Kodal Minerals PLC Loan conversion and change to TVR (4867D)
28 October 2020 - 9:38PM
UK Regulatory
TIDMKOD
RNS Number : 4867D
Kodal Minerals PLC
28 October 2020
Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining
28 October 2020
Kodal Minerals plc ("Kodal Minerals" or the "Company")
Loan conversion and change to total voting rights
Kodal Minerals, the mineral exploration and development company,
announces that it has received a conversion notice in relation to
its US$1.5 million unsecured convertible loan agreement (the 'Loan
Agreement') with Riverfort Global Opportunities PCC Limited and YA
II PN Ltd (the 'Investors'), details of which were announced on 15
July 2020.
The Investors have elected to convert a total amount of
$70,358.92 (equivalent to GBP53,930.11), made up of a principal
amount of $70,000.00 and accrued interest of $358.92, into
85,063,264 new ordinary shares of 0.03125p each in the Company
("Ordinary Shares"), at a price of 0.06340 pence per Ordinary
Share.
Application has been made for the 85,063,264 new Ordinary Shares
being issued to be admitted to trading on AIM and it is expected
that admission will take place on or around 2 November 2020
("Admission").
Total Voting Rights and AIM Rule 17
Upon Admission, the issued share capital of the Company will
consist of 11,549,292,316 Ordinary Shares. The Company does not
hold any shares in treasury. Therefore, the total number of voting
rights in the Company from Admission will be 11,549,292,316. 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 Tel: +61 418
Bernard Aylward, CEO 943 345
Allenby Capital Limited, Nominated Adviser Tel: 020 3328
Jeremy Porter/Nick Harriss 5656
SP Angel Corporate Finance LLP, Financial Tel: 020 3470
Adviser & Broker 0470
Soltan Tagiev, Adam Cowl
St Brides Partners Ltd, Financial PR Tel: 020 7236
Susie Geliher/Cosima Akerman 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 450km(2) 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
Contained Contained Contained
Li(2) Li(2) Li(2) Li(2) Li(2) Li(2)
Tonnes O% O Tonnes O% O Tonnes O% O
(Mt) Grade (kt) (Mt) Grade (kt) (Mt) Grade (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%Li(2) O
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 200km(2) 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 positioned 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.
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