Mkango releases year-end 2022 financial statements, appoints Investor Relations Adviser and issues shares to Bacchus Capital
Mkango Resources Ltd (AIM / TSX-V: MKA), is pleased to announce that it has released the Financial Statements and Management’s Discussion and Analysis for the period ending 31 December 2022. 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 it has entered into an agreement (the “Agreement”) with Tavistock Communications Ltd (“Tavistock”) to act as Mkango’s retained communications and investor relations adviser with immediate effect. As consideration for the services to be provided, Tavistock will receive cash compensation in the amount of £4,250 per month.
Tavistock is a leading corporate and financial communications consultancy based in London. Tavistock currently holds no securities of Mkango, however, Tavistock may from time to time acquire or dispose of securities of the Company through the market, privately or otherwise, as circumstances or market conditions warrant and in accordance with applicable securities laws. The Agreement can be terminated with three months’ notice by either party and is subject to the approval of the TSX Venture Exchange (“TSX-V”).
Lastly, Mkango has issued 224,317 shares (the “Shares”) to Bacchus Capital Advisors Limited (“Bacchus Capital”), an arm’s length party to Mkango, in connection with the strategic and financial advisory services provided by Bacchus Capital to the Company for the period from 23 January 2023 to 31 March 2023. The value of the Shares is equivalent to a monthly retainer of US$15,000 (equivalent to C$24,000) and were issued at a deemed price per Share of C$0.2025, based on the closing price of the common shares of Mkango on 31 March 2023. Pursuant to the agreement with Bacchus Capital, Shares are issuable to it on a quarterly basis, based on the closing price of the shares of Mkango on the last trading day in the applicable quarter. The issuance of the Shares to Bacchus Capital remains subject to the approval of the TSX-V.
The Shares may not be sold through the facilities of the TSX-V or, absent a prospectus exemption, otherwise to a resident of Canada until four months and one day from the date of issue. The issuing of these shares is subject to TSX-V approval. The Shares will rank pari passu with the existing shares and application has been made for the Shares to be admitted to trading on AIM (“Admission”). It is expected that Admission will become effective and dealings in the Shares will commence at 8:00 am on or around 11 May 2023. The Shares will also trade on the TSX-V. In accordance with the Disclosure Guidance and Transparency Rules (DTR 5.6.1R) the Company hereby notifies the market that immediately following Admission, its issued share capital will consist of 243,430,865 shares. The Company does not hold any shares in treasury. Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure and Transparency Rules.
For further information, please contact:
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Mkango Resources Limited William Dawes Chief Executive Officer
Alexander Lemon President
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