Business
First Day of Dealings on AIM
First Day of Dealings on AIM.
About this update from Kodal Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 4973W Kodal Minerals PLC 30 December 2013 \n\n30 December 2013\nKodal Minerals plc\n(\"Kodal Minerals\" or the \"Company\")\nFirst Day of Dealings on AIM\nKodal Minerals, the mining exploration company owning extraction licences for a phosphorus and iron (titanomagnetite) project situated in southern Norway (the \"Kodal Project\"), is pleased to announce the commencement of dealings of its ordinary shares on the AIM market of the London Stock Exchange under the code KOD. Allenby Capital Limited is acting as Nominated Adviser to the Company and SP Angel Corporate Finance LLP (\"SP Angel\") is acting as Financial Adviser and Broker. \nSince October 2012, the Company has undertaken and financed a number of work programmes on the Kodal Project with the intention of validating available historical data on the project and establishing a Mineral Resource estimation for the deposit. The Kodal Project has, using a 0.5 per cent. phosphorus (\"P\") cut off, a JORC compliant total Indicated Mineral Resource of 14.6Mt at 2.26 per cent. P (5.18 per cent. phosphate (\"P2O5\")) and 24.12 per cent. iron (\"Fe\") with an Inferred Mineral Resource of 34.3Mt at 2 per cent. P (4.59 per cent. P2O5) and 20.38 per cent. Fe. \n \nThe Company has undertaken a placing of new shares to finance the next work programme on the Kodal Project with a view to eventually bringing it into commercial production, subject to obtaining the necessary consents and approvals.\n \nSP Angel raised £1 million in new equity for the Company through the issue of 142,857,240 ordinary shares at 0.7 pence per share in a placing with institutional and other investors (the \"Placing\"). The net proceeds of the Placing will be used by the Company to satisfy part of the consideration to acquire Kodal Phosphate AS, which holds the extraction licence for the Kodal Project, to develop the Kodal Project and for general working capital. \nAdmission and Placing Statistics\n\n\n\n\nPlacing Price\n\n\n0.7p\n\n\n\n\nNumber of ordinary shares in issue immediately following admission\n\n\n670,240,747\n\n\n\n\nMarket capitalisation of the Company at the Placing price on admission\n\n\n£4.7 million\n\n\n\n\nGross proceeds of the Placing\n\n\n£1 million\n\n\n\n\n \nTetra Minerals OY holds 250,000,000 ordinary shares in the Company and is therefore interested i...