Business
Completion of Acquisition and Fundraising
Completion of Acquisition and Fundraising.
About this update from Kodal Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 8391Y Kodal Minerals PLC 20 May 2016 \n\nKodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining\n \n \n20 May 2016\n \nKodal Minerals Plc ('Kodal Minerals' or 'the Company')\n \nCompletion of Acquisition of West African Gold Portfolio and Fundraising\n \nKodal Minerals, the mineral exploration and development company, is pleased to announce the completion of its acquisition of 100 per cent. of International Goldfields (Bermuda) Limited (\"IGS\"), which controls a portfolio of highly prospective gold properties in Côte d'Ivoire and Mali, and a £680,000 fundraising.\n \nHighlights\n \n· Portfolio includes eight mineral licences and two licence applications covering a collection of highly prospective gold exploration targets in Côte d'Ivoire and Mali on the West African Birimian Greenstone Belt\n· Existing joint venture and farm-in agreements on four licence areas with two leading producing gold companies, Newcrest Mining Limited ('Newcrest') and Resolute Mining Limited ('Resolute'), with an aggregate exploration spend of up to US$4.7 million:\no Newcrest has a farm-in agreement to spend US$1.7m to earn a 75 per cent. interest on the Dabakala gold project in Côte d'Ivoire\no Resolute has the right to earn up to a 75 per cent. interest over two concessions and one concession application in Côte d'Ivoire through expenditure of US$3.0 million over four years\n· Bernard Aylward, experienced geologist with proven track record of mine discovery, appointed as Chief Executive Officer \n· Ongoing strategy in west Africa of acquiring prospective ground, employing low cost exploration methods to highlight potential and seeking to develop the projects through joint venture partnerships\n· Defined work programme for advancing current portfolio in West Africa of 1,845 sq. km of licence area and the existing assets in Norway, whilst continuing to identify and appraise additional opportunities \n· Fundraising of £680,000 (before expenses) to fund development activities and working capital\n \nDavid Jones, Chairman of Kodal Minerals, said: \"The gold portfolio provides us with exposure to a proven gold district in West Africa that contains a number of mu...