Kodal secures $1.5m loan to advance Bougouni, exploration
Aim-listed Kodal Minerals has secured sufficient funding to complete the next phases of its development projects and to evaluate new opportunities.
The company on July 15 announced that it had reached a $1.5-million unsecured convertible loan agreement with Riverfort Global Opportunities and a hedge fund operated by Yorkville Advisors Global.
An initial advance of $750 000 will help Kodal pay the fees associated with an expected mining licence for the Bougouni lithium project, in Mali, as well as continue with engineering development studies and work related to offtake and financing agreements.
The loan will further enable the company to conduct aircore drilling at the Nangalasso gold project, in Mali, and geochemical sampling and mapping at the Dabakala gold project, in Côte d’Ivoire.
Kodal is also evaluating new opportunities in the gold space.
The investors have the option to convert outstanding principal and interest into new ordinary shares in the company.
Kodal initially entered into a £500 000 subscription agreement and associated equity sharing agreement with the investors, under which it is receiving monthly payments based on the company’s share price. This facility was announced on April 6 and has since provided Kodal with £194 000.
The new loan agreement with the investors involves $750 000 funding initially and an additional $750 000 that can be drawn down.
Each advance is repayable 15 months from the date of the relevant drawdown.
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