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Kodal Minerals nears completion of $2.5m funding deal for exploration targets after revising terms
StockMarketWire.com
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Mineral exploration and development company Kodal Minerals said it had revised the $2.5 million funding proposal with Riverfort Global Capital as it seeks to wrap up funding needed to advance its gold projects in Mali and the Ivory Coast . The final binding agreement will be ready for execution shortly, the company said.
Kodal would now retained a 100% interest in the Nielle, Tiebissou and M'Bahiakro gold concessions after termination of Corvette JV with Resolute Mining, following the decision by Kodal to refuse extension request.
The $2.5 million funding proposal is for a 24-month secured convertible loan note, with no repayments before 18 months, and a 10% per annum interest, rolled up and payable on maturity, and an implementation fee of 5% of each tranche advanced.
The investor has the right to covert up to a maximum of US$1.25m for a 20% shareholding of the company's subsidiary.
Kodal said its exploration priorities included drilling at the Fatou project in Mali, the Nielle project in Cote d'Ivoire; and conducting infill geochemical sampling to define zones for reconnaissance drilling at the Dabakala project in the Ivory Coast
At 9:23am: (LON:KOD) Kodal Minerals share price was 0p at 0.07p
Story provided by StockMarketWire.com
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