Senior geologist writing field descriptions at south wstern uranium anomaly

Mkango Resource has increased its previously announced private placing to advance its Malawian Songwe Hill rare earth project in a new agreement of approximately 5 million units for contemplated aggregate proceeds of approximately C$500 000 on the same terms as the original financing.

Following the success of the January’s non-brokered placing to raise up to C$1 million, Mkango has announced a proposed second tranche on the same terms as the private placement. The securities issued under the second tranche will have a hold period of four months and one day from the applicable closing date, subject to receipt of all necessary approvals, including the acceptance of the TSX Venture Exchange.

While the use of proceeds from the private placement will be to finalise the pre-feasibility study for the Songwe project and to facilitate a smooth transition to the feasibility stage, those from the second tranche will be to prepare the transition to the feasibility stage, in addition to general corporate purposes.

Top Stories:
Mines becoming unviable, warn platinum bosses
Definitive feasibility study commences at Fekola
Mkango announces second tranche to raise C$500k