TIDMKOD
RNS Number : 1991K
Kodal Minerals PLC
04 May 2022
Certain information contained within this announcement is deemed
by the Company to constitute inside information as stipulated under
the UK Market Abuse Regulation. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining
4 May 2022
Kodal Minerals plc ('Kodal Minerals' or the 'Company')
Subscription and Oversubscribed Placing to Raise GBP3.0 million
to Advance Development of Bougouni Lithium Project
Kodal Minerals, the mineral exploration and development company
focused on its Bougouni Lithium Project in West Africa, is pleased
to announce it has raised GBP3,000,000 (before expenses) via a
subscription for 130,142,857 new ordinary shares of 0.03125p each
and an oversubscribed placing of 941,285,712 new ordinary shares of
0.03125p each in the capital of the Company, with the total fund
raise together comprising 1,071,428,569 new ordinary shares of
0.03125p ('Placing Shares') at a price of 0.28 pence per Placing
Share (the 'Placing'). The funds raised will support Kodal in the
continuing development and preparation for financing and
construction of its flagship Bougouni Lithium Project ('Bougouni')
in Mali. The Placing Shares are expected to be admitted to trading
on AIM ('Admission') on or around 10 May 2022.
Bernard Aylward, CEO of Kodal Minerals, commented: "This
oversubscribed placing demonstrates the ongoing support of our
Bougouni Lithium project and the opportunity to move into the
development and construction phase. Our major shareholder Suay Chin
International Pte Ltd ('Suay Chin') has participated in the
subscription along with members of the Board and Company
executives. Suay Chin continues to offer technical support in this
important phase of project planning and moving to a decision to
mine. The funds raised in the placing will be used to complete the
Engineering programme and the important Environmental, Social and
Community Engagement programmes. In addition, the Company will
undertake infill and extension drilling of the defined resource
areas to prepare for a minerals resource review and potential
increase and upgrade of the current resource base. In addition, the
Company will also undertake exploration drilling on the extensive
landholding where our previous work has highlighted major potential
to add to the existing resource base.
"The Bougouni Lithium project is fully permitted for development
with an approved Mining licence and an Environmental permit. Our
project continues to attract attention in this strong lithium
market and the Company is assessing opportunities for the
development of the project. The lithium market has continued to
grow strongly over the last 12 months with the increasing demand
for spodumene product driving the price of the spodumene
concentrate to over US$3,000 per tonne compared with the Company's
assumed price of US$680 per tonnes utilised in the 2020 Bougouni
Feasibility study. The Company is focussed on moving the Bougouni
Lithium project to production as soon as possible to take advantage
of this supply deficit and maximise value of the project. These
placing funds ensure the Company's work can continue at pace and we
look forward to updating shareholders of our progress."
Use of Proceeds
The net proceeds of the Placing will be used by the Company for
activities associated with the Bougouni Lithium project, continued
exploration of the Company's gold assets and for additional working
capital. The priority activities and exploration targets are:
-- Bougouni Lithium Project
o Completion of Metallurgical test work to confirm overall
recovery of spodumene in treatment process. Currently utilizing 71%
recovery, however test work is indicating higher recoveries of 75%
and review of industry publications indicates recoveries of up to
80% achievable offering significant upside to the project
o Engineering design of processing plant and associated
infrastructure to be completed
o Geotechnical test work for final open pit optimisation and
design to be completed in conjunction with resource infill and
extension drilling
o Bougouni Environmental activities to consist of community
surveys and engagement for development programmes and review of
compensation
-- Corporate Activities
o Mining Company to be formed and negotiations with Mali
government for the Shareholders agreement and Operators contract to
be finalised prior to Mining licence transfer to new Mining
Company
o Engagement of Key development team
-- Resource Infill and Extension drilling to be undertaken at the Bougouni Lithium project
-- Gold exploration drilling of advanced targets focused on high
grade opportunities at the Nielle project in Cote d'Ivoire and the
Fatou project in Mali
Details of the Placing
The Placing will result in the issue of 1,071,428,569 new o
rdinary shares of 0.03125p each in the capital of the Company,
representing approximately 6.34 per cent. of the Company's issued
ordinary share capital as enlarged by the Placing. The Placing
Shares will be issued at a price of 0.280p each.
Application will be made for the Placing Shares to be admitted
to trading on AIM and it is expected that their admission to AIM
will take place on or around 10 May 2022. The issue of the Placing
Shares is conditional upon, inter alia, Admission occurring.
The Placing Shares, when issued and fully paid, will rank pari
passu in all respects with the Company's existing Ordinary Shares,
including the right to all dividends or other distributions
declared, made or paid after the date of issue of the Placing
Shares.
The Placing Shares will be issued utilising the Company's
existing share authorities to issue new shares on a non-pre-emptive
basis.
The subscription component of the funds raised includes
subscriptions from Kodal CEO Bernard Aylward ( GBP15,000) ,
Non-Executive Director Qingtao Zeng ( GBP14,400) and key executives
Steven Zaninovich, Project Manager ( GBP20,000) , and Mohamed
Niare, Country Manager, ( GBP15,000) who have participated in the
fund raising to an aggregate amount of GBP64,400. A further
GBP300,0000 has been subscribed by Suay Chin .
Total Voting Rights
Upon Admission of the Placing Shares the issued share capital of
the Company will consist of 16,903,730,956 ordinary Shares of
0.01325p each. The Company holds no shares in treasury. The total
number of voting rights in the Company from Admission will
therefore be 16,903,730,956. 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.
AIM Rule 17
In accordance with AIM Rule 17, following the subscription by
Suay Chin for 107,142,857 Placing Shares, on Admission Suay Chin's
shareholding in the Company will increase to 2,397,614,425 Ordinary
Shares, which will represent approximately 14.18 per cent. of the
Company's then issued share capital.
The notification below, which has been made in accordance with
the requirements of the UK Market Abuse Regulation, provides
further details.
**S**
For further information, please visit www.kodalminerals.com or
contact the following:
Kodal Minerals plc Tel: +61 418 943
Bernard Aylward, CEO 345
Allenby Capital Limited, Nominated Tel: 020 3328
Adviser 5656
Jeremy Porter/Nick Harriss/Liz
Kirchner
SP Angel Corporate Finance LLP, Tel: 020 3470
Financial Adviser & Broker 0470
John Mackay, Adam Cowl
St Brides Partners Ltd, Financial Tel: 020 7236
PR 1177
Susie Geliher/Ana Ribeiro
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Bernard Aylward CEO
Qingtao Zeng Non-Executive Director
-----------------------
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2 Reason for the notification
----------------------------------------------------------------------------------------
a) Position/status See 1a above
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b) Initial notification Initial notification
/Amendment
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3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------------
a) Name Kodal Minerals plc
---------------------------------------- ----------------------------------------------
b) LEI 213800VKFS7TS32EGI81
---------------------------------------- ----------------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
----------------------------------------------------------------------------------------
a) Description of the ordinary shares of 0.03125p
financial instrument,
type of instrument GB00BH3X7Y70
Identification code
---------------------------------------- ----------------------------------------------
b) Nature of the transaction Subscription for new ordinary
shares
---------------------------------------- ----------------------------------------------
c) Price(s) and volume(s) PDMR price volume
Bernard Aylward 0.28p 5,357,143
------ ----------
Qingtao Zeng 0.28p 5,142,857
------ ----------
---------------------------------------- ----------------------------------------------
d) Aggregated information n/a
- Aggregated volume
- Price
---------------------------------------- ----------------------------------------------
e) Date of the transaction 3 May 2022
---------------------------------------- ----------------------------------------------
f) Place of the transaction Outside of a trading venue
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END
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