
According to the company, the proceeds will be used to advance a potential German acquisition, fund feasibility studies related to the expansion of its processing facilities in the UK and Germany, and provide additional working capital.
The company also confirmed that its interim CFO participated in the Retail Offer, subscribing for £150,000. This involvement was classified as a related party transaction; however, it qualified for exemptions from both formal valuation and minority shareholder approval requirements.
