Update re Equity Subscription Agreement

RNS Number : 9356G

Kodal Minerals PLC

01 June 2017

 

Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining

1 June 2017

Kodal Minerals plc

('Kodal Minerals' or 'the Company')

Update re Equity Subscription Agreement 

Kodal Minerals, the mineral exploration and development company, provides an update to its announcement of 8 May 2017 regarding the finalisation of an equity subscription agreement (the "Subscription Agreement") with Singapore-based Suay Chin International Pte Ltd ("Suay Chin") for a second share placing to invest up to £4.3 million in the Company by way of a subscription for up to 1,138,227,978 ordinary shares ("Subscription Shares") at £0.0038 per share (the "Subscription Price") in two tranches (the "Subscription"). 

The first tranche of the Subscription for £3,300,000 was completed with the admission to trading on AIM of 868,421,052 Subscription Shares on 12 May 2017.

Under the terms of the Subscription Agreement, the second tranche of the Subscription for £1,025,266 should be completed by 2 June 2017 or such later date as the parties agree, but not later than 31 July 2017.  Suay Chin has advised the Company that it intends to honour its subscription in full by the deadline of 31 July 2017 but has requested, and the Company has granted, an extension to 31 July 2017 for completion of the Subscription.  Further update announcements will be made by the Company once the Subscription has completed.

For further information, please visit www.kodalminerals.com or contact the following:

Kodal Minerals plc Bernard Aylward, CEO	Tel: [phone]
Allenby Capital Limited, AIM Nominated Adviser Jeremy Porter/Nick Harriss/Liz Kirchner	Tel: [phone]
SP Angel Corporate Finance LLP, Financial Adviser & Broker John Mackay	Tel: [phone]
St Brides Partners Ltd, Financial PR Lottie Brocklehurst/Megan Dennison	Tel: [phone]

 

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