By Iain Gilbert
Date: Thursday 05 Aug 2021
LONDON (ShareCast) - (Sharecast News) - Mineral exploration and development company Mkango Resources said on Thursday that it has entered into agreements to acquire Noble Group subsidiary Talaxis' 49% interest in Lancaster Exploration and a 24.5% stake in Maginito.
Mkango stated the addition of Lancaster would return 100% ownership of the Songwe Hill Rare Earths Project in Malawi to the firm, while snapping up Maginito grants it a 25% interest in rare earths magnet recycler HyProMag.
In order to satisfy the acquisition, the AIM-listed firm will hand over 54.16m shares to Talaxis, equivalent to £13.0m.
Mkango has also conditionally raised £5.52m from new and existing shareholders at a price of 24.0p per share.
Chairman Derek Linfield said: "This transaction brings material benefits to both Mkango and Talaxis and strengthens Mkango's position as a future integrated supplier of rare earths.
"We believe this transaction delivers a better platform to create value and a structure more aligned with the strategies of both companies."
As of 1100 BST, Mkango shares had shot up 12.0% to 28.0p.
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Currency | UK Pounds |
Share Price | 7.25p |
Change Today | 0.15p |
% Change | 2.11 % |
52 Week High | 12.75p |
52 Week Low | 5.70p |
Volume | 605,144 |
Shares Issued | 268.45m |
Market Cap | £19.46m |
Value |
---|
Price Trend |
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Income |
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Growth |
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No dividends found |
Time | Volume / Share Price |
16:08 | 30,748 @ 7.24p |
15:52 | 100,000 @ 7.00p |
15:30 | 50,000 @ 7.00p |
14:01 | 13,736 @ 7.28p |
12:30 | 17,000 @ 7.07p |
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