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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 | 1.11% | 0.455 | 0.45 | 0.46 | 0.455 | 0.425 | 0.425 | 98,378,469 | 16:04:38 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Misc Nonmtl Minrls, Ex Fuels | 0 | -1.46M | -0.0001 | -45.00 | 91.09M |
From Apr 2019 to Apr 2024
TIDMKOD
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 150km(2) 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 350km(2) .
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 GBP242,000 compared to GBP343,000 for the 6 months to 30 September 2018 and GBP713,000 for the year to 31 March 2019.
Cash balances as at 30 September 2019 were GBP315,000 compared to GBP2,375,000 at 30 September 2018 and GBP1,408,000 at 31 March 2019. Current cash as 30 November 2019 is GBP282,750 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:
Hot Features
Premium
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 Tel: 020 3470
John Mackay / Laura Harrison 0470
-------------------
St Brides Partners Ltd, Financial PR Tel: 020 7236
Catherine Leftley / Cosima Akerman 1177
-------------------
KODAL MINERALS PLC
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 SEPTEMBER 2019
Unaudited Unaudited Audited
6 months 6 months Year ended
to to 31 March
30 September 30 September 2019
2019 2018
GBP GBP GBP
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 Unaudited Audited
as at as at as at
30 September 30 September 31 March
2019 2018 2019
Note GBP GBP GBP
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 MONTHSED 30 SEPTEMBER 2019
Share Translation
based reserve
Share Share premium payments Retained Total
capital account reserve deficit equity
GBP GBP GBP GBP GBP
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 MONTHSED 30 SEPTEMBER 2019
Unaudited Unaudited Audited
6 months 6 months Year ended
to to 31 March
30 September 30 September 2019
2019 2018
GBP GBP GBP
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 MONTHSED 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 MONTHSED 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 West African West African Corporate
2019 (Unaudited) Gold Lithium Total
GBP GBP GBP GBP
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 West African West African Corporate
2018 (Unaudited) Gold Lithium Total
GBP GBP GBP GBP
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 West African West African
2019 (Audited) Gold Lithium Corporate Total
GBP GBP GBP GBP
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 72,673 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 Unaudited Audited
6 months 6 months Year ended
to to 31 March
30 September 30 September 2019
2019 2018
GBP GBP GBP
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 Basic loss
number of shares per share
(pence)
GBP
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 Unaudited Audited
6 months to 6 months Year ended
30 September to 31 March
2019 30 September 2019
2018
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 Unaudited Audited
6 months to 6 months Year ended
30 September to 31 March
2019 30 September 2019
2018
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 GBP24,523 for the period to 30 September 2019 (6 months to 30 September 2018: GBP38,210, year to 31 March 2019: GBP109,241) 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 18 April 2025 18 April 2025
- 28 February 2026 - 18 April 2027 - 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: GBPnil, year to 31 March 2019: 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
GBP
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
GBP
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:
Country of Equity Nature of
Company Subsidiary of incorporation holding Business
Kodal Norway (UK) Kodal Minerals United Kingdom 100% Operating company
Limited Plc
International Kodal Minerals Bermuda 100% Holding company
Goldfields (Bermuda) Plc
Limited
International International Mali 100% Mining exploration
Goldfields Mali Goldfields (Bermuda)
SARL Limited
International International C te d'Ivoire 100% Mining exploration
Goldfields C te Goldfields (Bermuda)
d'Ivoire SARL Limited
Jigsaw Resources International Bermuda 100% Mining exploration
CIV Limited Goldfields (Bermuda)
Limited
Corvette CIV SARL International C te d'Ivoire 100% Mining exploration
Goldfields (Bermuda)
Limited
Future Minerals International Bermuda 100% Mining exploration
Limited Goldfields (Bermuda)
Limited
9. ORDINARY SHARES
Allotted, issued and fully paid:
Nominal Number of Share Premium
Value Ordinary Share Capital GBP
Shares GBP
As at 31 March 2018 6,524,482,828 2,038,903 10,467,337
June 2018 - note (a) GBP0.0003125 230,769,226 72,112 212,857
June 2018 - note (b) GBP0.0003125 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) GBP0.0003125 34,210,526 10,691 54,309
March 2019 - note (d) GBP0.0003125 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.
b) On 29 June 2018, a total of 923,076,923 shares were issued to Suay Chin International Pte Ltd at an issue price of 0.13 pence per share.
c) On 8 February 2019, a total of 34,210,526 shares were issued to Bambara Resources SARL at an issue price of 0.19 pence per share.
d) On 8 March 2019, a total of 500,000,000 shares were issued in a placing at an issue price of 0.14 pence per share.
e) On 29 July 2019, a total of 718,750,000 shares were issued in a placing at an issue price of 0.08 pence per share. Of these placing shares, 250,000,000 shares were allotted to SVS Securities plc which entered administration on 5 August 2019 and did not complete its placing participation. These shares were held as treasury shares at 30 September 2019 and were then placed on 28 October 2019 at a price of 0.05 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 GBP39,682 (6 months to 30 September 2018: GBP45,257, year to 31 March 2019: GBP80,711).
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 GBP13,480 (6 months to 30 September 2018: GBP19,246, year to 31 March 2019: GBP44,660).
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 GBP250,000 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 rns@lseg.com or visit www.rns.com.
END
IR LIFERFSLRIIA
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December 06, 2019 02:00 ET (07:00 GMT)
1 Year Kodal Minerals Chart |
1 Month Kodal Minerals Chart |
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