Business
Placing to raise £700,000
Placing to raise £700,000.
About this update from Kodal Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 3840S Kodal Minerals PLC 11 March 2019 \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\"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.\n \nKodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining\n \n11 March 2019\n \nKodal Minerals plc (\"Kodal Minerals\" or the \"Company\")\n \nFundraise to Fast track Development and Exploration Activities at Bougouni Lithium Project\n \nKodal Minerals, the mineral exploration and development company focused on the Bougouni Lithium Project in Southern Mali (\"Bougouni\"), is pleased to announce that it has raised £700,000 (before expenses) via a placing of 500,000,000 new ordinary shares of 0.03125p each in the capital of the Company (\"New Ordinary Shares\") at a placing price of 0.14 pence per New Ordinary Share (the \"Placing Price\") (together the \"Placing\"). The funds raised will primarily support Kodal Minerals in its aim of rapidly advancing Bougouni, as it continues to fast track development. \n \nThe Company will use the net proceeds of the Placing to:\n· Continue to fast track both its project development programme and its exploration drilling programme;\n· Continue on-going project development programme:\no Completion of the Environmental and Social Impact Assessment, anticipated to be lodged by the end of Q2 2019;\no Further metallurgical test work with an update expected by the end of Q2 2019;\no Continuation of the engineering review and design working with highly experienced consulting groups; \no Building towards completing a mining licence application by the end of Q3 2019.\n· Exploration programme:\no Definition and extension drilling planned for Sogola-Baoule and Boumou with focus on extending Mineral Resource;\no Exploration drilling of priority targets defined by previous drilling and identification of new pegmatite veins;\no Initial drill testing of the recently acquired Bougouni West project where initial geological reconnaissance is highlighting prospect...