27th Apr 2023 21:46
Kodal Minerals PLC - lithium and gold-focused exploration and development company - Agrees with Hainan Mining Co Ltd and its wholly-owned UK subsidiary Xinmao Investment Co Ltd to extend long stop date for Bougouni funding package to May 31 from January 19. Says extension allows some conditions to be satisfied, including the transfer of the Bougouni Project to a new Mali mining company owned by Kodal's recently incorporated UK subsidiary Kodal Mining UK Ltd. Says this restructuring is in progress although is not expected to complete by Sunday, the original deadline. Says all parties remain fully committed to the completion of the funding transaction as soon as possible.
As announced in mid-April, Hainan and Xinmao have received all necessary approvals from the relevant Chinese authorities to allow it to complete its funding and investment, including overseas project investment filing certificates" from the Hainan Province National Development & Reform Commission and company overseas investment certificate from the Department of Commerce of Hainan Province.
Current stock price: 0.81 pence, down 6.2%
12-month change: multiplied
By Greg Rosenvinge, Alliance News reporter
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