REG - Kodal Minerals PLC - Extension of Long Stop Date for Bougouni Funding

Kodal MineralsAnnouncement

30/06/2023 07:00

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RNS Number : 5275E  Kodal Minerals PLC  30 June 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

30 June 2023

Kodal Minerals plc

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

 

Bougouni Lithium Project Funding Package - Further Extension of Long Stop Date
to 31 August 2023

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"), Hainan Mining Co. Limited ("Hainan") and Hainan's
wholly owned UK-incorporated subsidiary Xinmao Investment Co. Limited
("Xinmao") have approved a further extension of the previously agreed long
stop date of 30 June 2023 for the completion of the funding package as
originally announced on 19 January 2023.  The long stop date has now been
extended to 31 August 2023 or at a later date to be agreed by the parties.

Kodal has made significant progress with the re-structure of the subsidiary
companies in the UK and Mali. However, certain condition precedents, as
outlined in the Company's announcement on 31 May 2023, remain to be completed
in Mali. Kodal remains in regular contact with the local Government to satisfy
these outstanding condition precedents. Hainan and Xinmao have confirmed that
all approvals obtained from the Chinese Government authorities remain valid
and are ready to complete the transaction as and when the outstanding
condition precedents are satisfied.

Bernard Aylward, CEO of Kodal Minerals, remarked: "Kodal and Hainan remain
firmly committed to completing the transaction and are working together
towards the completion of all condition precedents.  Kodal has continued to
work with Hainan and its team in the review and planning of the proposed
development of the Company's Bougouni Lithium Project located in southern Mali
and are preparing for the rapid development of the project following
completion of the transaction."

 

**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

 

 

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