BRIEF-Mkango Resources says proposes to undertake three to one consolidation of its shares

Wed May 18, 2016 10:25am EDT
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May 18 (Reuters) - Mkango Resources Ltd :

* Says proposes to undertake a three to one consolidation on basis of 3 pre-consolidation shares for 1 post-consolidation share

* Says consolidation would have effect of reducing number of shares outstanding prior to placing from 121.3 million to 40.4 million

* Under terms of placing, Corporation will issue 30.3 million post-consolidation units at a post-consolidation price of 3.3 pence per unit

* Expected proceeds of placing will provide co with sufficient working capital for one and half yrs from completion of placing Source text for Eikon: Further company coverage: