Kodal Minerals PLC Bougouni Funding -- Extension of Long Stop Date (9301K)
2023年8月31日 - 3:00PM
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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 Tel: 020 3470
John Mackay/Adam Cowl 0470
Canaccord Genuity UK LLP, Joint Broker
James Asensio/Gordon Hamilton Tel: 020 7523
4680
St Brides Partners Ltd, Financial PR Tel: 020 7236
Susie Geliher/Ana Ribeiro 1177
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END
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August 31, 2023 02:00 ET (06:00 GMT)
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