Last checked at 8 May 2019 07:00
Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining
8 May 2019
Kodal Minerals plc ('Kodal Minerals' or the 'Company')
Board Appointment and Issue of Share Options
Kodal Minerals, the mineral exploration and development company focused on the Bougouni Lithium Project in Southern Mali, is pleased to announce the immediate appointment of Mr. Mark Pensabene as an independent Non-Executive Director.
Mr. Pensabene is a highly experienced Project Manager and company executive with key industry experience in mineral processing and gas plant construction and associated infrastructure development. Mark holds Bachelor degrees in Engineering and Commerce from the University of Western Australia and has over 20 years' industry experience, including as COO for ASX listed Galaxy Resources Limited where Mark led the optimisation and improvement of the Mount Cattlin Lithium mine in Western Australia. Mark is currently General Manager - Infrastructure and Development at Mineral Resources Limited. Mark will be proposed for re-election by shareholders at the next Annual General Meeting of the Company.
Bernard Aylward, CEO of Kodal Minerals, remarked: "We are very pleased to welcome Mark to the Board and we believe his recent history with the development and operation of hard rock lithium mines will add further expertise to the Board as we focus on the planning and engineering of the development of the Bougouni Lithium project."
The Company has entered into an option agreement with Mr. Pensabene under which 10 million options have been granted to him which will vest in three tranches, subject to Mr. Pensabene's continued appointment, and will be exercisable at 0.14p and 0.25p per share as follows:
Vesting Date | Exercise Price | Total | |
0.14p | 0.25p | ||
1st Anniversary of Date of Grant | 1,666,667 | 1,666,667 | 3,333,334 |
2nd Anniversary of Date of Grant | 1,666,667 | 1,666,666 | 3,333,333 |
3rd Anniversary of Date of Grant | 1,666,666 | 1,666,667 | 3,333,333 |
Total | 5,000,000 | 5,000,000 | 10,000,000 |
Each option is exercisable into one ordinary share of the Company and has a life of 5 five years from vesting.
Following the grant of the options to Mr. Pensabene, the Company has a total of 420,000,000 options and warrants over ordinary shares outstanding, at various strike prices ranging from 0.14p to 0.70p, of which 251,249,999 have vested, representing approximately 5.1 per cent and 3.1 per cent respectively of the Company's issued share capital.
Mark Saverio Pensabene, age 45, holds and has held over the last five years the following directorships:
Current directorships held | Directorships held within the last five years
|
MDJSP Investments Pty Ltd Inspired Living Foundation Ltd Oceania Padel Sports Pty Ltd M & D Pensabene Superannuation Fund Pty Ltd
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**ENDS**
For further information, please visit www.kodalminerals.com or contact the following:
Kodal Minerals plc Bernard Aylward, CEO |
Tel: +61 418 943 345
|
Allenby Capital Limited, AIM Nominated Adviser Jeremy Porter/Nick Harriss
|
Tel: 020 3328 5656 |
SP Angel Corporate Finance LLP, Financial Adviser & Broker John Mackay
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Tel: 020 3470 0470 |
St Brides Partners Ltd, Financial PR Catherine Leftley/Cosima Akerman
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Tel: 020 7236 1177 |
About Kodal Minerals
Kodal Minerals' primary focus is on the rapid advancement towards production of its flagship Bougouni Lithium Project in Southern Mali. The JORC Resource Estimate places the Bougouni Project in the top 15 hard rock lithium projects globally and was calculated using only three of the eight currently recognised prospects demonstrating the significant exploration upside potential remaining across the 450km2 project area. The Mineral Resource estimate for the Ngoualana, Sogola-Baoule and Boumou prospects are tabulated below. These mineral resources are reported in accordance with the JORC Code:
Prospect | Indicated | Inferred | Total | ||||||
Tonnes (Mt) | Li2O% Grade | Contained Li2O (kt) | Tonnes (Mt) | Li2O% Grade | Contained Li2O (kt) | Tonnes (Mt) | Li2O% Grade | Contained Li2O (kt) | |
Sogola_Baoule | 8.4 | 1.09 | 91.9 | 3.8 | 1.13 | 42.8 | 12.2 | 1.10 | 134.8 |
Ngoualana | 3.1 | 1.25 | 39.2 | 2.0 | 1.12 | 22.1 | 5.1 | 1.20 | 61.3 |
Boumou | 4.0 | 1.02 | 40.4 | 4.0 | 1.02 | 40.4 | |||
TOTAL | 11.6 | 1.13 | 131.2 | 9.7 | 1.08 | 105.3 | 21.3 | 1.11 | 236.5 |
Notes: Mineral resources are reported using a 0.5%Li2O cut-off. Figures may not sum due to rounding. The contained metal is determined by the estimated tonnage and grade.
The Bougouni Project and recently acquired 200km2 Bougouni West project are located in an emerging lithium province that is already attracting the attention of investors and off-take partners interested in securing a long-term supply of lithium. With the support of its strategic investor and off-take partner Suay Chin International Pte, a Singapore-based lithium and chemical trader, Kodal Minerals is well funded to continue its ambitious development programme at Bougouni.
Further to this, Kodal Minerals is the manager of additional lithium and gold projects that are undergoing low cost exploration programmes in addition to JV funded gold properties in Cote d'Ivoire that offer potentially significant long-term value.