REG - Kodal Minerals PLC - Issue of Equity and Change to Total Voting Rights

Kodal MineralsAnnouncement

14/11/2023 16:00

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RNS Number : 4398T  Kodal Minerals PLC  14 November 2023

Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining

 

14 November 2023

Kodal Minerals plc

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

 

Issue of equity pursuant to the Bougouni Lithium Project Funding Package

Change to Total Voting Rights

 

The Board of Kodal Minerals, the mineral exploration and development company
focused on lithium and gold assets in West Africa, is pleased to announce
that further to the announcement on 27 October 2023, the Company has received
US$17.75 million pursuant to the funding package announced on 19 January 2023
(the "Funding Package").

 

The gross proceeds of US$17.75 million (approximately £14.5 million) finalise
the Subscription portion of the Funding Package, whereby Xinmao Investment Co.
Limited, a wholly owned UK-incorporated subsidiary of Hainan Mining Co.
Limited ("Hainan" or "Hainan Mining" and together with Xinmao, the "Hainan
Group") will be issued 2,937,801,971 new ordinary shares of 0.03125 pence each
in the capital of the Company (the "New Ordinary Shares") at a price of 0.4912
pence per New Ordinary Share. The Subscription proceeds include the US$3.5m
previously advanced by the Hainan Group as announced on 3 August 2023.

 

Application has been made to the London Stock Exchange plc for the
2,937,801,971 New Ordinary Shares to be admitted to trading on AIM
("Admission") and Admission is expected to become effective at 8.00am on 15
November 2023, upon which the Funding Package transaction will complete.

 

Xinmao has agreed to not dispose of any New Ordinary Shares for a period of 12
months following Admission and, for a further period of 12 months, to only
dispose of the New Ordinary Shares through SP Angel Corporate Finance LLP, or
the Company's then broker, on an orderly market basis.

 

The remaining funds of US$100 million being invested by Hainan as part of the
Funding Package have been transferred by Hainan to Kodal Mining UK Limited
("KMUK") (a new subsidiary company of Kodal to be owned by Hainan Group and
Kodal).

 

Following Admission, it is anticipated that Xinmao will hold 14.72 per cent.
of the issued share capital of the Company and will be the largest shareholder
of the Company.  As a result of this issue of New Ordinary Shares, the
shareholding of Suay Chin International Pte Ltd will dilute to 12.01 per cent
of the issued share capital of the Company.

 

The New Ordinary Shares will rank pari passu in all respects with the
existing ordinary shares of the Company.

 

Total Voting Rights

 

On Admission, the issued share capital of the Company will comprise of
19,960,282,927 Ordinary Shares. The Company does not hold any Ordinary Shares
in treasury. Therefore, from Admission, the total number of Ordinary Shares
and voting rights in the Company will be 19,960,282,927. From Admission, the
above figure may be used by shareholders in the Company as the denominator for
the calculations by which they will determine if they are required to notify
their interest in, or a change to their interest in, the share capital of the
Company under the FCA's Disclosure Guidance and Transparency Rules.

 

**ENDS**

 

For further information, please visit www.kodalminerals
(https://kodalminerals.com/) .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

 Buchanan, Financial PR

 Bobby Morse/Oonagh Reidy                                              Tel: 020 7466 5000

                                                                       kodal@buchanancomms.co.uk

 

 

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