JOHANNESBURG (miningweekly.com) – Aim-listed Kodal Minerals has completed the acquisition of International Goldfields, which owns a portfolio of gold properties in Côte d'Ivoire and Mali.
The portfolio included eight mineral licences and two licence applications, covering a collection of highly prospective gold exploration targets on the West African Birimian Greenstone Belt.
The company raised £680 000 through the issue of 1.7-billion new ordinary shares at a placing price of 0.04p a share.
The proceeds would be used to advance work at the company’s assets in West Africa and Norway, as well as for working capital requirements.
In a statement released on Friday, Kodal noted that four licence areas were subject to joint ventures and farm-in agreements with Newcrest Mining and Resolote Mining.
Newcrest had a farm-in agreement to spend $1.7-million to earn a 75% interest in the Dabakala gold project, in Côte d'Ivoire, while Resolute had the option to earn up to a 75% interest over two concessions and one concession application in Côte d'Ivoire by spending $3-million over four years.
“The gold portfolio provides us with exposure to a proven gold district in West Africa that contains a number of multimillion-ounce mining operations,” said Kodal CEO David Jones.
Edited by: Creamer Media Reporter
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