Kodal raised a total of £1,000,000, before expenses, through a placing of 666,666,667 new ordinary shares at a 0.15p apiece with a range of new and existing investors.
The net proceeds will be used to advance and accelerate the exploration programme at the company's 500sq km Bougouni lithium project in Mali, fund certain exploration activities across its 100% owned gold properties, in addition to funding working capital requirements.
Chief executive Bernard Aylward said: "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. This Placing will allow the Company to accelerate our exploration activities with a further programme of drilling to follow on from the recently completed work as well as to test the newly identified high-grade pegmatite veins. "The excitement in the lithium market is continuing to build and the exploration and discovery of high-grade lithium mineralisation is rapidly developing in Mali. The recent announcement of a proposed sale of the neighbouring lithium project owned by Australian Stock Exchange listed Birimian Limited to a Chinese buyer for A$107.5 million highlights the strategic value being placed on high grade Malian lithium projects, and the value which can be achieved through exploration. With this in mind we are keen to accelerate and expand our exploration programme. "This is clearly a strategy which is supported by our shareholders and I am delighted to announce this oversubscribed placing to raise £1 million. These funds will enable us to ramp up our exploration campaign and deliver on our near term milestones."