- Mkango Resources Npv (DI)
- 10 April 2026 12:29:01
Source: Sharecast
The AIM- and TSX-V-listed rare earths developer said the fundraising comprised a placing, LIFE offering, retail offer and subscription, resulting in the issue of 37.9 million new common shares at 33p each.
It said the placing accounted for the majority of proceeds, raising £10.2m, while the retail offer generated £1m, the subscription £1.1m and the LIFE offering £0.2m.
Admission of the new shares had become effective on AIM, with conditional acceptance also secured on the TSX Venture Exchange, subject to customary conditions.
Mkango said the net proceeds would be used to advance growth opportunities, including a potential acquisition in Germany, alongside capital expenditure at its UK and German facilities and associated feasibility studies, as well as for general working capital purposes.
The company incurred fees and commissions totalling £435,583 payable to joint bookrunners Peel Hunt, H&P Advisory and Shard Capital Partners, alongside additional advisory and corporate finance fees to other parties involved in the transaction.
Canadian adviser Red Cloud Securities would receive £10,499 in commission, while JUB Capital Management was entitled to £241,818 in commission plus a £10,000 fee.
SP Angel Corporate Finance would receive a £10,000 fee, and RetailBook would earn £32,500 for facilitating the retail offer.
Separately, the company noted that interim chief financial officer Tim Slater participated in the retail offer for £150,000, constituting a related party transaction under Canadian securities rules.
Mkango said it relied on available exemptions from formal valuation and minority shareholder approval requirements, as the size of the transaction fell below the relevant thresholds.
At 1207 BST, shares in Mkango Resources were up 7.04% at 38p.
Reporting by Josh White for Sharecast.com.
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