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Kodal Minerals PLC - London-based miner developing projects in southern Mali and Ivory Coast - Raises money to fund its Bougouni lithium project in Mali. Fundraise consists of 1.07 billion new shares and Kodal raises £3.0 million.
The placing shares will be issued at a price of 0.28 pence each, the company says.
Major shareholder Suay Chin International Pte Ltd participated in the subscription, Kodal adds.
Boosted by a strong lithium market, spodumene concentrate price is over $3,000 per tonne, much higher than the company's assumed price of $680 per tonne it assessed in a 2020 study, Kodal explains. Spodumene is a source of lithium mined in Mali.
Current stock price: 0.30 pence, down 11%
12-month change: up 88%
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