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LONDON (Alliance News) - Kodal Minerals PLC on Monday said it has raised GBP700,000 in a share placing to advance the Bougouni lithium project in southern Mali.
The exploration & development company issued 500.0 million new shares at a price of 0.14 pence each. Kodal shares were trading 5.9% lower on Monday morning at 0.16p each, giving it a market capitalisation of approximately GBP13.1 million.
The company will use proceeds from the placing to continue fast tracking both its project development programme and its exploration drilling programme.
Kodal expects completion of the environmental & social impact assessment and metallurgical test work by the end of the second quarter of 2019 at Bougouni.
Meanwhile, completion of a mining licence application is targeted by the end of the third quarter of 2019.
"Raising these funds will enable us to continue with the successful development and exploration programmes that are currently underway," said Chief Executive Bernard Aylward.
"The company is focused on moving Bougouni to development as rapidly as possible, however we are also looking to build a long-term operation at Bougouni and, with this in mind, our exploration programme is continuing to define high priority targets that require drill testing," added Aylward.