Kodal Minerals PLC (AIM:KOD) has announced an extension of the long stop date for the completion of its funding package, which provides the company and its partners with additional time to fulfill the necessary conditions and proceed with the funding.
The company, along with Kodal Mining UK Limited (KMUK), Hainan Mining Co. Limited (Hainan) and Hainan's subsidiary Xinmao Investment Co. Limited (Xinmao), has agreed to extend the deadline from 30 June 2023 to 31 August 2023, or a later date to be mutually determined.
While Kodal has made significant progress in restructuring its subsidiary companies in the UK and Mali, certain condition precedents, as stated in the company's announcement on 31 May 2023, still need to be fulfilled in Mali.
Kodal said it has been in regular contact with the local government to meet these requirements. Hainan and Xinmao have confirmed that all approvals obtained from Chinese government authorities remain valid, and they are prepared to proceed with the transaction once the outstanding conditions are met.
Bernard Aylward, the CEO of Kodal Minerals, expressed his commitment to completing the transaction and highlighted the collaborative efforts with Hainan.
In a statement, Aylward said: "Kodal and Hainan remain firmly committed to completing the transaction and are working together towards the completion of all condition precedents.
"Kodal has continued to work with Hainan and its team in the review and planning of the proposed development of the company's Bougouni Lithium Project located in southern Mali and are preparing for the rapid development of the project following completion of the transaction."
The company's focus on the development of the Bougouni Lithium Project underscores its dedication to unlocking the potential of its assets in West Africa.
Kodal is a mineral exploration and development company focused on lithium and gold assets in West Africa.