RE: SP Rise29 Jun 2023 22:12
New subsidiary company of KMUK will be formed in Mali with the name Les Mines de Lithium de Bougouni S.A,
It is a condition to completing the Kodal Group Funding Transaction that Kodal's existing subsidiary in Mali, Future Minerals SARL, which currently owns the Bougouni Project, including the mining licence and other lithium exploration licences in Mali, will become a wholly owned subsidiary of KMUK. The parties have also agreed that following completion, any future investment and operations in lithium in Mali will be conducted by them through the KMUK joint venture. After completion of the Kodal Group Funding Transaction, it is intended that a new subsidiary company of KMUK will be formed in Mali with the name Les Mines de Lithium de Bougouni S.A, to be the owner of the Bougouni Project, and the exploitation licence pertaining to the Bougouni Project will also be transferred to this company. The Mali government has a right to a 10% shareholding in the entity that owns the Bougouni Project for nil cost (the "Mali Stake"), and the right to buy a further 10%.