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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Kodal Minerals Plc | LSE:KOD | London | Ordinary Share | GB00BH3X7Y70 | ORD 0.03125P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.005 | -1.15% | 0.43 | 0.42 | 0.44 | 0.435 | 0.42 | 0.435 | 21,187,158 | 11:53:16 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Misc Nonmtl Minrls, Ex Fuels | 0 | -1.46M | -0.0001 | -43.00 | 87.04M |
From May 2019 to May 2024
TIDMKOD
RNS Number : 5694Z
Kodal Minerals PLC
18 December 2017
Prior to publication, the information contained within this announcement was 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, this information is now considered to be in the public domain.
Kodal Minerals plc / Index: AIM / Epic: KOD / Sector: Mining
18 December 2017
Kodal Minerals plc
('Kodal Minerals' or the 'Company')
Interim Results
Kodal Minerals, the AIM quoted mineral exploration and development company, is pleased to announce its unaudited interim results for the six months ended 30 September 2017.
Bernard Aylward, CEO of Kodal Minerals, said: "We are ending 2017 and embarking on 2018 in a very strong position; we are well funded with an influential strategic investor, have a very exciting lithium project located in one of the most prolific greenstone belts globally, and are continuing with a major exploration and delineation campaign designed to assist the Company in determining the potential scope of development at our Bougouni Lithium Project.
"We have had a very busy half-year with the completion of the GBP4.8 million strategic investment with our offtake partner Suay Chin and we were delighted to appoint Dr Qingtao Zeng to the Board as a result. Work on the ground has progressed rapidly and we have provided the market with positive results from our exploration work programmes. Initial results from the current drill programme are expected very shortly and we look forward to providing further news on this, together with updates on the process and metallurgical test work. We are confident that these results will provide further weight to our belief that Bougouni can produce a high quality, low impurity battery grade lithium carbonate."
Chairman's Statement
During the period, the Group has been actively pursuing its lithium and gold exploration programmes in West Africa focusing on the Bougouni lithium project in Mali ("Bougouni Project").
During the period, the Company completed its second drilling programme at the Bougouni Project, with a total of six prospects tested. Drilling has consisted of reverse circulation ("RC") drilling and diamond drilling, with a total of 76 RC drill holes for 10,260 metres completed and five diamond drill holes for 362 metres completed. In particular, the Ngoualana prospect within the Bougouni Project looks extremely exciting with the strike length of the mineralised zone currently confirmed at 650 metres. This zone remains open along strike and has yielded multiple high-grade intersections including 28 metres at 1.96% lithium oxide.
Subsequent to the period end, the Company has announced the commencement of a further drill programme aimed at both expanding and defining the lithium pegmatite veins previously identified, and testing new anomalies, including those identified through ground geophysical survey work undertaken over the summer. To date, 42 holes for 5,286 metres have been completed. Samples have been sent for assay and the first results are expected imminently.
The Company has also been continuing its test work on the metallurgy and processing of the spodumene concentrate from the Bougouni Project and during the period sent a sample to Shandong Ruifu Lithium Co Ltd ("Shandong Ruifu"), one of the largest lithium carbonate producers in China. In October 2017, the Company announced that Shandong Ruifi, successfully produced a high quality, low impurity battery grade lithium carbonate from this sample. Chemical analysis of the final lithium carbonate product reports low levels of impurities supporting its positioning as a premium product compared to many other products in the market. Additional testwork is to be completed at an independent metallurgical laboratory to provide further confidence in the product.
The Company has also been able to confirm the completion of the investment by Suay Chin International Pte ("Suay Chin") for a total of GBP4,825,000, giving it a 20% shareholding in the Company. Suay Chin is a Singapore-based investment company that has extensive contacts throughout the Chinese chemical industry and in particular the market for the production and supply of lithium products. Suay Chin made an initial investment into Kodal of GBP500,000 in March 2017 followed by Suay Chin and the Company entering into an agreement for Suay Chin to complete a further investment of GBP4,325,000 in two tranches (the "Further Subscription") in May 2017. The first instalment of the Further Subscription of GBP3,300,000 was completed in May 2017, the second instalment of GBP694,000 completed in July 2017 and, after the period end, the final instalment of GBP330,968 was received to complete the Further Subscription.
On completion of the Further Subscription, the previously disclosed undertaking became effective for the Company and Suay Chin to seek to negotiate an extended off-take agreement ("Off-take Agreement") on the basis of an agreed off-take term sheet. The parties agreed to commence negotiating the Off-take Agreement as soon as reasonably practicable following completion of a scoping study at the Bougouni Project. The off-take term sheet sets out certain agreed off-take principles which will be incorporated in any Off-take Agreement. These principles include the parties agreeing to buy and sell between 80% and 100% of the spodumene product produced at the Bougouni Project for a period of three years as well as the right for Suay Chin to match any third party off-take terms agreed for a further period of three years following the expiry of the Off-take Agreement.
Suay Chin has also entered into a lock-in agreement under which it is unable to dispose of any shares in the Company for 12 months from its initial investment in May 2017 and must adhere to orderly market principles for a further 12 months thereafter.
Following completion of the Further Subscription, Dr Qingtao Zeng, as the representative of Suay Chin, was appointed to the Kodal Board as a non-executive Director. Dr Zeng is an experienced mining consultant and his knowledge and advice will be of great benefit to the Company as it continues to explore and develop the Bougouni Project.
In December 2017, Kodal announced it had identified an irregularity with the Kolossakoro concession that is part of the Bougouni Project. Following subsequent discussions with the Directorate Nationale de la Géologie et des Mines ("DNGM", the Malian National directorate of Geology and Mines) the Company established that the licence may be considered to have expired as a result of EMAS not replying to correspondence sent to it by DNGM.
Furthermore, a local company, Triumvirat Mining Company SARL ("Triumvirat"), had made an application to DNGM for two new licences within the Kolassokoro licence area. Kodal has reached an agreement with Triumvirat under which Triumvirat has withdrawn its applications and Kodal has filed new applications over two new 100 square kilometre licences covering the high priority areas within the former Kolassokoro area. If the applications are successful, Kodal will have a 90% interest in these new licences with Triumvirat having a 10% interest. Kodal will have therefore successfully maintained its 90% interest in this ground. Kodal is maintaining its exploration and definition programme at the Bougouni Project and is confident of its rights to the project area.
The Group has recorded a loss for the six month period to 30 September 2017 of GBP529,000 compared to GBP206,000 for the six months to 30 September 2016 and GBP1,178,000 for the year to 31 March 2017.
Cash balances as at 30 September 2017 were GBP4,093,000 compared to GBP315,000 at 30 September 2016 and GBP1,723,000 at 31 March 2017. Current cash as at 15 December 2017 is GBP3,793,000.
Robert Wooldridge
Chairman
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 SEPTEMBER 2017
Hot Features
Premium
Unaudited Unaudited Audited
6 months 6 months Year
to to ended
30 September 30 September 31 March
2017 2016 2017
GBP GBP GBP
Continuing operations
Revenue - - -
Impairment charge (8,442) (3,631) (675,236)
Administrative expenses (220,692) (192,993) (488,376)
Share based payments (300,207) (9,778) (14,667)
-------------- -------------- ------------
OPERATING LOSS (529,341) (206,402) (1,178,279)
Finance income - - -
-------------- -------------- ------------
LOSS BEFORE TAX (529,341) (206,402) (1,178,279)
Taxation - - -
LOSS FOR THE PERIOD/YEAR (529,341) (206,402) (1,178,279)
OTHER COMPREHENSIVE INCOME
Items that may be subsequently
reclassified to profit
and loss
Currency translation
(loss)/gain 14,635 (7,199) (5,497)
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD/YEAR (514,706) (213,601) (1,183,776)
============== ============== ============
Loss per share
Basic and diluted - loss
per share on total earnings
- pence per share 4 (0.0086) (0.0068) (0.0299)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2016
Unaudited Unaudited Audited
as at as at as at
30 September 30 September 31 March
2017 2016 2017
Note GBP GBP GBP
NON CURRENT ASSETS
Intangible assets 3 2,419,996 1,322,818 1,323,226
Property, plant
and equipment 3,548 51,936 -
2,423,544 1,374,754 1,323,226
-------------- -------------- ------------
CURRENT ASSETS
Other receivables 11,107 7,570 16,229
Cash and cash
equivalents 4,093,007 315,340 1,722,950
-------------- -------------- ------------
4,104,114 322,910 1,739,179
-------------- -------------- ------------
TOTAL ASSETS 6,527,658 1,697,664 3,062,405
-------------- -------------- ------------
CURRENT LIABILITIES
Trade and other
payables (226,931) (147,439) (325,213)
TOTAL LIABILITIES (226,931) (147,439) (325,213)
-------------- -------------- ------------
NET ASSETS 6,300,727 1,550,225 2,737,192
EQUITY
Attributable
to owners of
the parent:
Share capital 5 2,011,684 1,179,643 1,683,206
Share premium
account 5 10,234,238 5,135,992 6,784,682
Share based payment
reserve 469,541 164,445 169,334
Translation reserve 11,038 (5,299) (3,597)
Retained deficit (6,425,774) (4,924,556) (5,896,433)
-------------- -------------- ------------
TOTAL EQUITY 6,300,727 1,550,225 2,737,192
============== ============== ============
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 30 SEPTEMBER 2017
Share
Share based Translation
Note Share premium payments reserve Retained Total
capital account reserve deficit equity
GBP GBP GBP GBP GBP
At 31 March
2016 (audited) 328,080 4,937,405 154,667 1,900 (4,718,154) 703,898
Comprehensive
income
Loss for
the period - - - - (206,402) (206,402)
Currency
translation
loss - - - (7,199) - (7,199)
---------- ----------- ---------- -------------- ------------ ----------
Total comprehensive
income for
the period - - - (7,199) (206,402) (213,601)
Transactions
with owners
Proceeds
from share
issue 5 851,563 238,437 - - - 1,090,000
Share issue
expenses 5 - (39,850) - - - (39,850)
Share based
payment - - 9,778 - - 9,778
---------- ----------- ---------- -------------- ------------ ----------
At 30 September
2016 (unaudited) 1,179,643 5,135,992 164,445 (5,299) (4,924,556) 1,550,225
Comprehensive
income
Loss for
the period - - - - (971,877) (971,877)
Currency
translation
gain - - - 1,702 - 1,702
------------
Total comprehensive
income for
the period - - - 1,702 (971,877) (970,175)
Transactions
with owners
Proceeds
from shares
issued 494,792 1,755,208 - - - 2,250,000
Share issue
expenses - (129,147) - - - (129,147)
Shares in
settlement
of services 8,771 22,629 - - - 31,400
Share based
payment - - 4,889 - - 4,889
---------- ----------- ---------- -------------- ------------ ----------
At 31 March
2017 (audited) 1,683,206 6,784,682 169,334 (3,597) (5,896,433) 2,737,192
Comprehensive
income
Loss for
the period - - - - (529,341) (529,341)
Currency
translation
loss - - - 14,635 - 14,635
---------- ----------- ---------- -------------- ------------ ----------
Total comprehensive
income for
the period - - - 14,635 (529,341) (514,706)
Transactions
with owners
Proceeds
from shares
issued 328,478 3,449,556 - - - 3,778,034
Share based
payment - - 300,207 - - 300,207
---------- ----------- ---------- -------------- ------------ ----------
At 30 September
2017(unaudited) 2,011,684 10,234,238 469,541 11,038 (6,425,774) 6,300,727
---------- ----------- ---------- -------------- ------------ ----------
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHSED 30 SEPTEMBER 2017
Unaudited Unaudited Audited
6 months 6 months Year
to to ended
30 September 30 September 31 March
2017 2016 2017
Note GBP GBP GBP
Cash flows from
operating activities
Loss before tax (529,341) (206,402) (1,183,775)
Adjustments for
non-cash items:
Loss on sale of
property, plant
and equipment - - 41,994
Impairment charge 8,442 3,631 675,236
Share based payments 300,207 9,778 14,667
Equity settled transactions - - 20,000
-------------- -------------- ------------
Operating cash flow
before movements
in working capital (220,692) (192,993) (431,878)
Movement in working
capital
(Increase)/decrease
in receivables 5,122 (4,586) (13,245)
Increase/(decrease)
in payables (83,648) 48,580 226,354
-------------- -------------- ------------
Net movements in
working capital (78,526) 43,994 213,109
Net cash outflow
from operating activities (299,218) (148,999) (218,769)
Cash flows from
investing activities
(Purchase)/disposal
of property, plant
and equipment (3,548) - 10,000
Purchase of intangible
assets (1,083,010) (711,314) (961,205)
Net cash outflow
from investing activities (1,086,558) (711,314) (951,205)
Cash flow from financing
activities
Equity settled transactions - 410,000 -
Net proceeds from
share issues 3,778,035 640,150 2,761,003
Net cash inflow
from financing activities 3,778,035 1,050,150 2,761,003
-------------- -------------- ------------
Increase/(Decrease)
in cash and cash
equivalents 2,392,259 189,837 1,591,029
Cash and cash equivalents
at beginning of
the period 1,722,950 134,801 134,801
Exchange loss on
cash (22,202) (9,298) (2,880)
Cash and cash equivalents
at end of the period 4,093,007 315,340 1,722,950
============== ============== ============
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 30 SEPTEMBER 2017
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 2017 were approved by the board and authorised for issue on 17 December 2017.
The basis of preparation and accounting policies set out in the Annual Report and Accounts for the year ended 31 March 2017 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 2018 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 2017 and 30 September 2016 are unaudited and do not constitute full accounts. The comparative figures for the year ended 31 March 2017 are taken from the 2017 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.
Going Concern
The Group has not earned revenue during the period to 30 September 2017 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.
As at 30 September 2017, the Group held cash balances of GBP4,093,000. The Group's cash balances at 15 December 2017 were GBP3,793,000.
The Directors have prepared cash flow forecasts for the period ending 31 December 2018. The forecasts include the costs of progressing the Lithium Projects and the corporate and operational overheads of the Group. The forecasts demonstrate that the Group has sufficient cash resources available to allow it to continue as a going concern and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of these interim financial statements without the need for a further fundraising. Accordingly, the interim financial statements have been prepared on a going concern basis.
1. SEGMENTAL REPORTING
The operations and assets of the Group are focused in the United Kingdom, West Africa and Norway and comprise one class of business: the exploration and evaluation of mineral resources. The parent Company acts as a holding company. At 30 September 2016, the Group had not commenced commercial production from its exploration sites and therefore had no revenue for the period.
Six months to 30 West West Norway Corporate
September 2017 African African
(Unaudited) Gold Lithium Total
GBP GBP GBP GBP GBP
Impairment - - (8,442) - (8,442)
Administration
expenses (953) (115) (43) (219,581) (220,692)
Share based payments - - - (300,207) (300,207)
--------- ---------- -------- ---------- ----------
Loss for the period (953) (115) (8,485) (519,788) (529,341)
--------- ---------- -------- ---------- ----------
At 30 September
2017
Trade and other
receivables - - - 11,107 11,107
Cash and cash equivalents 11,962 64,705 29 4,016,311 4,093,007
Trade and other
payables - (193,426) - (33,505) (226,931)
Intangible assets
- exploration and
evaluation expenditure 833,524 1,586,472 - - 2,419,996
Property plant
and equipment - 3,548 - - 3,548
--------- ---------- -------- ---------- ----------
Net assets 845,486 1,461,299 29 3,993,913 6,300,727
--------- ---------- -------- ---------- ----------
Six months to 30 West West Norway Corporate Total
September 2016 African African
(Unaudited) Gold Lithium
GBP GBP GBP GBP GBP
Impairment - - (3,631) - (3,631)
Administration
expenses - - (331) (192,662) (192,993)
Share based payments - - - (9,778) (9,778)
Loss for the period - - (3,962) (202,440) (206,402)
--------- --------- -------- ---------- ----------
At 30 September
2016
Trade and other
receivables - - - 7,570 7,570
Cash and cash equivalents 3,151 - 1,346 310,843 315,340
Trade and other
payables (26,671) - - (120,768) (147,439)
Intangible assets
- software - - 1,530 - 1,530
Intangible assets
- acquisition of
IG Bermuda 530,134 - - - 530,134
Intangible assets
- other exploration
and evaluation
expenditure 133,879 35,696 621,579 791,154
Property plant
and equipment - - 51,936 - 51,936
--------- --------- -------- ---------- ----------
Net assets 640,493 35,696 676,391 197,645 1,550,225
--------- --------- -------- ---------- ----------
West West
Year to 31 March African African
2017 (Audited) Gold Lithium Norway Corporate Total
GBP GBP GBP GBP GBP
Finance income
Administration
expenses (160) (160) (45,021) (443,035) (488,376)
Impairment charge - - (675,236) - (675,236)
Share based payments - - - (14,667) (14,667)
Loss for the year (160) (160) (720,257) (457,702) (1,178,279)
--------- ---------- ---------- ---------- ------------
At 31 March 2017
Other receivables - 1,040 2,000 13,189 16,229
Cash and cash equivalents 11,423 11,423 7,088 1,693,016 1,722,950
Trade and other
payables - (155,076) - (170,137) (325,213)
Intangible assets
- exploration and
evaluation expenditure 714,085 609,141 - - 1,323,226
Net assets 725,508 466,528 9,088 1,536,068 2,737,192
--------- ---------- ---------- ---------- ------------
2. OPERATING LOSS
The operating loss before tax is stated after charging:
Unaudited Unaudited Audited
6 months 6 months Year ended
to to 31 March
30 September 30 September 2017
2017 2016
GBP GBP GBP
Impairment charge
(see note 3) 8,442 3,631 675,236
Audit services - 7,500 37,500
Share based payment
* Directors
221,462 6,111 9,167
* Others 78,745 3,667 5,500
Directors' cash based
fees 52,852 49,571 99,126
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 Basic loss
average per share
number (pence)
of shares
GBP
Six months to
30 September 2017 (529,341) 6,121,284,447 (0.0087)
Six months to
30 September 2016 (206,402) 3,041,201,003 (0.0068)
Year ended 31
March 2017 (1,178,279) 3,942,928,822 (0.0299)
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 Unaudited Audited
6 months 6 months Year
to to ended
30 September 30 September 31 March
2017 2016 2017
Share options outstanding
Opening balance 40,000,000 40,000,000 40,000,000
Issued in the period 145,000,000 - -
--------------
Closing balance 185,000,000 40,000,000 40,000,000
============== ============== =============
Unaudited Unaudited Audited
6 months 6 months Year
to to ended
30 September 30 September 31 March
2017 2016 2017
Share warrants outstanding
Opening balance - - -
Issued in the period 25,000,000 - -
--------------
Closing balance 25,000,000 40,000,000 40,000,000
============== ============== =============
A share based payment charge of GBP300,207 for the period to 30 September 2017 (6 months to 30 September 2016: GBP9,778, year to 31 March 2017: GBP14,667) has been recognised in the profit and loss in relation to these options and warrants.
The options and warrants have been valued on the basis of a Black Scholes valuation model using the following key parameters:
Options Warrants
Issue date 8 May 2017 18 May 2017
Expiration date May 2022 - May 2022 -
May 2024 May 2024
Strike price 0.38 pence 0.38 pence
Share price 0.31 pence 0.32 pence
on issue date
Volatility 143% 143%
5. TAXATION
There is no taxation charge for the period to 30 September 2017 (6 months to 30 September 2016: GBPnil, year to 31 March 2017: GBPnil) 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 Software Total
GBP GBP GBP
COST
At 31 March 2016 4,058,645 27,295 4,085,940
Additions in the
period - acquisition
of IG Bermuda 530,134 - 530,134
Additions in the
period - other expenditure 194,036 - 194,036
Effects of foreign
exchange 4,194 - 4,194
---------------- --------- -----------
At 30 September
2016 4,787,009 27,295 4,814,304
Additions in the
period 667,986 - 667,986
Disposals in the
period - (27,295) (27,295)
Effects of foreign
exchange 5,557 - 5,557
At 31 March 2017 5,460,552 - 5,460,552
Additions in the
period 1,083,164 - 1,083,164
Effects of foreign
exchange 22,048 - 22,048
---------------- --------- -----------
At 30 September
2017 6,565,764 - 6, 565,764
---------------- --------- -----------
AMORTISATION
At 31 March 2016 3,462,090 22,459 3,484,549
Amortisation charge
for the period - 3,306 3,306
Impairment charge 3,631 - 3,631
---------------- --------- -----------
At 30 September
2016 3,465,721 25,765 3,491,486
Amortisation charge
for the period - (25,765) (25,765)
Impairment charge 671,605 - 671,605
At 31 March 2017 4,137,326 - 4,137,326
Impairment charge 8,442 - 8,442
---------------- --------- -----------
At 30 September
2017 4,145,768 - 4,145,768
---------------- --------- -----------
NET BOOK VALUES
At 30 September
2017 (Unaudited) 2,419,996 - 2,419,996
================ ========= ===========
At 30 September
2016 (Unaudited) 1,321,288 1,530 1,322,818
================ ========= ===========
At 31 March 2017
(Audited) 1,323,226 - 1,323,226
================ ========= ===========
7. PROPERTY, PLANT AND EQUIPMENT
Fixtures,
fittings Plant Motor
and equipment and machinery vehicles Total
GBP GBP GBP GBP
COST
At 31 March
2016 96,597 30,758 19,851 147,206
Effects of
foreign exchange 1,050 248 677 1,975
--------------- --------------- ---------- ----------
At 30 September
2016 97,647 31,006 20,528 149,181
Disposals
in the period (97,647) (31,006) (20,528) (149,181)
--------------- --------------- ---------- ----------
At 31 March
2017 - - - -
Additions
in the period - 3,702 - 3,702
--------------- --------------- ---------- ----------
At 30 September
2017 - 3,702 - 3,702
--------------- --------------- ---------- ----------
DEPRECIATION
At 31 March
2016 53,832 18,964 10,829 83,625
Charge for
the period 8,704 2,248 2,668 13,620
At 30 September
2016 62,536 21,212 13,497 97,245
Disposals
in the period (62,536) (21,212) (13,497) (97,245
--------------- --------------- ---------- ----------
At 31 March
2017 - - - -
Charge in
the period - 154 - 154
At 30 September
2017 - 154 - 154
--------------- --------------- ---------- ----------
NET BOOK VALUES
At 30 September
2017 (Unaudited) - 3,548 - 3,548
=============== =============== ========== ==========
At 30 September
2016 (Unaudited) 35,111 9,794 7,031 51,936
=============== =============== ========== ==========
At 31 March
2017 (Audited) - - - -
=============== =============== ========== ==========
8. SUBSIDIARY ENTITIES
The consolidated financial statements include the following subsidiary companies:
Country Equity Nature of
Company Subsidiary of holding Business
of incorporation
Kodal Norway Kodal Minerals United 100% Operating
(UK) Limited Plc Kingdom company
Kodal Mining Kodal Norway Norway 100% Mining exploration
AS (UK) Limited
Kodal Phosphate Kodal Norway Norway 100% Mining exploration
AS (UK) Limited
International Kodal Minerals Bermuda 100% Holding
Goldfields Plc company
(Bermuda)
Limited
International International Mali 100% Mining exploration
Goldfields Goldfields
Mali SARL (Bermuda)
Limited
International International C te d'Ivoire 100% Mining exploration
Goldfields Goldfields
C te d'Ivoire (Bermuda)
SARL Limited
Jigsaw Resources International Bermuda 100% Mining exploration
CIV Limited Goldfields
(Bermuda)
Limited
Corvette CIV International C te d'Ivoire 100% Mining exploration
SARL Goldfields
(Bermuda)
Limited
Future Minerals International Bermuda 100% Mining exploration
Limited Goldfields
(Bermuda)
Limited
9. ORDINARY SHARES
Allotted, issued and fully paid:
Nominal Number Share
Value of Ordinary Share Capital Premium
Shares GBP GBP
At 31 March
2016 1,049,854,849 328,080 4,937,405
May 2016 - note
(a) GBP0.0003125 1,025,000,000 320,313 89,687
May 2016 - note
(b) GBP0.0003125 1,700,000,000 531,250 108,900
At 30 September
2016 3,774,854,849 1,179,643 5,135,992
October 2016
- note (c) GBP0.0003125 771,400,000 241,063 486,237
January 2017
- note (d) GBP0.0003125 673,333,334 210,417 739,536
March 2017 -
note (e) GBP0.0003125 166,666,667 52,083 422,917
At 31 March
2017 5,386,254,850 1,683,206 6,784,682
May 2017 - note
(f) GBP0.0003125 868,421,052 271,382 3,028,618
July 2017 -
note (g) GBP0.0003125 182,709,973 57,096 420,938
At 30 September
2017 6,437,385,875 2,011,684 10,234,238
Share issue costs have been allocated against the Share Premium account.
Notes:
a) On 20 May 2016, a total of 1,025,000,000 shares were issued at a price of 0.04 pence per share in connection with the acquisition of IG Bermuda.
b) On 20 May 2016, a total of 1,700,000,000 shares were issued at 0.04 pence per share in a placing. The associated share issue costs have been allocated against the Share Premium reserve.
c) On 3 October 2016, a total of 720,000,000 shares were issued in a placing and a total of 51,400,000 shares were issued to suppliers of the Company in part settlement of the services provided, in each case at an issue price of 0.1 pence per share.
d) On 13 January 2017, a total of 666,666,667 shares were issued in a placing and a total of 6,666,667 shares were issued to a supplier of the Company in part settlement of the services provided, in each case at an issue price of 0.15 pence per share.
e) On 10 March 2017, a total of 166,666,667 shares were issued in a subscription at an issue price of 0.3 pence per share.
f) On 8 May 2017, a total of 868,421,052 shares were issued in a subscription at an issue price of 0.38 pence per share.
g) On 31 July 2017, a total of 182,709,973 shares were issued in a subscription at an issue price of 0.38 pence per share.
10. RELATED PARTY TRANSACTIONS
Transactions with related parties
Robert Wooldridge, a Director, is a member of SP Angel Corporate Finance LLP ("SP Angel") which acts as Financial Adviser and Broker to the Company. During the six months ended 30 September 2017, the Company has paid fees to SP Angel of GBP15,809 (6 months to 30 September 2016: GBP54,950, year to 31 March 2017: GBP148,891) for its services as broker.
Novoco Mine Engineering Limited ("Novoco"), a company wholly owned by Luke Bryan, a Director, provided consultancy services to the Group during the six months to 30 September 2016 and received fees of GBP13,400 (6 months to 30 September 2016: GBP21,000, year to 31 March 2017: GBP24,300).
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 2016 and received fees of GBP47,376 (6 months to 30 September 2016: GBP31,644, year to 31 March 2017: GBP91,106).
11. CONTROL
No one party is identified as controlling the Group.
12. EVENTS AFTER THE REPORTING PERIOD
Completion of investment by Suay Chin International Pte and appointment of director
In November 2017, the Company announced that the final subscription instalment of GBP330,968 had been received from Suay Chin International Pte in respect of which the Company issued 87,096,953 new ordinary shares at 0.38p per share.
Following completion of this subscription, Dr Qingtao Zeng was appointed as a representative of Suay Chin International Pte to the Kodal Board as a non-executive Director and the Company awarded options over 10,000,000 ordinary shares to Dr Zeng. The options have a strike price of 0.38p per share and a life of 5 years from become exercisable. 50 per cent. of the options are exercisable immediately, with a further 25 per cent. becoming exercisable after one year and the remaining 25 per cent. becoming exercisable in two years' time.In December 2017, Kodal announced it had identified an irregularity with the Kolossakoro concession that is part of the Bougouni Project. Following subsequent discussions with the Directorate Nationale de la Géologie et des Mines ("DNGM", the Malian National directorate of Geology and Mines) the Company established that the licence may be considered to have expired as a result of EMAS not replying to correspondence sent to it by DNGM.
Furthermore, a local company, Triumvirat Mining Company SARL ("Triumvirat"), had made an application to DNGM for two new licences within the Kolassokoro licence area. Kodal has reached an agreement with Triumvirat under which Triumvirat has withdrawn its applications and Kodal has filed new applications over two new 100 square kilometre licences covering the high priority areas within the former Kolassokoro area. If the applications are successful, Kodal will have a 90% interest in these new licences with Triumvirat having a 10% interest. Kodal will have therefore successfully maintained its 90% interest in this ground.
** ENDS**
Enquiries
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, AIM Nominated
Adviser Tel: 020 3328
Jeremy Porter/Nick Harriss 5656
SP Angel Corporate Finance LLP,
Financial Adviser & Broker Tel: 020 3470
John Mackay 0470
St Brides Partners Ltd, Financial
PR Tel: 020 7236
Susie Geliher/Lottie Wadham/Megan 1177
Dennison
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FFFFWIFWSEIE
(END) Dow Jones Newswires
December 18, 2017 02:00 ET (07:00 GMT)
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