Brokered, non-brokered oversubscribed offerings fund exploration plans
By Devika Patel
Knoxville, Tenn., Jan. 6 - Mkango Resources Ltd. said it settled a private placement of units. The oversubscribed deal raised C$7.76 million. Haywood Securities Inc. and Byron Securities Ltd. were the agents for C$2.41 million of the deal; the remainder was sold on a non-brokered basis.
The company sold 10,696,499 units at C$0.50 apiece in the non-brokered offering; it sold 4,825,000 units in the brokered deal. Each unit consists of one common share and one half-share warrant.
Each whole warrant is exercisable at C$0.75 until Dec. 20, 2012.
Proceeds will be used to complete the company's planned exploration program, for working capital and for general corporate purposes.
Based in Calgary, Alta., Mkango mines for rare earths and other minerals.
| Issuer: | Mkango Resources Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$7,760,750
|
| Units: | 15,521,499
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Dec. 20, 2012
|
| Warrant strike price: | C$0.75
|
| Agents: | Non-brokered (for C$5,348,250), Haywood Securities Inc. and Byron Securities Ltd. (for C$2,412,500)
|
| Pricing date: | Dec. 8
|
| Stock symbol: | TSX Venture: MKO
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
