Mkango Announces Extension of Exclusivity Period to 3rd July 2025 in Relation to the Proposed Business Combination with Crown PropTech Acquisitions
Mkango Resources Ltd (AIM/TSX-V: MKA) (“Mkango”) announced today that it, its wholly owned subsidiary, Lancaster Exploration Limited (“Lancaster”) and certain other wholly-owned subsidiaries of Mkango (together with Lancaster, “Lancaster Group”), have agreed to extend the exclusivity period associated with a non-binding letter of intent (“LOI”) to enter into a definitive business combination agreement (the “Business Combination Agreement”) with Crown PropTech Acquisitions, a Cayman Islands exempted company (OTC: CPTKW) (“CPTK”).
The LOI, which was entered into on 7 January 2025 and amended on each of 23 March 2025, 29 April 2025, and 22 May 2025, contained an exclusivity provision through 30 June 2025, during which time Lancaster Group and CPTK agreed they would not engage in discussions or negotiations with any third party regarding alternative transactions to the proposed merger contemplated by the Business Combination Agreement (the “Proposed Business Combination”). Pursuant to the latest LOI amendment, dated 30 June 2025, Lancaster Group and CPTK extended the exclusivity provision through 3 July 2025 (the “Exclusivity Expiration Date”) in order to provide additional time for the parties to complete negotiation of certain documents ancillary to the Business Combination Agreement.
About Mkango Resources Ltd.
Mkango is listed on AIM and the TSX Venture Exchange. Mkango’s corporate strategy is to become a market leader in the production of recycled rare earth magnets, alloys and oxides, through its interest in Maginito Limited (“Maginito”), which is owned 79.4 per cent by Mkango and 20.6 per cent by CoTec Holdings Corp (“CoTec”), and to develop new sustainable sources of neodymium, praseodymium, dysprosium and terbium to supply accelerating demand from electric vehicles, wind turbines and other clean energy technologies.
Maginito holds a 100 per cent interest in HyProMag Limited (“HyProMag”) and a 90 per cent direct and indirect interest (assuming conversion of Maginito’s convertible loan) in HyProMag GmbH, focused on short loop rare earth magnet recycling and manufacturing in the UK and Germany, respectively, and a 100 per cent interest in Mkango Rare Earths UK Ltd (“Mkango UK”), focused on long loop rare earth magnet recycling in the UK via a chemical route.
Commissioning of the short loop rare earth magnet recycling and manufacturing plant at Tyseley Energy Park in Birmingham, UK, is underway. Mkango will provide a further update to the market in due course.
Maginito and CoTec are also rolling out HyProMag’s recycling technology into the United States via the 50/50 owned HyProMag USA LLC joint venture company.
Mkango also owns the advanced stage Songwe Hill Rare Earth project, a rare earths, uranium, tantalum and niobium exploration portfolio in Malawi (“Songwe Hill”), as well as the Pulawy Rare Earth’s separation project in Poland (“Pulawy”). These projects are the subject of the Proposed Business Combination.
Songwe Hill is one of the few rare earth projects to have advanced to the NI 43-101 compliant DFS.
Pulawy, located in a Special Economic Zone in Poland, stands adjacent to the EU’s second largest manufacturer of nitrogen fertilisers, and features established infrastructure, access to reagents and utilities on site.
For more information, please visit www.mkango.ca
About Crown PropTech Acquisitions (CPTK)
CPTK is a Cayman Islands exempted company incorporated in 2021 as a special purpose acquisition company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, with approximately $5.6 million cash in trust.
Participants in the Solicitation
Lancaster and CPTK and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of CPTK’s shareholders in connection with the Proposed Business Combination. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of CPTK’s directors and officers in CPTK’s SEC filings. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to CPTK’s shareholders in connection with the Proposed Business Combination will be set forth in the proxy statement/prospectus for the Proposed Business Combination when available. Information concerning the interests of Lancaster’s and CPTK’s participants in the solicitation, which may, in some cases, be different than those of their respective equityholders generally, will be set forth in the proxy statement/prospectus relating to the Proposed Business Combination when it becomes available.
No Offer or Solicitation
This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the Proposed Business Combination. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
For further information on Mkango, please contact:
Mkango Resources Limited
Alexander Lemon William Dawes
President Chief Executive Officer
alex@mkango.ca will@mkango.ca
UK: +44 20 7372 2744
@MkangoResources
