Kodal Minerals raises £250 000
Aim-listed mineral exploration and development company Kodal Minerals has raised £250 000 for its Bougouni lithium project, in southern Mali.
"We are pleased to have completed this fundraising to place out the SVS shares and raise the resulting shortfall in funds from our July placing,” CE Bernard Aylward said on Monday.
The fundraise comprises a placing and subscription of new ordinary shares, as well as the placing out of ordinary shares allotted to SVS Securities in a fundraise announced in July.
SVS went into special administration on August 5 and subsequently defaulted on its contractual commitment to pay for the SVS shares.
The SVS shares were issued and admitted to trading on Aim on August 2 but not delivered to SVS and have remained under the control of Kodal.
The company will seek to recover from SVS the shortfall between the price, of 0.05p a share, at which the SVS shares have now been placed, and the original price of 0.08p a share which SVS contracted to pay, as well other costs incurred by the company as a result of SVS's default.
Aylward indicated that work at the Bougouni lithium project continued, as expected, and that the company expected to announce positive news shortly in respect of the environmental- and social-impact assessment, the final addendum of which was lodged in early October.
"The company has completed the metallurgical test work, plant design and engineering studies and is close to finalising the feasibility study to support its application for a mining licence, which is expected to be submitted later in this quarter."
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