20th May 2016 07:43
LONDON (Alliance News) - Kodal Minerals PLC on Friday said it has raised GBP680,000 via a share issue and has completed its acquisition of International Goldfields (Bermuda) Ltd.
Kodal has raised GBP680,000 via the issue of 1.70 billion shares at 0.04 pence per share. Kodal shares were up 3.2% early Friday to 0.049p. Prior to the issue, Kodal had just 1.05 billion shares in issue and a market cap of GBP519,900, so the new share represent 60% of the enlarged total.
The proceeds from the placing will be used to progress Kodal's assets in West Africa and Norway, plus working capital.
Kodal also said it has completed the acquisition of International Goldfields for GBP410,000 from Australia-listed Taruga Gold Ltd. International Goldfields owns eight mineral exploration assets, covering four in the Ivory Coast and four in Mali.
By Sam Unsted; [email protected]; @SamUAtAlliance
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