Business
Convertible Loan Agreement for US$1.5 million
Convertible Loan Agreement for US$1.5 million.
About this update from Kodal Minerals Plc
[{"type":"text","content":"\n \n \n RNS Number : 0580T\n Kodal Minerals PLC\n 15 July 2020\n \n \n \n \n Certain information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.\n \n Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \n \n \n \n \n \n Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining\n \n \n \n \n \n 15 July 2020\n \n \n \n \n \n Kodal Minerals plc ('Kodal Minerals' or the 'Company')\n \n \n \n \n \n Convertible Loan Agreement for US$1.5 million\n \n \n Kodal Minerals, the mineral exploration and development company focused on its Bougouni Lithium Project (the 'Project' or the 'Bougouni Project') in southern Mali, announces that it has secured sufficient funding resources to accelerate completion of the next phases of its development projects and to evaluate exciting new opportunities via a US$1.5 million unsecured convertible loan agreement (the 'Loan Agreement') with Riverfort Global Opportunities PCC and YA II PN Ltd (the 'Investors').\n \n Highlights\n \n · Unsecured Loan Agreement for US$1.5 million with an initial advance of US$750,000.\n \n · The funding will enable the Company to accelerate its planned activities across a range of projects:\n \n o Continued development of its flagship Bougouni Lithium Project in Mali including:\n \n § Licence payments for the expected award of the Mining Licence; and\n \n § Continued engineering development studies and further work in connection with offtake and financing arrangements.\n \n o Exploration work to further develop the potential at the Company's gold projects including:\n \n § Aircore drilling at the Nangalasso project in Mali; and\n \n § Geochemical sampling and geological mapping at the Dabakala project in Cote d'Ivoire.\n \n o Exploring new investment opportunities identified by the Company in the gold space.\n \n · Key terms of the Loan Agreement include:\n \n o Advances under the Loan Agreement have a 15-month term and carry interest at a rate of 9.85% per annum payable monthly;\n \n o Investors have the option to convert outstanding principal and interest into new ordinary shares in the Company in accordance with detailed terms ...