KOD - Kodal Minerals reaches milestone with agreement on funding package for Bougouni lithium project
(NewsDirect)
Kodal Minerals CEO Bernard Aylward joinedProactive's Stephen Gunnion with news that the company has agreedterms with Hainan Mining to complete the funding package for theBougouni Lithium Project in Mali.
The news sent Kodal's shares 24.5% higher by the close oftrade in London on Friday.
Speakingfrom Bamako, Mali, Aylward said the transaction is "fantastic"for Kodal as it means the company is fully funded for the developmentnot only of the media separation (DMS) plant that will allow it tocommence mining and processing but also provides significant fundingfor the ongoing drilling and development and expansion of the project.
Under the agreement, the parties are looking to finalise allremaining compliance items as soon as possible with the expectedtransfer of money - US$117.75 million in total, of which US$3.5million has been received as a pre-payment - for the completion of thetransaction now expected in the first half of November 2023.
Contact Details
Proactive UK Ltd
+44 207989 0813
Copyright (c) 2023 TheNewswire - All rights reserved.