logo-loader
viewKodal Minerals PLC

Kodal Minerals PLC - Interim Results

RNS Number : 0146W
Kodal Minerals PLC
06 December 2019
 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").  With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

 

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

 

6 December 2019

 

Kodal Minerals plc

Interim Results

 

Kodal Minerals Plc ("Kodal Minerals" or the "Company" and, with its subsidiaries, the "Group"), the mineral development and exploration company focused on its Bougouni Lithium project in southern Mali, announces to shareholders today its unaudited interim results for the six month period ended 30 September 2019.

 

Overview:

·    Environmental Permit for the development of the Bougouni Lithium project granted post period in November 2019, following completion of Environmental and Social Impact Assessment ("ESIA");

·    Bulk sample of 800 tonnes of Ngoualana prospect lithium mineralisation arrived in China for process testing on production scale programme;

·    Open pit mine scheduling and process plant design complete and technical reports for Mining Licence application near finalisation. Application expected to be submitted in December 2019;

·    New exploration licences of Fariedele and Sogola Nord granted covering approximately 150km2 within the Bougouni project and registered directly in the names of Kodal Minerals' subsidiaries. The licences provide certainty of title for a further seven years; and

·    All licences of the Bougouni Lithium project now registered in Kodal Minerals' subsidiary company names covering a total area of approximately 350km2.

 

Bernard Aylward, CEO of Kodal Minerals, said: "Kodal Minerals is focused on the development of the Bougouni Lithium project in southern Mali, West Africa.  The Company has continued to advance to our objective and critically we received our Environmental Permit for the development of the project in November 2019.  This permit was granted following the extensive ESIA that had been undertaken by the Company, and had received strong support from the local community, stakeholders and Government officials.  The granting of the Environmental Permit is the first approval required and needed to be received prior to the Company lodging its Mining Licence application.

 

"The Company has undertaken extensive mining and engineering studies to support the preparation of a Mining Licence application for the Bougouni Lithium project and intends to lodge this as soon as possible.  The final technical reports are under review and translation to be attached as appendices to the application with key areas of metallurgical testing and mineral processing, process plant engineering and open pit mine optimisation and scheduling completed.

 

"In November 2019 the bulk sample of lithium mineralisation from the Ngoualana prospect (within the Bougouni project) arrived at the processing plant in the Shandong province of China.  The bulk sample will be tested at a production plant with a processing flowsheet and design layout similar to the plant proposed for our Bougouni Lithium project.  This testing will provide valuable first-hand knowledge of the behaviour of the mineralisation to crushing and processing and will allow the Company to make final updates to the process design prior to undertaking construction.  The bulk sample will be treated when there is availability at the processing plant, with a full report and analysis of the treatment expected in the New Year.

 

"Kodal Minerals continues to monitor the security of its tenure over the whole Bougouni Lithium project and, as part of the ongoing work with the Mali Government, has secured new licences valid for up to a further seven years and now have all licences within the Bougouni project registered in the names of its subsidiary companies."

 

Chairman's Statement

 

Kodal Minerals continues to make great strides towards our goal of developing the Bougouni Lithium project.  The recent receipt of the Environmental Permit post period is very positive for the Company and is a reflection of the dedicated focus of our technical team as well as the support of our consultants who all contributed greatly to this effort.  The granting of the Environmental Permit follows the completion of the ESIA that involved environmental monitoring and research as well as extensive community and Government engagement.  The successful result highlights Kodal Minerals strong relationships in Mali that our team continues to develop.

 

The next stage of our progress is achieving the granting of a Mining Licence to develop the Bougouni Lithium project.  The Company has continued to finalise its application lead by our Project Manager Steve Zaninovich and a team of expert mining consultants to ensure that we achieve the best possible outcome for the future mining operation. 

 

The Company expects to achieve a fully permitted Bougouni Lithium project in the first half of 2020 and looks forward to providing regular updates to shareholders of all activities surrounding our project and development work.

 

Robert Wooldridge

Non-Executive Chairman

 

 

 

Financial Overview

 

The Group has recorded a loss for the 6-month period to 30 September 2019 of £242,000 compared to £343,000 for the 6 months to 30 September 2018 and £713,000 for the year to 31 March 2019.

 

Cash balances as at 30 September 2019 were £315,000 compared to £2,375,000 at 30 September 2018 and £1,408,000 at 31 March 2019.  Current cash as 30 November 2019 is £282,750 As described further in the Basis of Preparation note, the Company will need to raise further funds in order to continue its development work and to be able to continue as a going concern for the foreseeable future.

 

Contact details:

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

 

Kodal Minerals plc

Bernard Aylward, CEO

 

 

Tel: +61 418 943 345

 

Allenby Capital Limited, Nominated Adviser

Jeremy Porter / Nick Harriss

 

 

Tel: 020 3328 5656

SP Angel Corporate Finance LLP, Financial Adviser & Broker

John Mackay / Laura Harrison

 

 

Tel: 020 3470 0470

 

St Brides Partners Ltd, Financial PR

Catherine Leftley / Cosima Akerman

Tel: 020 7236 1177

 

 

 

 

 


KODAL MINERALS PLC

 

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019

 




Unaudited

6 months to

30 September

2019


Unaudited

6 months to

30 September

2018


Audited

Year ended

31 March

2019




£


£


£

Continuing operations








Revenue



-


-


- 









Administrative expenses



(314,118)


(319,848)


(613,450)

Share based payments



(24,523)


(38,210)


(109,241)









OPERATING LOSS



(338,641)


(358,058)


(722,691)









Finance income



67


3,079


10,080









 LOSS BEFORE TAX



(338,574)


(354,979)


(712,611)









Taxation



-


-


- 









LOSS FOR THE PERIOD/YEAR



(338,574)


(354,979)


(712,611)

















OTHER COMPREHENSIVE INCOME
















Items that may be subsequently reclassified to profit and loss
















Currency translation (loss)/gain



126,999


11,785


(113,844)









TOTAL COMPREHENSIVE INCOME FOR THE PERIOD/YEAR



(211,575)


(343,194)


(826,455)









Loss per share








Basic and diluted - loss per share on total earnings - pence per share

3


(0.0040)


(0.0044)


(0.0096)

 


KODAL MINERALS PLC

 

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2019

 





Unaudited

 as at

30 September

2019


Unaudited

as at

30 September

2018


Audited

as at

31 March

2019

 


Note



£


£


£

 

NON CURRENT ASSETS









 

Intangible assets

6



8,084,925


5,355,000


6,951,209

Property, plant and equipment

7



17,481


17,170


19,901























8,102,406


5,372,000


6,971,110

CURRENT ASSETS









Other receivables




20,900


23,061


21,011

Cash and cash equivalents




314,661


2,375,229


1,408,393














335,561


2,398,290


1,429,404










TOTAL ASSETS




8,437,967


7,770,460


8,400,514










 










 

CURRENT LIABILITIES









 

Trade and other payables




(381,756)


(282,967)


(597,251)










TOTAL LIABILITIES




(381,756)


(282,967)


(597,251)



















NET ASSETS




8,056,211


7,487,493


7,803,263










 

EQUITY









 

Attributable to owners of the parent:









 

Share capital

9



2,733,356


2,399,480


2,566,418

 

Share premium account

9



12,420,854


11,586,729


12,147,792

 

Share based payment reserve




715,120


619,566


690,597

 

Translation reserve




(8,444)


(9,813)


(135,443)

 

Retained deficit




(7,804,675)


(7,108,469)


(7,466,101)

 










 

TOTAL EQUITY




8,056,211


7,487,493


7,803,263

 

 

 


KODAL MINERALS PLC

 

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019


Share capital


Share premium account


 

Share based payments reserve


 

Translation

reserve


Retained deficit


Total equity

 


£


£


£




£


£

 

At 31 March 2018 (audited)

2,038,903 


 

10,467,337 


 

581,356 


 

(21,599) 


(6,753,490) 


6,312,507 













 

Comprehensive income












 

Loss for the period

-


-


-


-


(354,979)


(354,979)

 

Currency translation loss

-


-


-


11,786


-


11,786

 

Total comprehensive income for the period

-


-


-


11,786


(354,979)


(343,193)

 













 

Transactions with owners












 

Proceeds from shares issued

360,577


1,119,392


-


-


-


1,479,969

 

Share based payment

-


-


38,210


-


-


38,210

 

At 30 September 2018 (unaudited)

2,399,480


11,586,729


619,566


(9,813)


(7,070,259)


7,487,493

 

 

Comprehensive income












 

Loss for the period

-


-


-


-


(357,632)


(357,632)

 

Currency translation loss

-


-


-


(125,630)


-


(125,630)

 

Total comprehensive income for the period

-


-


-


(125,630)


(357,632)


(483,262)

 













 

Transactions with owners












 

Proceeds from shares issued

166,938


561,063


-


-


-


728,001

 

Share based payment

-


-


71,031


-


-


71,031

 

At 31 March 2019 (audited)

2,566,418


12,147,792


690,597


(135,443)


(7,466,101)


7,803,263

 

 

Comprehensive income












 

Loss for the period

-


-


-


-


(338,574)


(338,574)

 

Currency translation gain

-


-


-


126,999


-


126,999

 

Total comprehensive income for the period

-


-


-


126,999


(338,574)


(211,575)

 













 

Transactions with owners












 

Proceeds from shares issued

166,938


273,062


-


-


-


440,000

 

Share based payment

-


-


24,523


-


-


24,523

 

At 30 September 2019 (unaudited)

2,733,356


12,420,854


715,120


(8,444)


(7,804,675)


8,056,211

 













 


KODAL MINERALS PLC

 

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019

 




Unaudited

6 months to

30 September

2019


Unaudited

6 months to

30 September

2018


Audited

Year ended 31 March

2019




£


£


£

Cash flows from operating activities








Loss before tax



(338,574)


(354,978)


(712,611)

Adjustments for non-cash items:








Share based payments



24,523


38,210


109,241

Operating cash flow before movements in working capital



(314,051)


(316,768)


(603,370)









Movement in working capital








(Increase)/decrease in receivables



111


(14,296)


(12,246)

Increase/(decrease) in payables



(215,495)


(36,639)


265,859









Net movements in working capital



(215,384)


(50,935)


253,613

Net cash outflow from operating activities



(529,435)


(367,703)


(349,757)









Cash flows from investing activities








(Purchase)/disposal of property, plant and equipment



-


(20,014)


(20,014)

Purchase of intangible assets



(1,012,894)


(1,829,153)


(3,371,781)

 

Net cash outflow from investing activities



(1,012,894)


(1,849,167)


(3,391,795)









Cash flow from financing activities








Net proceeds from share issues



440,000


1,479,969


2,207,970









Net cash inflow from financing activities



440,000


1,479,969


2,207,970









Increase/(Decrease) in cash and cash equivalents



(1,102,329)


(736,901)


(1,533,582)

Cash and cash equivalents at beginning of the period

 

 


1,408,393


3,123,549 


3,123,549

Exchange gain / (loss) on cash



8,597


(11,419)


(181,574)

Cash and cash equivalents at end of the period

 

 


314,661


2,375,229


1,408,393









 

KODAL MINERALS PLC

 

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019

 

General information

 

Kodal Minerals plc is a public limited company incorporated and domiciled in England & Wales. The Company's shares are publicly traded on the AIM market of the London stock exchange. Kodal Minerals Plc and its subsidiaries are involved in the exploration and evaluation of mineral resources in West Africa and Norway.

 

Basis of preparation

 

These unaudited condensed consolidated interim financial statements for the six months ended 30 September 2019 were approved by the board and authorised for issue on 5 December 2019.

 

The basis of preparation and accounting policies set out in the Annual Report and Accounts for the year ended 31 March 2019 have been applied in the preparation of these condensed consolidated interim financial statements. These interim financial statements have been prepared in accordance with the recognition and measurement principles of the International Financial Reporting Standards ('IFRS') as adopted by the EU that are expected to be applicable to the consolidated financial statements for the year ending 31 March 2020 and on the basis of the accounting policies expected to be used in those financial statements.

 

The figures for the six months ended 30 September 2019 and 30 September 2018 are unaudited and do not constitute full accounts. The comparative figures for the year ended 31 March 2019 are taken from the 2019 audited accounts, which are available on the Group's website, and have been delivered to the Registrar of Companies, and do not constitute full accounts.

 

The Group has not earned revenue during the period to 30 September 2019 as it is still in the exploration and development phases of its business.  The operations of the Group are currently being financed from funds which the Company has raised from the issue of new shares.

 

The directors have prepared cash flow forecasts for the next 12 months. The forecast includes the costs of progressing the feasibility study at the Bougouni Lithium Project through to the submission of its mining licence application as well as the ongoing overheads of the Group. The forecasts indicate that further fund raising will be required during the forecast period in order to continue the development work, undertake limited additional exploration work and provide working capital.

Based on discussions with the Company's advisers, the Directors have a reasonable expectation that the Group will have access to adequate financial resources to continue its operations for the foreseeable future. The Group has historically been successful in raising additional funds in such circumstances. Accordingly, the interim financial statements have been prepared on a going concern basis. However, there is a material uncertainty related to the raising of additional funding which may cast doubt on the Group's ability to continue as a going concern and the financial statements do not contain the adjustments that would result if the Group were not able to continue as a going concern.

 

 

 

 


KODAL MINERALS PLC

 

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019

 

1.         SEGMENTAL REPORTING

 

The operations and assets of the Group are focused in the United Kingdom and West Africa and comprise one class of business: the exploration and evaluation of mineral resources. The parent Company acts as a holding company. At 30 September 2019, the Group had not commenced commercial production from its exploration sites and therefore had no revenue for the period.

 

Six months to 30 September 2019 (Unaudited)

West African Gold

West African Lithium

Corporate

Total


£

£

£

£

Finance income

-

-

67

67

Administration expenses

(1,065)

(33)

(313,020)

(314,118)

Share based payments

-

-

(24,523)

(24,523)

Loss for the period

(1,065)

(33)

(337,476)

(338,574)






At 30 September 2019





Trade and other receivables

-

-

20,900

20,900

Cash and cash equivalents

26,563

31,352

256,746

314,661

Trade and other payables

-

(343,852)

(37,904)

(381,756)

Intangible assets - exploration and evaluation expenditure

1,146,110

6,938,815

-

8,084,925

Property plant and equipment

-

17,481

-

17,481

Net assets

1,172,673

6,643,796

239,742

8,056,211

 

On 18 September 2019, the Company received notification that Kodal Minerals AS and Kodal Phosphate AS had been liquidated.

 

Six months to 30 September 2018 (Unaudited)

West African Gold

West African Lithium

Corporate

Total


£

£

£

£

Finance income

-

-

3,079

3,079

Administration expenses

(275)

(36,301)

(283,272)

(319,848)

Share based payments

-

-

(38,210)

(38,210)

Loss for the period

(275)

(36,301)

(318,403)

(354,979)






At 30 September 2018





Trade and other receivables

10,255

-

12,806

23,061

Cash and cash equivalents

17,262

29,846

2,328,121

2,375,229

Trade and other payables

-

(241,861)

(41,106)

(282,967)

Intangible assets - exploration and evaluation expenditure

1,015,245

4,339,755

-

5,355,000

Property plant and equipment

-

17,170

-

17,170

Net assets

1,042,762

4,144,910

2,299,821

7,487,493

 

 

Year to 31 March 2019 (Audited)

West African Gold

West African Lithium

Corporate

Total


£

£

£

£

Finance income

-

-

10,080

10,080

Administration expenses

(478)

(38,541)

(574,431)

(613,450)

Share based payments

-

-

(109,241)

(109,241)

Loss for the year

(478)

(38,541)

(673,592)

(712,611)






 

At 31 March 2019 (Audited)





Other receivables

-

-

21,011

21,011

Cash and cash equivalents

34,412

1,301,308

1,408,393

Trade and other payables

-

(402,850)

(194,401)

(597,251)

Tangible assets

-

19,901

-

19,901

Intangible assets - exploration and evaluation expenditure

1,070,348

5,880,861

-

6,951,209

Net assets

1,104,760

5,570,585

1,127,918

7,803,263

 

 

2.         OPERATING LOSS

 

 The operating loss before tax is stated after charging:

 



Unaudited

6 months to

30 September

2019


Unaudited

6 months to

30 September

2018


Audited

Year ended

31 March

2019



£


£


£

Audit services


-


-


30,500

Share based payment


24,523


38,210


109,241

Directors' salaries and fees


88,889


83,078


136,061

 

3.         LOSS PER SHARE

 

Basic loss per share is calculated by dividing the loss for the period attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the period.

 

The following reflects the loss and share data used in the basic EPS computations:

 



Loss

Weighted average number of shares


Basic loss per share (pence)



£




Six months to 30 September 2019


(338,574)

8,403,743,598


(0.0040)

Six months to 30 September 2018


(354,979)

7,133,104,973


(0.0050)

Year ended 31 March 2019


(712,611)

7,444,317,009


(0.0096)

 

Diluted loss per Share is calculated by dividing the loss attributable to ordinary equity holders of the parent by the weighted average number of ordinary Shares outstanding during the period plus the weighted average number of ordinary Shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary Shares.  Options in issue are not considered diluting to the earnings per Share as the Group is currently loss making.   Diluted loss per Share is therefore the same as the basic loss per Share.

 

4.         SHARE BASED PAYMENTS

 

The share-based payment reserve is used to recognise the value of equity-settled share-based payments provided to employees, including key management personnel, as part of their remuneration.

 



Unaudited

6 months to

30 September

2019


Unaudited

6 months to

30 September

2018


Audited

Year ended

31 March

2019

Share options outstanding







Opening balance


195,000,000


195,000,000


195,000,000

Issued in the period


20,000,000


-


-

 

Closing balance


 

215,000,000


 

195,000,000


 

195,000,000

 

 



Unaudited

6 months to

30 September

2019


Unaudited

6 months to

30 September

2018


Audited

Year ended

31 March

2019

Share warrants outstanding







Opening balance


205,000,000


25,000,000


25,000,000

Issued in the period


-


-


180,000,000

 

Closing balance


 

205,000,000


 

25,000,000


 

205,000,000

 

 

A share-based payment charge of £24,523 for the period to 30 September 2019 (6 months to 30 September 2018: £38,210, year to 31 March 2019: £109,241) has been recognised in the profit and loss in relation to these options and warrants.

 

The fair values of the options and warrants granted were calculated using the Black-Scholes valuation model. The inputs into the model were: 

 

  

23 November 2018

18 April 2019

8 May 2019


Strike price 

0.14p - 0.38p

0.14p - 0.25p

0.14p - 0.25p


Share price 

0.138p

0.15p

0.135p


Volatility 

69%

69%

69%


Expiry date 

23 November 2023

- 28 February 2026

18 April 2025

- 18 April 2027

18 April 2025

- 18 April 2027


Risk free rate 

0.56% - 0.80%

1.26% - 1.33%

1.21% - 1.27%


Dividend yield 

0.0%

0.0%

0.0%

 


5.         TAXATION

 

There is no taxation charge for the period to 30 September 2019 (6 months to 30 September 2018: £nil, year to 31 March 2019: £nil) as the group continues to incur losses.

 

No deferred tax asset has been recognised in respect of losses as the timing of their utilisation is uncertain at this stage.

 

 

 

 

 

 

6.         INTANGIBLE ASSETS




Exploration and evaluation





£


COST





 

At 31 March 2018



7,645,825


Additions in the period



1,823,224


Effects of foreign exchange



31,719


 

At 30 September 2018



9,500,768


Additions in the period



1,639,369


Effects of foreign exchange



(51,602)


 

At 31 March 2019



11,088,535


Additions in the period



1,080,859


Effects of foreign exchange



52,857


 

At 30 September 2019



12,222,251







AMORTISATION





 

At 31 March 2017 and 30 September 2017 and 31 March 2018 and 30 September 2018



4,137,326







NET BOOK VALUES










At 30 September 2019 (Unaudited)



8,084,925







At 30 September 2018 (Unaudited)



5,355,000







At 31 March 2019 (Audited)



6,951,209


 

 

 

 

 

 

 

 

 

7.         PROPERTY, PLANT AND EQUIPMENT

 



Plant and machinery




£


COST




 

At 31 March 2018


3,702


Additions in the period


20,014


 

At 30 September 2018


23,716


Additions in the period


-


Effects of foreign exchange


2,731


 

At 31 March 2019


26,447


Additions in the period


-


Effects of foreign exchange


545


At 30 September 2019


26,992














DEPRECIATION




At 31 March 2018


617


Charge for the period


5,929


 

At 30 September 2018


6,546


Charge for the period


-


 

At 31 March 2019


6,546


Charge in the period


2,965


At 30 September 2019


9,511






NET BOOK VALUES








At 30 September 2019 (Unaudited)


17,481






At 30 September 2018 (Unaudited)


17,170






At 31 March 2019 (Audited)


19,901






 

 

8.         SUBSIDIARY ENTITIES

 

The consolidated financial statements include the following subsidiary companies:

 

 

Company

 

Subsidiary of

Country of

incorporation

Equity holding

Nature of

Business

Kodal Norway (UK) Limited

Kodal Minerals Plc

United Kingdom

100%

Operating company

International Goldfields (Bermuda) Limited

Kodal Minerals Plc

Bermuda

100%

Holding company

International Goldfields Mali SARL

International Goldfields (Bermuda) Limited

Mali

100%

Mining exploration

International Goldfields Cȏte d'Ivoire SARL

International Goldfields (Bermuda) Limited

Cȏte d'Ivoire

100%

Mining exploration

Jigsaw Resources CIV Limited

International Goldfields (Bermuda) Limited

Bermuda

100%

Mining exploration

Corvette CIV SARL

International Goldfields (Bermuda) Limited

Cȏte d'Ivoire

100%

Mining exploration

Future Minerals Limited

International Goldfields (Bermuda) Limited

Bermuda

100%

Mining exploration

 

9.         ORDINARY SHARES

 

Allotted, issued and fully paid:


Nominal Value

Number of Ordinary Shares

 

Share Capital

£

Share Premium

£

As at 31 March 2018


6,524,482,828

2,038,903

10,467,337

June 2018 - note (a)

£0.0003125

230,769,226

72,112

212,857

June 2018 - note (b)

£0.0003125

923,076,923

288,462

911,538






As at 30 September 2018


7,678,328,977

2,399,477

11,591,732

February 2019 - note (c)

£0.0003125

34,210,526

10,691

54,309

March 2019 - note (d)

£0.0003125

500,000,000

156,250

501,750






As at 31 March 2019


8,212,539,503

2,566,418

12,147,792

July 2019 - note (e)


718,750,000

224,609

228,516

July 2019 - Treasury shares held


(250,000,000)

(78,125)

-

August 2019 - note (f)


65,451,616

20,454

44,546






As at 30 September 2019


8,746,741,119

2,733,356

12,420,854






Share issue costs have been allocated against the Share Premium account.

 

Notes:

a)    On 15 June 2018, a total of 230,769,226 shares were issued to Suay Chin International Pte Ltd at an issue price of 0.13 pence per share.

f)     On 2 August 2019, a total of 65,451,616 shares were issued to Bambara Resources SARL at an issue price of 0.099 pence per share.

 

10.      RELATED PARTY TRANSACTIONS

 

Transactions with related parties

 

Matlock Geological Services Pty Ltd ("Matlock"), a company wholly owned by Bernard Aylward, a Director, provided consultancy services to the Group during the six months to 30 September 2019 and received fees of £39,682 (6 months to 30 September 2018: £45,257, year to 31 March 2019: £80,711).

 

Geosmart Consulting Pty Ltd ("Geosmart"), a company wholly owned by Qingtao Zeng, a Director, provided consultancy services to the Group during the six months to 30 September 2019 and received fees of £13,480 (6 months to 30 September 2018: £19,246, year to 31 March 2019: £44,660).

 

11.      CONTROL

 

No one party is identified as controlling the Group.

 

12.      EVENTS AFTER THE REPORTING PERIOD

On 28 October 2019, the Company announced that it had raised a total of £250,000 before expenses, comprising a placing and subscription of 250,000,000 new ordinary shares of 0.03125p each at a price of 0.05 pence per share, as well as the placing out at the same price of 0.05 pence per share of the 250,000,000 Ordinary Shares issued but not delivered in the fundraising announced in July 2019 (see note 9).

 

On 31 October 2019, Mark Pensabene ceased to be a director of the Company.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
IR LIFERFSLRIIA

Quick facts: Kodal Minerals PLC

Price: 0.035

Market: LSE
Market Cap: £3.87 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Kodal Minerals reports much higher recovery rates from bulk testing than...

Kodal Minerals PLC's (LON:KOD) Bernard Aylward chats to Proactive London's Andrew Scott after receiving initial test results from a bulk sample taken from the Bougouni lithium project in southern Mali. He says the recoveries came in at up to 83%, to give a 5.5%-to-6% Li2O spodumene product....

2 weeks, 2 days ago