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Interim Results

14 Dec 2018 07:00

RNS Number : 4555K
Kodal Minerals PLC
14 December 2018
 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR") 

 

Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining

 

14 December 2018

 

Kodal Minerals plc ("Kodal Minerals", the "Company" or the "Group")

 

Interim Results

 

Kodal Minerals, the mineral development and exploration company focused on the Bougouni Lithium Project, announces to shareholders today its unaudited interim results for the six months ended 30 September 2018.

 

Overview:

 

· Significant progress made towards delivering maiden lithium production at flagship Bougouni Lithium Project in southern Mali ("Bougouni");

· Publication of Maiden Mineral Resource, placing Bougouni in the top 15 lithium projects globally with substantial exploration upside remaining;

· Potential for low cost production demonstrated by initial processing review - estimated production cost of US$400 per tonne of spodumene concentrate which compares to a current market selling price of between US$800 and US$900 per tonne;

· Appointment of experienced Project Manager to drive development at Bougouni with initial production targeted in 2020;

· Additional upside potential through exposure to gold projects being advanced through a joint venture with Resolute Mining Limited;

· Cash balance of £2,375,000 as at 30 September 2018 (£4,093,000 at 30 September 2017) and current cash balance of £1,706,000; and

· Loss for the 6-month period to 30 September 2018 of £343,000 (£529,000 for the 6 months to 30 September 2017)

 

Bernard Aylward, CEO of Kodal Minerals, said: "2018 has been a year of intense activity and delivery as we move closer to becoming West Africa's newest lithium producer. Since acquiring our Bougouni Lithium Project in late 2016, the Board and operational team have implemented an ambitious development strategy aimed at delivering a high quality, low capex and low opex lithium mine in as short a timeframe as practicable. To this end, 2018 has culminated in the achievement of several key milestones which have added tangible value to our asset, including declaring our maiden JORC-compliant Resource of 17.3 Mt at 1.2% Li2O, and propelling it closer to a decision to mine in 2019.

 

"Our work on site has resulted in the identification of three initial priority targets, Sogola-Baoule, Ngoualana and Boumou, and a further five earlier stage exploration prospects. However, we believe that this is just the beginning for Bougouni, with all indications pointing to considerable additional upside through further exploration across our extensive 450km2 project area. We are following a clear strategy that focuses on establishing a profitable mining operation as soon as practicable and to achieve this we have adopted a parallel exploration and development approach aimed at achieving lithium concentrate production in the near term.

 

"Our work to date has highlighted that the Bougouni project has sufficient size and scale to produce attractive returns for investors with our Maiden Resource and associated initial engineering studies, both published in September 2018, pointing to a minimum 10-year mine life. Of equal importance, with this quantum in mind and with a relatively simple mining and processing route identified, it is expected that capital required to construct a mining and processing operation will be modest compared to some of our lithium peers and that our proposed plant is well understood and amenable to rapid construction.

 

"I look forward to providing updates throughout 2019 as we move through our feasibility phase and into the planning and construction stages."

 

 

Chairman's Statement

 

We have made excellent progress throughout recent months towards the delivery of our first mining operation at the Bougouni Lithium Project.

 

A key point of difference for Kodal Minerals compared to other lithium juniors, remains our strategic investor and offtake partner, Suay Chin International Pte ("Suay Chin"), a Singapore-based lithium and chemical trader. Since initially participating in a private placing in March 2017, Suay Chin has consistently supported our development initiatives - both financially and also operationally through its provision and facilitation of metallurgical test work by the Shandong Ruifu Lithium Co Ltd in China. We are extremely grateful to Suay Chin for their backing and look forward to continuing a long and mutually beneficial relationship as we work to de-risk further both the operational and corporate aspects of Bougouni and gear up to maiden production.

 

Finally, I would like to comment on our strong technical and corporate team that has been instrumental in the advancement of our project and most recently, we were delighted to welcome Steve Zaninovich as the Project Manager of Bougouni. Steve is a highly accomplished senior executive in the resources sector with more than 25 years' experience in project management encompassing all stages of mine development. In particular, his recent experience of guiding a lithium mine into production is extremely relevant for Kodal Minerals and his appointment demonstrates our commitment to delivering a lithium mine in as short a timeframe as possible.

 

Steve joins our operational team that includes our Mali Exploration Manager George Michaelides and our Mali Country Manager Mohamed Niare. We have now assembled a dynamic and highly experienced team which is capable of getting Bougouni through the feasibility and permitting phases during 2019 and preparing for development to commence.

 

Our strategy is designed to deliver maximum value for shareholders within a practical time horizon. The Kodal Minerals team is focused on delivering on this objective by rapidly progressing the execution phase of our Bougouni project in order to become a significant new West African focused lithium producer.

 

Financial Overview

 

The Group has recorded a loss for the 6-month period to 30 September 2018 of £343,000 compared to £529,000 for the 6 months to 30 September 2017 and £857,000 for the year to 31 March 2018.

 

Cash balances as at 30 September 2018 were £2,375,000 compared to £4,093,000 at 30 September 2017 and £3,123,549 at 31 March 2018. Current cash as 13 December 2018 is £1,706,000.

 

Contact details:

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, Nominated Adviser

Jeremy Porter / Nick Harriss

 

 

Tel: 020 3328 5656

SP Angel Corporate Finance LLP, Financial Adviser & Broker

John Mackay / Laura Harrison

 

 

Tel: 020 3470 0470

 

St Brides Partners Ltd, Financial PR

Susie Geliher / Cosima Akerman

Tel: 020 7236 1177

 

 

 

 

 

KODAL MINERALS PLC

 

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018

 

Unaudited

6 months to

30 September

2018

Unaudited

6 months to

30 September

2017

Audited

Year ended

31 March

2018

£

£

£

Continuing operations

Revenue

-

-

- 

Impairment charge

-

(8,442)

- 

Administrative expenses

(319,848)

(220,692)

(517,184) 

Share based payments

(38,210)

(300,207)

(341,372) 

OPERATING LOSS

(358,058)

(529,341)

(858,556) 

Finance income

3,079

-

1,499 

 LOSS BEFORE TAX

(354,979)

(529,341)

(857,057) 

Taxation

-

-

- 

LOSS FOR THE PERIOD/YEAR

(354,979)

(529,341)

 

(857,057)

 

OTHER COMPREHENSIVE INCOME

Items that may be subsequently reclassified to profit and loss

Currency translation (loss)/gain

11,785

14,635

(18,002) 

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD/YEAR

(343,194)

(514,706)

(875,059)

Loss per share

Basic and diluted - loss per share on total earnings - pence per share

4

(0.0044)

(0.0086)

(0.0136)

 

KODAL MINERALS PLC

 

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2018

 

Unaudited

 as at

30 September

2018

Unaudited

as at

30 September

2017

Audited

as at

31 March

2018

Note

£

£

£

NON-CURRENT ASSETS

Intangible assets

3

5,355,000

2,419,996

3,508,499

Property, plant and equipment

17,170

3,548

3,085

5,372,000

2,423,544

3,511,584

CURRENT ASSETS

Other receivables

23,061

11,107

8,765

Cash and cash equivalents

2,375,229

4,093,007

3,123,549

2,398,290

4,104,114

3,132,314

TOTAL ASSETS

7,770,460

6,527,658

6,643,898

CURRENT LIABILITIES

Trade and other payables

(282,967)

(226,931)

(331,391)

TOTAL LIABILITIES

(282,967)

(226,931)

(331,391)

NET ASSETS

7,487,493

6,300,727

6,312,507

EQUITY

Attributable to owners of the parent:

Share capital

5

2,399,480

2,011,684

2,038,903 

Share premium account

5

11,586,729

10,234,238

10,467,337 

Share based payment reserve

619,566

469,541

581,356 

Translation reserve

(9,813)

11,038

(21,599) 

Retained deficit

(7,108,469)

(6,425,774)

(6,753,490)

TOTAL EQUITY

7,487,493

6,300,727

6,312,507

 

KODAL MINERALS PLC

 

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018

 

 

 

Note

Share capital

Share premium account

Share based payments reserve

 

Translation

reserve

Retained deficit

Total equity

 

£

£

£

£

£

 

At 31 March 2017 (audited)

1,683,206

6,784,682

169,334

(3,597)

(5,896,433)

2,737,192

 

 

Comprehensive income

 

Loss for the period

-

-

-

-

(529,341)

(529,341)

 

Currency translation gain

-

-

-

14,635

-

14,635

 

Total comprehensive income for the period

-

-

-

14,635

(529,341)

(514,706)

 

 

Transactions with owners

 

Proceeds from share issue

5

328,478

3,449,556

-

-

-

3,778,034

 

Share based payment

-

-

300,207

-

-

300,207

 

At 30 September 2017 (unaudited)

2,011,684

10,234,238

469,541

11,038

(6,425,774)

6,300,727

 

 

 

Comprehensive income

 

Loss for the period

-

-

-

-

(327,716)

(327,716)

 

Currency translation loss

-

-

-

(32,637)

-

(32,637)

 

Total comprehensive income for the period

-

-

-

(32,637)

(327,716)

(360,353)

 

 

Transactions with owners

 

Proceeds from shares issued

27,219

520,011

-

-

-

547,230

 

Share issue expenses

(286,912)

-

-

-

(286,912)

 

Share based payment

-

-

111,815

-

-

111,815

 

At 31 March 2018 (audited)

2,038,903 

 

10,467,337 

 

581,356 

 

(21,599) 

(6,753,490) 

6,312,507 

 

Comprehensive income

 

Loss for the period

-

-

-

-

(354,979)

(354,979)

 

Currency translation loss

-

-

-

11,786

-

11,786

 

Total comprehensive income for the period

-

-

-

11,786

(354,979)

(343,193)

 

 

Transactions with owners

 

Proceeds from shares issued

360,577

1,119,392

-

-

-

1,479,969

 

Share based payment

-

-

38,210

-

-

38,210

 

At 30 September 2018(unaudited)

2,399,480

11,586,729

619,566

(9,813)

(7,070,259)

7,487,493

 

KODAL MINERALS PLC

 

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018

 

Unaudited

6 months to

30 September

2018

Unaudited

6 months to

30 September

2017

Audited Year ended 31 March

2018

Note

£

£

£

Cash flows from operating activities

Loss before tax

(354,978)

(529,341)

(857,057) 

Adjustments for non-cash items:

Impairment charge

-

8,442

-

Share based payments

38,210

300,207

341,372

Operating cash flow before movements in working capital

(316,768)

(220,692)

(515,685)

Movement in working capital

(Increase)/decrease in receivables

(14,296)

5,122

7,464 

Increase/(decrease) in payables

(36,639)

(83,648)

6,178 

Net movements in working capital

(50,935)

(78,526)

13,642 

Net cash outflow from operating activities

(367,703)

(299,218)

(502,043)

Cash flows from investing activities

(Purchase)/disposal of property, plant and equipment

(20,014)

 

(3,548)

(3,702) 

Purchase of intangible assets

(1,829,153)

(1,083,010)

(2,190,105) 

 

Net cash outflow from investing activities

(1,849,167)

(1,086,558)

(2,193,807)

Cash flow from financing activities

Net proceeds from share issues

1,479,969

3,778,035

4,109,002

Net cash inflow from financing activities

1,479,969

3,778,035

4,109,002

Increase/(Decrease) in cash and cash equivalents

(736,901)

 

2,392,259

1,413,152 

Cash and cash equivalents at beginning of the period

 

 

3,123,549 

 

1,722,950

1,722,950 

Exchange loss on cash

(11,419)

(22,202)

(12,553) 

Cash and cash equivalents at end of the period

 

 

2,375,229

 

4,093,007

3,123,549 

 

KODAL MINERALS PLC

 

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018

 

General information

 

Kodal Minerals plc is a public limited company incorporated and domiciled in England & Wales. The Company's shares are publicly traded on the AIM market of the London stock exchange. Kodal Minerals plc and its subsidiaries are involved in the exploration and evaluation of mineral resources in West Africa and Norway.

 

Basis of preparation

 

These unaudited condensed consolidated interim financial statements for the six months ended 30 September 2018 were approved by the board and authorised for issue on 13 December 2018.

 

The basis of preparation and accounting policies set out in the Annual Report and Accounts for the year ended 31 March 2018 have been applied in the preparation of these condensed consolidated interim financial statements. These interim financial statements have been prepared in accordance with the recognition and measurement principles of the International Financial Reporting Standards ('IFRS') as adopted by the EU that are expected to be applicable to the consolidated financial statements for the year ending 31 March 2019 and on the basis of the accounting policies expected to be used in those financial statements.

 

The figures for the six months ended 30 September 2018 and 30 September 2017 are unaudited and do not constitute full accounts. The comparative figures for the year ended 31 March 2018 are taken from the 2017 audited accounts, which are available on the Group's website, and have been delivered to the Registrar of Companies, and do not constitute full accounts.

 

The Group has not earned revenue during the period to 30 September 2018 as it is still in the exploration and development phases of its business. The Group has to date financed its activities from funds raised from the issue of new shares and it will need to continue to finance its operations in this way in the near term.

 

Having made enquiries, the Directors have a reasonable expectation that the Group will have access to adequate resources to continue its operations for the foreseeable future. Accordingly, the interim financial statements have been prepared on a going concern basis.

 

 

KODAL MINERALS PLC

 

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018

 

1. SEGMENTAL REPORTING

 

The operations and assets of the Group are focused in the United Kingdom, West Africa and Norway and comprise one class of business: the exploration and evaluation of mineral resources. The parent Company acts as a holding company. At 30 September 2018, the Group had not commenced commercial production from its exploration sites and therefore had no revenue for the period.

 

Six months to 30 September 2018 (Unaudited)

West African Gold

West African Lithium

Norway

Corporate

Total

£

£

£

£

£

Finance income

-

-

-

3,079

3,079

Administration expenses

(275)

(36,301)

(30)

(283,242)

(319,848)

Share based payments

-

-

-

(38,210)

(38,210)

Loss for the period

(275)

(36,301)

(30)

(318,373)

(354,979)

At 30 September 2018

Trade and other receivables

10,255

-

-

12,806

23,061

Cash and cash equivalents

17,262

29,846

97

2,328,024

2,375,229

Trade and other payables

-

(241,861)

-

(41,106)

(282,967)

Intangible assets - exploration and evaluation expenditure

1,015,245

4,339,755

-

-

5,355,000

Property plant and equipment

-

17,170

-

-

17,170

Net assets

1,042,762

4,144,910

97

2,299,724

7,487,493

 

Six months to 30 September 2017 (Unaudited)

West African Gold

West African Lithium

Norway

Corporate

Total

£

£

£

£

£

Impairment

-

-

(8,442)

-

(8,442)

Administration expenses

(953)

(115)

(43)

(219,581)

(220,692)

Share based payments

-

-

-

(300,207)

(300,207)

Loss for the period

(953)

(115)

(8,485)

(519,788)

(529,341)

At 30 September 2017

Trade and other receivables

-

-

-

11,107

11,107

Cash and cash equivalents

11,962

64,705

29

4,016,311

4,093,007

Trade and other payables

-

(193,426)

-

(33,505)

(226,931)

Intangible assets - exploration and evaluation expenditure

833,524

1,586,472

-

-

2,419,996

Property plant and equipment

-

3,548

-

-

3,548

Net assets

845,486

1,461,299

29

3,993,913

6,300,727

 

 

Year to 31 March 2018 (Audited)

West African Gold

West African Lithium

Norway

Corporate

Total

£

£

£

£

£

Finance income

-

-

-

1,499

1,499

Administration expenses

(7,283)

(3,143)

(13,939)

(492,819)

(517,184)

Share based payments

-

-

-

(341,372)

(341,372)

Loss for the year

(7,283)

(3,143)

(13,939)

(832,692)

(857,057)

 

 

 

At 31 March 2018 (Audited)

Other receivables

- 

- 

- 

8,765 

8,765 

Cash and cash equivalents

25,437 

23,761 

26 

3,074,325 

3,123,549 

Trade and other payables

- 

(295,042) 

(32) 

(36,317) 

(331,391) 

Tangible assets

- 

3,085 

- 

- 

3,085 

Intangible assets - exploration and evaluation expenditure

977,192 

2,531,307 

- 

- 

3,508,499 

Net assets

1,002,629 

2,263,111 

(6) 

3,046,773 

6,312,507 

 

2. OPERATING LOSS

 

 The operating loss before tax is stated after charging:

 

Unaudited

6 months to

30 September

2018

Unaudited

6 months to

30 September

2017

Audited

Year ended

31 March

2018

£

£

£

Impairment charge (see note 3)

-

8,442

-

Audit services

-

-

29,500

Share based payment

38,210

300,207

341,372

Directors' salaries and fees

83,078

52,852

101,903

 

3. LOSS PER SHARE

 

Basic loss per share is calculated by dividing the loss for the period attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the period.

 

The following reflects the loss and share data used in the basic EPS computations:

 

Loss

Weighted average number of shares

Basic loss per share (pence)

£

Six months to 30 September 2018

(354,979)

7,133,104,973

(0.0050)

Six months to 30 September 2017

(529,341)

6,121,284,447

(0.0087)

Year ended 31 March 2018

(857,057)

6,324,339,191

(0.0136)

 

Diluted loss per Share is calculated by dividing the loss attributable to ordinary equity holders of the parent by the weighted average number of ordinary Shares outstanding during the period plus the weighted average number of ordinary Shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary Shares. Options in issue are not considered diluting to the earnings per Share as the Group is currently loss making. Diluted loss per Share is therefore the same as the basic loss per Share.

 

4. SHARE BASED PAYMENTS

 

The share-based payment reserve is used to recognise the value of equity-settled share-based payments provided to employees, including key management personnel, as part of their remuneration.

 

Unaudited

6 months to

30 September

2018

Unaudited

6 months to

30 September

2017

Audited

Year ended

31 March

2018

Share options outstanding

Opening balance

195,000,000

40,000,000

40,000,000

Issued in the period

-

145,000,000

155,000,000

 

Closing balance

 

195,000,000

 

185,000,000

 

195,000,000

 

 

Unaudited

6 months to

30 September

2018

Unaudited

6 months to

30 September

2017

Audited

Year ended

31 March

2018

Share warrants outstanding

Opening balance

25,000,000

-

-

Issued in the period

-

25,000,000

25,000,000

 

Closing balance

 

25,000,000

 

25,000,000

 

25,000,000

 

 

A share based payment charge of £38,210 for the period to 30 September 2018 (6 months to 30 September 2017: £300,207, year to 31 March 2018: £341,372) has been recognised in the profit and loss in relation to these options and warrants.

The fair values of the options and warrants granted were calculated using the Black-Scholes valuation model. The inputs into the model were: 

8 May 2017 

22 May 2017 

20 November 2017 

Strike price 

0.38p 

0.38p 

0.38p 

Share price 

0.31p 

0.32p 

0.205p 

Volatility 

143% 

143% 

129% 

Expiry date 

8 May 2022 

22 May 2022 

20 November 2022 

Risk free rate 

0.87% 

0.80% 

1.09% 

Dividend yield 

0.0% 

0.0% 

0.0% 

 

5. TAXATION

 

There is no taxation charge for the period to 30 September 2018 (6 months to 30 September 2017: £nil, year to 31 March 2018: £nil) as the group continues to incur losses.

 

No deferred tax asset has been recognised in respect of losses as the timing of their utilisation is uncertain at this stage.

 

 

6. INTANGIBLE ASSETS

Exploration and evaluation

£

COST

 

At 31 March 2017

5,460,552

Additions in the period

1,083,164

Effects of foreign exchange

22,048

 

At 30 September 2017

6,565,764

Additions in the period

1,106,941

Effects of foreign exchange

(26,880)

 

At 31 March 2018

7,645,825

Additions in the period

1,823,224

Effects of foreign exchange

31,719

 

At 30 September 2018

9,500,768

 

 

 

 

AMORTISATION

 

At 31 March 2017

4,137,326

Amortisation charge for the period

8,442

At 30 September 2017 and 31 March 2018 and 30 September 2018

4,145,768

NET BOOK VALUES

At 30 September 2018 (Unaudited)

5,355,000

At 30 September 2017 (Unaudited)

2,419,996

At 31 March 2018 (Audited)

3,508,499

 

7. PROPERTY, PLANT AND EQUIPMENT

 

Plant and machinery

£

COST

At 31 March 2017

-

Additions in the period

3,702

 

At 30 September 2017 and 31 March 2018

3,702

Additions in the period

20,014

At 30 September 2018

23,716

DEPRECIATION

At 31 March 2017

-

Charge for the period

154

 

At 30 September 2017

154

Charge for the period

463

 

At 31 March 2018

617

Charge in the period

5,929

At 30 September 2018

6,546

NET BOOK VALUES

At 30 September 2018 (Unaudited)

17,170

At 30 September 2017 (Unaudited)

3,548

At 31 March 2018 (Audited)

3,085

 

 

8. SUBSIDIARY ENTITIES

 

The consolidated financial statements include the following subsidiary companies:

 

 

Company

 

Subsidiary of

Country of

incorporation

Equity holding

Nature of

Business

Kodal Norway (UK) Limited

Kodal Minerals Plc

United Kingdom

100%

Operating company

Kodal Mining AS

Kodal Norway (UK) Limited

Norway

100%

Mining exploration

Kodal Phosphate AS

Kodal Norway (UK) Limited

Norway

100%

Mining exploration

 

International Goldfields (Bermuda) Limited

Kodal Minerals Plc

Bermuda

100%

Holding company

International Goldfields Mali SARL

International Goldfields (Bermuda) Limited

Mali

100%

Mining exploration

International Goldfields Cȏte d'Ivoire SARL

International Goldfields (Bermuda) Limited

Cȏte d'Ivoire

100%

Mining exploration

Jigsaw Resources CIV Limited

International Goldfields (Bermuda) Limited

Bermuda

100%

Mining exploration

Corvette CIV SARL

International Goldfields (Bermuda) Limited

Cȏte d'Ivoire

100%

Mining exploration

Future Minerals Limited

International Goldfields (Bermuda) Limited

Bermuda

100%

Mining exploration

 

9. ORDINARY SHARES

 

Allotted, issued and fully paid:

Nominal Value

Number of Ordinary Shares

 

Share Capital

£

Share Premium

£

At 31 March 2017

5,386,254,850

1,683,206

6,784,682

May 2017 - note (a)

£0.0003125

868,421,052

271,382

2,863,618

July 2017 - note (b)

£0.0003125

182,709,973

57,096

515,288

At 30 September 2017

6,437,385,875

2,011,684

10,163,588

November 2017 - note (c)

£0.0003125

87,096,953

27,218

303,749

As at 31 March 2018

6,524,482,828

2,038,903

10,467,337

June 2018 - note (d)

£0.0003125

1,153,846,149

360,577

1,119,392

As at 30 September 2018

7,678,328,977

2,399,480

11,586,729

 

Share issue costs have been allocated against the Share Premium account.

 

Notes:

a) On 8 May 2017, a total of 868,421,052 shares were issued in a subscription at an issue price of 0.38 pence per share.

b) On 31 July 2017, a total of 182,709,973 shares were issued in a subscription at an issue price of 0.38 pence per share.

c) On 3 November 2017, a total of 87,096,953 shares were issued to Suay Chin International Pte Ltd at an issue price of 0.38 pence per share.

d) On 26 June 2018, a total of 1,153,846,149 shares were issued to Suay Chin International Pte Ltd at an issue price of 0.13 pence per share.

 

10. RELATED PARTY TRANSACTIONS

 

Transactions with related parties

 

Robert Wooldridge, a Director, is a member of SP Angel Corporate Finance LLP ("SP Angel") which acts as Financial Adviser and Broker to the Company. During the six months ended 30 September 2018, the Company has paid fees to SP Angel of £27,500 (6 months to 30 September 2017: £15,809, year to 31 March 2018: £31,052) for its services as broker.

 

Novoco Mine Engineering Limited ("Novoco"), a company wholly owned by Luke Bryan, a Director, provided consultancy services to the Group during the six months to 30 September 2018 and received fees of £12,075 (6 months to 30 September 2017: £13,400, year to 31 March 2018: £13,400).

 

Matlock Geological Services Pty Ltd ("Matlock"), a company wholly owned by Bernard Aylward, a Director, provided consultancy services to the Group during the six months to 30 September 2018 and received fees of £45,257 (6 months to 30 September 2017: £47,376, year to 31 March 2018: £82,982).

 

 

11. CONTROL

 

No one party is identified as controlling the Group.

 

12. EVENTS AFTER THE REPORTING PERIOD

 

Subsequent to the period end, the Company entered into entered into a consultancy contract with Zivvo Pty Ltd ("Zivvo"), a company controlled by Mr Zaninovich, under which Mr Zaninovich will provide services as Project Manager initially on a part-time basis but within three months becoming substantially a full-time role. The Company has entered into a warrant agreement with Zivvo under which up to 180 million warrants may be issued to Zivvo in three tranches as follows:

 

Exercise price per share

Tranche 1

Tranche 2

Tranche 3

Total

0.14p

13,333,333

16,666,667

30,000,000

60,000,000

0.25p

13,333,333

16,666,667

30,000,000

60,000,000

0.38p

13,333,333

16,666,667

30,000,000

60,000,000

Total

39,999,999

50,000,001

90,000,000

180,000,000

 

Tranche 1 vests and becomes exercisable from the date the services are provided on a full time basis (within three months from now), Tranche 2 from the date on which a mining licence for the project is awarded to the Company and Tranche 3 from the date on which commercial production commences at Bougouni.

 

Each warrant is exercisable into one ordinary share of the Company and has a life of 5 five years from vesting. If the warrants are all exercised it would result in the issue of 180 million new ordinary shares which represents approximately 2.34% of the current issued share capital of the Company.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
IR LLFSDFRLVLIT
Date   Source Headline
28th Mar 20249:20 amRNSBougouni Lithium Project
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3rd Jan 20234:35 pmRNSPrice Monitoring Extension
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3rd Jan 20232:00 pmRNSPrice Monitoring Extension
3rd Jan 202311:05 amRNSSecond Price Monitoring Extn
3rd Jan 202311:00 amRNSPrice Monitoring Extension
23rd Dec 20227:00 amRNSInterim Results
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2nd Nov 20224:40 pmRNSSecond Price Monitoring Extn

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