Last checked at 14 Aug 2019 11:00
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"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining
14 August 2019
Kodal Minerals plc ("Kodal Minerals" or the "Company")
Issue of Equity Update
Kodal Minerals provides a further update to its announcements of 6 and 12 August 2019 regarding the commitment of SVS Securities plc ("SVS") to subscribe for 250,000,000 new ordinary shares in the Company (the "SVS Placing Shares") in the placing announced on 29 July 2019 (the "Placing") and SVS entering into special administration on 5 August 2019.
The Company advises that the deadline for payment for the SVS Placing Shares pursuant to the placing letter entered into by SVS has now passed and SVS has failed to settle its participation in the Placing. Accordingly, the Company has today served notice on SVS terminating the placing letter with immediate effect. Kodal Minerals has reserved its rights in relation to the recovery of damages and costs arising from SVS's breach of its obligations under the placing letter.
The Company confirms that the SVS Placing Shares have not been issued to SVS and that the shares are held on behalf of Kodal Minerals by its broker's custodian and therefore remain under the control of the Company. The SVS Placing Shares were admitted to trading on AIM with effect from 2 August 2019 together with the other ordinary shares issued pursuant to the Placing. Accordingly, Shareholders should note that the previously announced issued share capital figure of 8,996,741,119 ordinary shares of 0.03125p each remains accurate and that 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 FCA's Disclosure Guidance and Transparency Rules.
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
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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 placed 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.