Kodal Minerals PLC Extension of Long Stop Date to 31 May 2023 (6904X)
27 April 2023 - 5:02PM
UK Regulatory
TIDMKOD
RNS Number : 6904X
Kodal Minerals PLC
27 April 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 ("MAR")
Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining
27 April 2023
Kodal Minerals plc
("Kodal Minerals", "Kodal" or the "Company")
Bougouni Lithium Project Funding Package - Extension of Long
Stop Date to 31 May 2023
Kodal Minerals, the mineral exploration and development company
focused on lithium and gold assets in West Africa, announces that
the Company, KMUK (as defined below), Hainan Mining Co. Limited
("Hainan") and Hainan's wholly owned UK-incorporated subsidiary
Xinmao Investment Co. Limited ("Xinmao") have agreed to an
extension of the deadline for the completion of the funding package
announced on 19 January 2023 to 31 May 2023 (originally 30 April
2023).
The extension will provide additional time for certain
conditions precedent to be satisfied, including the transfer of the
Bougouni Project to a new Mali mining company owned by Kodal's
recently incorporated UK subsidiary, Kodal Mining UK Limited
("KMUK"). This restructuring is in progress although is not
expected to complete by 30 April 2023, the original deadline, and
accordingly, the parties have agreed to extend the completion
deadline for the funding package to 31 May 2023.
All parties remain fully committed to the completion of the
funding transaction as soon as possible and, as announced by the
Company on 13 April 2023, Hainan and Xinmao have received all
necessary approvals from the Chinese Government authorities to
allow it to complete its funding and investment, including
"Overseas Project Investment Filing Certificates" from the Hainan
Province National Development and Reform Commission ("NDRC") and
Company Overseas Investment Certificate from the Department of
Commerce of Hainan Province.
Further updates on the progress of completion of the funding of
the Bougouni Lithium Project will be provided in due course.
**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: 0207 523
4680
St Brides Partners Ltd, Financial PR
Susie Geliher/Ana Ribeiro Tel: 020 7236
1177
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END
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