Kodal Minerals PLC - West Africa-focused mineral explorer and developer - Completes funding transaction of USD117.8 million for the Bougouni lithium project. The transaction was previously agreed with Hainan Mining Co Ltd and its wholly-owned UK-incorporated subsidiary, Xinmao Investment Co Ltd. It provides full funding for the development and commencement of production at the Bougouni project in Mali, and supports ongoing exploration and development programmes designed to continue the expansion of the project.
The transaction consists of a USD17.8 million equity subscription by the Hainan Group into Kodal. As a result, the Hainan Group now holds 15% of the issued share capital of Kodal. It also includes a USD100 million investment into Kodal's subsidiary, Kodal Mining UK Ltd, by the Hainan Group.
Current stock price: 0.62 pence
12-month change: more than doubled
By Holly Beveridge, Alliance News reporter
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Kodal Minerals (KOD)