Cotec Provides Additional £500,000 Funding To Mkango
09/07/22, 6:05 AM
Location
calgaryMoney raised
£500,000
Round Type
seed
Mkango Resources Ltd. (AIM/TSX-V: MKA) (the “Company” or “Mkango”) and CoTec Holdings Corp. (TSX-V: CTH) (“CoTec”) are pleased to announce that, further to the announcements on 30 May and 21 June 2022, CoTec has agreed to advance a further £500,000 (C$755,000) to Mkango by way of a convertible advance note (the “Advance”) and Mkango has agreed to extend CoTec’s exclusivity period with respect to the proposed transaction, announced on 30 May 2022, until 30 November 2022. The Advance is to be completed no later than 15 September 2022
Company Info
Location
calgary, alberta, canada
Additional Info
Mkango's corporate strategy is to develop new sustainable primary and secondary sources of neodymium, praseodymium, dysprosium and terbium to supply accelerating demand from electric vehicles, wind turbines and other clean technologies. This integrated Mine, Refine, Recycle strategy differentiates Mkango from its peers, uniquely positioning the Company in the rare earths sector.
Mkango is developing Songwe Hill in Malawi with a Feasibility Study completed in July 2022. Malawi is known as "The Warm Heart of Africa", a stable democracy with existing road, rail and power infrastructure, and new infrastructure developments underway.