Kodal Minerals PLC (LON:KOD) has raised £700,000 via a placing of 500mln shares at 0.14p each, following the completion of a resource update at its Bougouni lithium project in southern Mali.
The funds raised will help take Bougouni on to the next stage of its development.
WATCH: Kodal reports 23% increase in mineral resource at Bougouni Lithium project
The plan now is to lodge an environmental and social study by the end of the second quarter of this year, to undertake further metallurgical work, to work towards the submission of a mining licence application, and to do more drilling.
"Raising these funds will enable us to continue with the successful development and exploration programmes that are currently underway,” said chief executive Bernard Aylward.
“We recently announced an upgrade of the JORC mineral resource estimate to 21.3mln tonnes at 1.1% lithium oxide, in addition to ongoing development planning for an expected 1.5mln tonnes per annum processing plant with open pit mining from the initial three prospects at Ngoualana, Sogola-Baoule and Boumou.”