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Mkango completes AGM and exercises call option

Published 26/11/2024, 15:54
GSVR
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LONDON - Mkango Resources Ltd. (AIM/TSX-V: MKA), a mining company focused on rare earth elements, announced the successful completion of its Annual General Meeting (AGM) held on Tuesday, with all resolutions approved by shareholders. Additionally, the company exercised its call option to acquire six shares in Mkango Polska from EIT RawMaterials GmbH for a combination of cash and stock.

During the AGM, shareholders elected Derek Linfield, William Dawes, Alexander Lemon, Philipa Varris, Susan Muir, and Shaun Treacy as Directors of the company. MNP LLP was appointed as the company's auditors, with the Directors authorized to fix their remuneration. Shareholders also approved the company's amended stock option plan, Enterprise Management Incentive (EMI) plan, and Restricted Stock Unit (RSU) plan in accordance with the policies of the TSX Venture Exchange.

The call option exercised by Mkango pertains to an agreement initially announced on August 21, 2024, between Mkango and EIT RawMaterials GmbH. The transaction involves Mkango acquiring six shares in Mkango Polska, which have a nominal value of PLN 50 each, from EIT RawMaterials. The acquisition is settled with a payment of EUR 200,000 and PLN 300 and the issuance of 2,041,855 Mkango shares, priced at CAD 0.145 per share.

The settlement shares are expected to be issued on or around December 5, 2024, pending the approval of the TSX-V and admission to trading on AIM. These shares will be pari passu with existing shares and will be subject to the statutory hold period in Canada, expiring four months and one day from the issuance date. They will also be listed for trading on the TSX-V.

Following the admission of the new shares, Mkango's issued and outstanding share capital will consist of 297,078,761 shares. The company has confirmed it does not hold any shares in treasury. This figure is relevant for shareholders who need to disclose changes in their shareholding as per the Financial Conduct Authority's Disclosure and Transparency Rules.

The information regarding the AGM results and the exercise of the call option has been released to the market, fulfilling the company's disclosure obligations under the Market Abuse Regulation (MAR).

This article is based on a press release statement from Mkango Resources Ltd.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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