HONG KONG, Jan. 4, 2021 /CNW/ - This news release is being disseminated by Talaxis Limited (the "Company") as required by National Instrument 62-103 – The Early Warning System and Related Take-Over bids and Insider Reporting Issues ("NI 62-103").
The Company announces that it has agreed with Mkango Resources Ltd. ("Mkango") to amend the terms of a warrant held by the Company (the "Warrant") to enable a cashless exercise. Under the terms of this amendment, the Company has agreed to a cashless exercise of the Warrant for 1,000,000 common shares of Mkango ("Shares") in lieu of payment for 12,000,000 Shares at 6.6 pence per Share. The Warrant was due to expire on December 31, 2020. The amendment of the Warrant and the issuance of the Shares upon cashless exercise thereof remain subject to TSX Venture Exchange approval.
Subject to TSX Venture Exchange approval of the amendment to the Warrant and following the issuance of the Share upon exercise of the amended Warrant, the Company will increase its ownership of Mkango from 14,285,715 Shares to 15,285,715 Shares, representing an increase from 10.7% to 11.3% of the issued and outstanding Shares.
The Company originally acquired the Warrants for investment purposes. The Company currently has no other plans or intentions that relate to its investment in Mkango. Depending on market conditions, general economic and industry conditions, Mkango's business and financial condition and/or other relevant factors, the Mkango may develop other plans or intentions in the future relating to one or more of the above items.
The Company is incorporated under the laws of the British Virgin Island. The Company will file an early warning report under NI 62-103 under the Mkango's profile on SEDAR (www.sedar.com) respecting the amendment to the terms of the Warrant. A copy of such report may be obtained by contacting:
SOURCE Talaxis Limited
Talaxis Limited, Attn: Stephen Motteram, 35th Floor, PCCW Tower, 979 King's Road, Quarry Bay, Hong Kong, Telephone: +65 6505 6158
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