Last checked at 6 Aug 2019 07:00
Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining
6 August 2019
Kodal Minerals plc ("Kodal Minerals" or the "Company")
Issue of Equity Update
The Company announced on 29 July 2019 that it had undertaken a placing and subscription of new ordinary shares of 0.03125p each ("Ordinary Shares") to raise a total of £575,000 (the "Placing") and admission of the new Ordinary Shares in connection with the placing and subscription occurred on 2 August 2019. One of the participants in the Placing was SVS Securities plc ("SVS") and it has been announced by the Financial Conduct Authority that on 5 August 2019 SVS entered administration and the Court has appointed special administrators to SVS.
Further details are available via this link: https://www.fca.org.uk/news/news-stories/svs-securities-plc-enters-administration
SVS committed to subscribe for 250,000,000 Ordinary Shares in the Placing, for a total consideration of £200,000, which transaction is due to settle on 12 August 2019. The Company, through its broker, SP Angel Corporate Finance LLP, is seeking confirmation from the special administrators of SVS that settlement will occur as contracted. The Company will make a further announcement once it receives further information.
For further information, please visit www.kodalminerals.com or contact the following:
Kodal Minerals plc Bernard Aylward, CEO |
Tel: +61 418 943 345
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Allenby Capital Limited - AIM Nominated Adviser Jeremy Porter/Nick Harriss
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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.