Aim-listed Kodal Minerals has raised £700 000 to support its aim of rapidly advancing the Bougouni lithium project, in southern Mali, as it continues to fast-track development.
The company placed 500-million new ordinary shares, at 0.14 pence a new ordinary share.
“Raising these funds will enable us to continue with the successful development and exploration programmes that are currently under way,” Kodal CEO Bernard Aylward said on Monday.
The company stated that the environmental and social impact assessment for Bougouni would be lodged by the end of the second quarter of 2019.
Further, funds would be used to further metallurgical testwork, with an update expected by the end of the third quarter of the year, as well as the continuation of the engineering review and design and building towards completing a mining licence application, by the end of the third quarter of 2019.