REG - Kodal Minerals PLC - Extension of Long Stop Date to 31 May 2023

Kodal MineralsAnnouncement

27/04/2023 08:15

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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
(https://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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