Fasken advised Mkango Resources Ltd., a company listed on the TSX Venture Exchange and the AIM Market of the London Stock Exchange, on the acquisition from Talaxis Limited of a 49% interest in Lancaster Exploration Limited, which owns the Songwe Hill Rare Earths Project in Malawi, and a 24.5% interest in rare earth magnet recycler HyProMag Limited. Following completion of the acquisition, Mkango owns 100% of the shares in both Lancaster and Maginito. The consideration for the acquisition comprised of 54,1666,666 common shares at a deemed value of £0.24 per share. Following completion of the acquisition, Talaxis owns approximately 32.4% of the shares of Mkango.
Fasken also assisted Mkango with an equity financing for approximately £5.52 million.
The acquisition created a new "control person" of Mkango, as a result of which minority shareholder approval was sought and obtained. In addition, investments from two existing shareholders were approved by minority shareholders.
Fasken acted for Mkango Resources Ltd. with a team led by Jodi Katz, and included Vanessa McMinn, Maurice Wong (M&A), and Carlie Marrows (paralegal).
- British Columbia
- United Kingdom