Source - LSE Regulatory
RNS Number : 9301K
Kodal Minerals PLC
31 August 2023
 

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 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018

 

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

31 August 2023

Kodal Minerals plc

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

 

Bougouni Lithium Project Funding Package - Extension of Long Stop Date


Kodal Minerals, the mineral exploration and development company focused on lithium and gold assets in West Africa, announces that the Company, Kodal Mining UK Limited ("KMUK" - the Company's UK registered subsidiary formed to be the holder of the Mali lithium assets), Hainan Mining Co. Limited ("Hainan") and Hainan's wholly owned UK-incorporated subsidiary Xinmao Investment Co. Limited ("Xinmao") have approved an extension of the previously agreed deadline of 31 August 2023 for the completion of the funding package announced on 19 January 2023.  The deadline has now been extended to 30 September 2023.


Kodal has now completed the majority of items for the restructure of the Company's Mali subsidiary entities that hold the lithium interests.  The Company has completed the full registration of the new mining company, Le Mines de Lithium de Bougouni SA ("LMLB"), that is a 100% subsidiary of KMUK.  In addition, the Company is finalising the transfer of the shareholding of Future Minerals SARL to also be 100% owned by KMUK.  Kodal is continuing to work with the Mali Government to finalise the remaining compliance items that will complete the conditions precedent for the Funding Transaction. Hainan and Xinmao have confirmed that all approvals obtained from the Chinese Government remain valid and are ready to complete the transaction as and when the outstanding conditions precedent are satisfied.


Bernard Aylward, CEO of Kodal Minerals, remarked: "Kodal and Hainan continue to work together to finalise the transaction as well as continuing the pre-development work to allow a rapid transition to the construction phase when the Funding Transaction is complete.  In August, Hainan completed a pre-payment of US$3.5M to Kodal and these funds are being utilised for engineering design work and metallurgical testing, and also for the Mineral Resource update that is being undertaken now. Kodal will be hosting several senior executives from the Hainan and Fosun groups in Mali during September as we work towards finalising our agreed work programme.

 

"Kodal's team met with the new Minister of Mines for Mali, Professor Amadou Keita, in Bamako during August and was able to provide an update of all our activities.  The Minister of Mines acknowledged the progress and the investment the partners will be making in Mali and continued to express the Government's support for the project and all assistance that the Ministry can provide."

 

**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, Nominated Adviser

Jeremy Porter/Vivek Bhardwaj/Nick Harriss

 

 

Tel: 020 3328 5656

SP Angel Corporate Finance LLP, Financial Adviser & Joint Broker

John Mackay/Adam Cowl

 

 

Tel: 020 3470 0470

Canaccord Genuity UK LLP, Joint Broker

James Asensio/Gordon Hamilton

 

 

Tel: 020 7523 4680

St Brides Partners Ltd, Financial PR

Susie Geliher/Ana Ribeiro

 

Tel: 020 7236 1177

 

 

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCFIFVETDILVIV
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account. AJ Bell logo

Related Charts

Kodal Minerals PLC (KOD)

-0.01p (-1.14%)
delayed 15:57PM