Mkango shareholders approve Talaxis investment transaction
JOHANNESBURG (miningweekly.com) – Shareholders of Aim- and TSX-V-listed Mkango Resources have approved an investment transaction with Noble Group subsidiary Talaxis.
In November, the company secured a direct investment from Talaxis, to be paid in three tranches, in exchange for a 49% interest in Mkango subsidiary Lancaster Exploration, which holds the licence for the Songwe Hill rare-earth project, in Malawi.
Mkango is currently in the process of funding Songwe Hill’s bankable feasibility study.
The Calgary-based miner said that, subject to final TSX-Venture Exchange approval, it is anticipated that investments comprising £2-million paid out of escrow and £3-million from Talaxis would be received by its Lancaster Exploration subsidiary, while £1-million would be received by Mkango's new subsidiary, Maginito, on or around January 24.
The final tranche of £7-million from Talaxis is subject to the completion of a definitive joint venture (JV) agreement for Songwe and on Mkango publishing an updated National Instrument 43-101-compliant resource.
Talaxis will also be granted the option to raise its interest to 75% through the further acquisition of a 26% interest in Lancaster by arranging the estimated $216-million funding for the project development programme.
If the option is exercised, Mkango will hold a 25% interest in Lancaster, free-carried until the project starts production.
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