Kodal Minerals raises 1.24m pounds from share placement

Kodal Minerals' shares tumbled after the mining company said it has placed 100m new ordinary shares. The company, which owns the phosphorous and iron Kodal Project in Norway, raised £1.25m after placing the shares at 0.03125p each.Net proceeds will be used to extend the original work programme already in place, which includes site engineering works to support the Environmental and Social Impact Assessment, additional metallurgical works to improve the recovery process and geotechnical work to confirm and refine pit slope stability calculations."The company is delighted that as a result of exceptional further demand we have raised additional funds to progress the development of the Kodal Project," Chief Executive Luke Bryan said."These new funds will allow us to accelerate the current development work on the Kodal Project and in particular undertake additional metallurgical and geotechnical work."Shares fell 24.68% to 1.45p at 14:26 on Friday. RD