REG - Kodal Minerals PLC - Bougouni Lithium Project Update on Funding Package

Kodal MineralsAnnouncement

13/04/2023 08:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230413:nRSM0991Wa&default-theme=true

RNS Number : 0991W  Kodal Minerals PLC  13 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

 

13 April 2023

Kodal Minerals plc

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

 

Bougouni Lithium Project Update on Funding Package

 

Kodal Minerals, the mineral exploration and development company, is pleased to
provide an update on the funding package with Hainan Mining Co. Limited
("Hainan" or "Hainan Mining"), announced on 19 January 2023 ("Hainan Funding
Agreement"). The funding package will provide full financing for the
development and commencement of production at the Company's Bougouni lithium
project in Mali and support a major exploration and development programme.

 

Hainan has informed Kodal that it has received all necessary approvals from
the Chinese Government authorities to allow it to complete its funding and
investment as set out in the Hainan Funding Agreement. The approvals received
by Hainan include "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.

 

Kodal is working to complete a number of conditions precedent for closing
("CPs") in relation to the Hainan Funding Agreement which include the
reorganisation of Kodal's subsidiary companies to have all its Mali lithium
assets held within Kodal Mining UK ("KMUK"), including the Bougouni project.

 

Bernard Aylward, CEO of Kodal Minerals, remarked: "The receipt by Hainan of
these approvals from the China Government authorities to allow Hainan to
complete its investment into the development of the Bougouni Lithium project
is a major step towards completing the transaction.  Kodal is continuing to
finalise its CPs for the transaction and expects to achieve the deadline date
of 30 April 2023 for completion.

 

"The Kodal technical team is currently in Hainan Province visiting the
executives and technical specialists of Hainan Mining.  We will also be
taking the Hainan team to Mali to introduce them formally to the Mali
Government officials and to conduct site visits, and undertake further
discussions relating to the development of Bougouni. Kodal and Hainan remain
committed to moving quickly into construction once the financing transaction
is complete and all funds received."

 

**ENDS**

 

For further information, please visit www.kodalminerals
(http://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: 0207 523 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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCGPUPACUPWUQW