Mkango Resources Ltd on Tuesday saw it shares surge as it reported an amendement to its letter of intent regarding its potential combination with Crown PropTech Acquisitions.
The Malawi-focused producer of recycled rare earth magnets, alloys, and oxides said its subsidiary, Lancaster Exploration Ltd, along with other unnamed subsidiaries, have agreed to extend the exclusivity period linked to its proposed combination transaction with Crown PropTech Acquisitions.
More specifically, Mkango said the period has been extended in relation to the non-binding letter of intent - inked initially in January - to enter into the combination agreement.
In January, the company said the transaction ‘will create a vertically integrated global pure play rare earths platform.’
The listed entity will hold Mkango’s rare earths project at Songwe Hill in Malawi, and a proposed separation plant in Pulawy, Poland, Mkango noted.
The latest LOI amendement, from Monday this week, detailed the extension of the exclusivity period through to Thursday this week ‘in order to provide additional time for the parties to complete negotiation of certain documents ancillary to the business combination agreement.’
Shares in Mkango rose 6.5% to 15.17 pence on Tuesday afternoon in London.
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