Last checked at 2 Aug 2019 17:01
Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining
2 August 2019
Kodal Minerals plc ('Kodal Minerals' or the 'Company')
Issue of Equity and Change to Total Voting Rights
Kodal Minerals, the mineral exploration and development company focused on developing the Bougouni Lithium Project, announces the issue of 65,451,616 new ordinary shares of 0.03125 pence each ('Ordinary Shares') at a price of 0.1p per share, being the volume weighted average price (VWAP) for the 10 day period ending 31 July 2019, as per the Bambara Resources SARL ('Bambara') agreement (the 'New Ordinary Shares').
The New Ordinary Shares are being issued pursuant to the Company's agreement with Bambara which gives the Company exclusive rights to explore, in addition to an option to acquire two new concessions in Southern Mali (the 'Bambara Concessions'), details of which were announced on 30 January 2019.
Application will be made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM ('Admission'). It is expected that Admission will become effective on or around 8 August 2019.
In accordance with AIM Rule 17, the Company announces that the beneficial interest of Suay Chin International Pte Ltd in the Company remains unchanged at 2,290,471,568 Ordinary Shares, but upon Admission will represent 25.46 per cent. of the Company's then issued share capital.
Total Voting Rights
Upon Admission, the issued share capital of the Company will consist of 8,996,741,119 Ordinary Shares. The Company holds no shares in Treasury. Therefore, the updated total number of voting rights in the Company from Admission will be 8,996,741,119. This figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to, their interest in the Company under the Disclosure Guidance and Transparency Rules of the UK Financial Conduct Authority.
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
|
Tel: 020 3470 0470 |
St Brides Partners Ltd - Financial PR Catherine Leftley/Cosima Akerman
|
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.