Mkango Resources (AIM:MKA) has completed a capital raise, totalling £12.5 million ($23.77 million), to support growth opportunities and capital expenditure requirements at its UK and Germany operations.
Under the capital raise, 37.87 million shares were issued at £0.33 per share.
Peel Hunt, H&P Advisory, and Alternative Resource Capital acted as joint bookrunners, while Red Cloud Securities acted as the Canadian advisor and JUB Capital Management acted as the corporate finance advisor. SP Angel Corporate Finance also acted as the nominated advisor.
As previously reported, Mkango and HyProMag have completed the first commissioning runs for the commercial-scale hydrogen processing of magnet scrap vessel at a rare earth magnet recycling and manufacturing plant in Germany.
The plant consists of a commercial-scale rare earth sintered magnet recycling and manufacturing line, underpinned by the patented hydrogen processing of magnet scrap (HPMS) technology.
The plant is fully permitted to produce up to 750 tonnes per year of neodymium-iron-boron magnets and alloys, and HyProMag is targeting a phased scale up to this level over the next three years.
Mkango Resources is a dual-listed Canadian explorer and developer focused on producing recycled rare earth magnets, alloys, and oxides.
Write to Aaliyah Rogan at Mining.com.au
Images: Mkango Resources
