Business
Kodal receives Prepayment of US$3,500,000
Kodal receives Prepayment of US$3,500,000.
About this update from Kodal Minerals Plc
[{"type":"text","content":"\n\nThe 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 (\"MAR\")\n \nKodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining\n3 August 2023\nKodal Minerals plc\n(\"Kodal Minerals\", \"Kodal\" or the \"Company\")\n \nBougouni Lithium Project Funding Package - Kodal receives Prepayment of US$3,500,000\nand\nUpdate on Conditions Precedent for Funding Package Completion\n \nKodal Minerals, the mineral exploration and development company focused on lithium and gold assets in West Africa, announces a conditional prepayment of US$3,500,000 (the \"Prepayment\") as part of the funding package for the Bougouni Lithium Project announced on 19 January 2023 (the \"Funding Package\") agreed between the Company and Hainan Mining Co. Limited (\"Hainan\") and its wholly owned UK-incorporated subsidiary Xinmao Investment Co. Limited (\"Xinmao\" and together, the \"Hainan Group\"). \n \nThe Company is also pleased to provide an update on the restructuring of Kodal's subsidiary companies in Mali and advancing of the conditions precedent for closing the Funding Package.\n \nHighlights:\n· Kodal to receive a US$3,500,000 Prepayment of the subscription agreement entered into as part of the Funding Package.\n· Kodal will apply the funds to the continued advancement of the Bougouni Lithium project and has sole discretion over use of funds including for general working capital.\n· The Prepayment is repayable or convertible into new ordinary shares of the Company should the Funding Package not proceed.\n· Kodal is completing the registration of a new company in Mali, Les Mines de Lithium de Bougouni SA (\"LMLB\"), and this company will be the owner of the Bougouni mining licence.\n· Kodal is also commencing the process of transferring the mining licence from Future Minerals SARL to LMLB as a key condition precedent for completion of the Funding Package.\n \nBernard Aylward, CEO of Kodal Minerals, remarked: \"We are very pleased to have received the support of the Hainan Group with the Prepayment for some of the subscription agreement, allowing us to continue to advance the Bougouni Lithium project while w...