Loan conversion and change to total voting rights

RNS Number : 5097K

Kodal Minerals PLC

04 January 2021

 

4 January 2021

Kodal Minerals plc ("Kodal Minerals"  or the "Company")

Loan conversion  and change to total voting rights

Kodal Minerals, the mineral exploration and development company, announces that it has received conversion notices in relation to its US$1.5 million unsecured convertible loan agreement (the 'Loan Agreement') with Riverfort Global Opportunities PCC Limited and YA II PN Ltd (the 'Investors'), details of which were announced on 15 July 2020.

The Investors have elected to convert a total amount of $300,242.88 (equivalent to £220,048.01), made up of a principal amount of $300,000.00 and accrued interest of $242.88, into 347,078,879 new ordinary shares of 0.03125p each in the Company ("Ordinary Shares"), at a price of 0.06340 pence per Ordinary Share.

These conversions represent final repayment of the $750,000 first tranche of the Loan Agreement. The second drawdown of a further $750,000 under the Loan Agreement as announced on 27 October 2020 remains outstanding.

Application will be made for the 347,078,879 new Ordinary Shares being issued to be admitted to trading on AIM and it is expected that admission will take place on or around 8 January 2021 ("Admission").

AIM Rule 17

Pursuant to AIM Rule 17, the Company announces that the shareholding of Suay Chin International Pte remains as 2,290,471,568 Ordinary Shares but from Admission will represent 18.79% of the then issued share capital.

Total Voting Rights

Upon Admission, the issued share capital of the Company will consist of 12,191,161,715 Ordinary Shares. The Company does not hold any shares in treasury. Therefore, the total number of voting rights in the Company from Admission will be 12,191,161,715.  This figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.

For further information, please visit www.kodalminerals.com or contact the following:

Kodal Minerals plc   Bernard Aylward, CEO	Tel: [phone]
Allenby Capital Limited, Nominated Adviser   Jeremy Porter/Nick Harriss/Liz Kirchner	Tel: [phone]
SP Angel Corporate Finance LLP, Financial Adviser & Broker   John Mackay/Adam Cowl	Tel: [phone]
St Brides Partners Ltd, Financial PR   Susie Geliher/Cosima Akerman	Tel: [phone]

 

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