Kodal Minerals PLC - mineral exploration and development company focused on lithium and gold assets in West Africa - Announces a conditional prepayment of USD3.5 million as part of a funding package, announced in January, for the Bougouni Lithium Project agreed between itself, Hainan Mining Co Ltd and Hainan's wholly owned UK-incorporated subsidiary Xinmao Investment Co Ltd.
"This prepayment does not add further dilution to our shareholders and confirms the confidence of both parties in being able to finalise the funding package. Kodal and our partners the Hainan Group continue to work together to progress plans for the development of the Bougouni Lithium Project and are working hard to finalise this transaction to allow construction to commence and the mine to rapidly move to production," says Chief Executive Bernard Aylward.
Company adds it is continuing to work with the government of Mali in the finalisation of a new mining company, Les Mines de Lithium de Bougouni SA, and the transfer of the mining licence to it.
Current stock price: 0.51 pence, up 8.4% in London on Thursday morning
12-month change: up 84%
By Heather Rydings, Alliance News senior economics reporter
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Kodal Minerals (KOD)