Mkango Resources Ltd on Wednesday said it signed a letter of intent with Crown PropTech Acquisitions to list Mkango’s Songwe Hill and Pulawy rare earths projects on the Nasdaq.
The Malawi-focused producer of recycled rare earth magnets, alloys, and oxides said the listing is planned via a special purpose acquisition company.
Mkango shares jumped 21% to 11.25 pence each on Wednesday morning in London.
‘This transaction will create a vertically integrated global pure play rare earths platform,’ the company said.
The listed entity will hold Mkango’s rare earths project at Songwe Hill in Malawi, and a proposed separation plant in Pulawy, Poland.
Crown PropTech will arrange $750,000 in cash proceeds.
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