JOHANNESBURG (miningweekly.com) – Lithium and gold explorer Kodal Minerals has raised £1-million through a placing of 66.67-million new ordinary shares at a price of 0.15p a share to expedite development of its Mali-based Bougouni lithium project.
The net proceeds of the placing will also be used to fund exploration activities across its 100%-owned gold properties and to fund working capital requirements.
“The company's recent exploration activity at the Bougouni lithium project continues to highlight the high-grade lithium mineralisation and the potential of the project to host significant mineralisation,” CEO Bernard Aylward said in a statement on Monday.
Recent work, including reverse circulation (RC) drilling and rock-chip sampling, has continued to highlight the prospectivity of the Bougouni project, with the results of the RC drilling programme to be announced by the end of January.
Edited by: Chanel de Bruyn
Creamer Media Senior Deputy Editor Online
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