Mkango Resources Ltd., an exploration company working in the Republic of Malawi, has received conditional regulatory approval for the previously announced placing, according to which BVI-registered Talaxis Ltd, a wholly owned subsidiary of Noble Group, invested £500,000 at 3.5 pence per equity unit to acquire 14.5 per cent interest in Mkango.
The investment by the BVI company has been completed by placing 14,285,715 equity units of Mkango. The new shares are applied to be admitted to AIM. Following the placing, Talaxis will hold an interest of 14.5% in Mkango Resources. In connection with the placing, Talaxis has been issued 14,285,715 common shares of Mkango and Share purchase warrants to acquire up to 12 million Shares of Mkango. Each warrant is exercisable at a price of 6.6 pence until December 31, 2020.
Also, the 12 million Share purchase warrants previously issued to Noble Resources International Pte Ltd, a wholly owned subsidiary of Noble, will be cancelled. The BVI subsidiary will not exercise that proportion of its Talaxis Warrants which would result in it holding 20% or more of the outstanding Shares.
Following AIM admission, Mkango Resources will have 98,198,187 common shares in issue.
