TIDMKOD
RNS Number : 3472R
Kodal Minerals PLC
28 October 2019
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the
publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining
28 October 2019
Kodal Minerals plc ('Kodal Minerals' or the 'Company')
GBP250,000 fundraise
Kodal Minerals, the mineral exploration and development company
focused on its Bougouni Lithium Project in southern Mali, is
pleased to announce that it has raised a total of GBP250,000,
before expenses (the 'Fundraise').
The Fundraise comprises a placing and subscription of
250,000,000 new ordinary shares of 0.03125p each ('Ordinary
Shares') at a price of 0.05 pence per share ('Placing Shares')
('Placing'), as well as the placing out at the same price of 0.05
pence per share of the 250,000,000 Ordinary Shares allotted to SVS
Securities plc ('SVS') in a fundraise announced in July 2019 ('SVS
Shares').
As noted in previous announcements, SVS went into special
administration on 5 August 2019 and subsequently defaulted on its
contractual commitment to pay for the SVS Shares. The SVS Shares
were issued and admitted to trading on AIM on 2 August 2019 but not
delivered to SVS and have remained under the control of the
Company. The Company will seek to recover from SVS the shortfall
between the price at which the SVS Shares have now been placed of
0.05 pence per share and the original price which SVS contracted to
pay of 0.08 pence per share as well other costs incurred by the
Company as a result of SVS's default.
Bernard Aylward, Chief Executive, said: "We are pleased to have
completed this fundraising to place out the SVS Shares and raise
the resulting shortfall in funds from our July placing.
"Work at the Bougouni Lithium Project continues as expected and
we hope to hear positive news shortly in respect of the
Environmental and Social Impact Assessment, the final addendum of
which was lodged in early October 2019.
"The Company has completed the metallurgical test work, plant
design and engineering studies and is close to finalising the
Feasibility Study to support its application for a Mining Licence,
which is expected to be submitted later in this quarter."
Details of the Placing
The Placing will result in the issue of 250,000,000 Placing
Shares, representing approximately 2.7 per cent. of the Company's
issued ordinary share capital as enlarged by the Placing.
Application will be made for the Placing Shares to be admitted
to trading on AIM and it is expected that their admission to AIM
will take place on or around 31 October 2019 ('Admission'). The
issue of the Placing Shares is conditional upon, inter alia,
Admission occurring.
The Placing Shares, when issued and fully paid, will rank pari
passu in all respects with the Company's existing Ordinary Shares,
including the right to all dividends or other distributions
declared, made or paid after the date of issue of the Placing
Shares.
The Placing Shares will be issued utilising existing share
authorities to issue new shares on a non-pre-emptive basis.
Total Voting Rights
Upon Admission, the issued share capital of the Company will
consist of 9,246,741,119 Ordinary Shares. The Company holds no
shares in treasury. The total number of voting rights in the
Company from Admission will therefore be 9,246,741,119. This figure
may be used by shareholders as the denominator for the calculations
by which they determine if they are required to notify their
interest in or a change to their interest in the Company under the
FCA's Disclosure Guidance and Transparency Rules.
Market Abuse Regulation (MAR)
MAR came into effect from 3 July 2016. Market soundings, as
defined in MAR, were taken in respect of the Placing with the
result that certain persons became aware of inside information, as
permitted by MAR. That inside information is set out in this
announcement and has been disclosed as soon as possible in
accordance with paragraph 7 of article 17 of MAR. Therefore, those
persons that received inside information in a market sounding are
no longer in possession of inside information relating to the
Company and its securities.
For further information, please visit www.kodalminerals.com or
contact the following:
Kodal Minerals plc
Bernard Aylward, CEO Tel: +61 418
943 345
Allenby Capital Limited, Nominated Adviser
Jeremy Porter/Nick Harriss Tel: 020 3328
5656
SP Angel Corporate Finance LLP, Financial
Adviser & Broker Tel: 020 3470
John Mackay 0470
St Brides Partners Ltd, Financial PR
Catherine Leftley/Cosima Akerman Tel: 020 7236
1177
About Kodal Minerals
Kodal Minerals' primary focus is on the rapid advancement
towards production of its flagship Bougouni Lithium Project in
Southern Mali. The JORC Resource Estimate places the Bougouni
Project in the top 15 hard rock lithium projects globally and was
calculated using only three of the eight currently recognised
prospects demonstrating the significant exploration upside
potential remaining across the 450km(2) project area. The Mineral
Resource estimate for the Ngoualana, Sogola-Baoule and Boumou
prospects are tabulated below. These mineral resources are reported
in accordance with the JORC Code:
Prospect Indicated Inferred Total
Contained Contained Contained
Li(2) Li(2) Li(2) Li(2) Li(2) Li(2)
Tonnes O% O Tonnes O% O Tonnes O% O
(Mt) Grade (kt) (Mt) Grade (kt) (Mt) Grade (kt)
------- ------- ---------- ------- ------- ---------- ------- ------- ----------
Sogola_Baoule 8.4 1.09 91.9 3.8 1.13 42.8 12.2 1.10 134.8
------- ------- ---------- ------- ------- ---------- ------- ------- ----------
Ngoualana 3.1 1.25 39.2 2.0 1.12 22.1 5.1 1.20 61.3
------- ------- ---------- ------- ------- ---------- ------- ------- ----------
Boumou 4.0 1.02 40.4 4.0 1.02 40.4
------- ------- ---------- ------- ------- ---------- ------- ------- ----------
TOTAL 11.6 1.13 131.2 9.7 1.08 105.3 21.3 1.11 236.5
------- ------- ---------- ------- ------- ---------- ------- ------- ----------
Notes: Mineral resources are reported using a 0.5%Li(2) O
cut-off. Figures may not sum due to rounding. The contained metal
is determined by the estimated tonnage and grade.
The Bougouni Project and recently acquired 200km(2) Bougouni
West project are located in an emerging lithium province that is
already attracting the attention of investors and off-take partners
interested in securing a long-term supply of lithium. With the
support of its strategic investor and off-take partner Suay Chin
International Pte, a Singapore-based lithium and chemical trader,
Kodal Minerals is well positioned to continue its ambitious
development programme at Bougouni.
Further to this, Kodal Minerals is the manager of additional
lithium and gold projects that are undergoing low cost exploration
programmes in addition to JV funded gold properties in Cote
d'Ivoire that offer potentially significant long-term value.
Information to Distributors
Solely for the purposes of the product governance requirements
contained within: (a) EU Directive 2014/65/EU on markets in
financial instruments, as amended ("MiFID II"); (b) Articles 9 and
10 of Commission Delegated Directive (EU) 2017/593 supplementing
MiFID II; and (c) local implementing measures (together, the
'Product Governance Requirements'), and disclaiming all and any
liability, whether arising in tort, contract or otherwise, which
any "manufacturer" (for the purposes of the Product Governance
Requirements) may otherwise have with respect thereto, the Placing
Shares have been subject to a product approval process, which has
determined that the Placing Shares are: (i) compatible with an end
target market of retail investors and investors who meet the
criteria of professional clients and eligible counterparties, each
as defined in MiFID II; and (ii) eligible for distribution through
all distribution channels as are permitted by MiFID II (the 'Target
Market Assessment'). Notwithstanding the Target Market Assessment,
investors should note that: the price of the Placing Shares may
decline and investors could lose all or part of their investment;
Placing Shares offer no guaranteed income and no capital
protection; and an investment in Placing Shares is compatible only
with investors who do not need a guaranteed income or capital
protection, who (either alone or in conjunction with an appropriate
financial or other adviser) are capable of evaluating the merits
and risks of such an investment and who have sufficient resources
to be able to bear any losses that may result therefrom. The Target
Market Assessment is without prejudice to the requirements of any
contractual, legal or regulatory selling restrictions in relation
to the Placing. Furthermore, it is noted that, notwithstanding the
Target Market Assessment, only investors who have met the criteria
of professional clients and eligible counterparties have been
procured. For the avoidance of doubt, the Target
Market Assessment does not constitute: (a) an assessment of
suitability or appropriateness for the purposes of MiFID II; or (b)
a recommendation to any investor or group of investors to invest
in, or purchase, or take any other action whatsoever with respect
to Placing Shares.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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