Shares of Kodal Minerals PLC (LON: KOD) plunged 11.1% after the company revealed that it had received conversion notices related to its $1.5 million unsecured convertible loan agreement with Riverfort Global Opportunities PCC Limited and YA II PN Ltd.
The mineral exploration and development company has announced the convertible loan agreement on July 15, 2020, where investors elected to convert a total of $300,242.88 into 347,078,879 new ordinary shares of 0.03125p each in the company, priced at 0.06340p per ordinary share.
Today’s conversion notice represents the final payment of $750,000, which was the first tranche of the loan agreement. The company still has an outstanding payment of $750,000 for the second tranche of the loan, announced on October 27, 2020.
Ready to put what you’ve learned into practice?
Try IG’s platform with £10,000 in virtual funds and practise trading
without putting your own money at risk.
Try IG with a demo account →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Learn the markets with IG Academy
Build your knowledge with IG Academy educational content, then use a
demo account to practise what you’ve learned on the IG platform.
Explore IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
See how trading works before risking real money
IG’s demo gives you access to thousands of markets and £10,000 in
virtual funds, so you can explore the platform and test your ideas first.
Open an IG demo →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Turn trading theory into practical experience
Learn with IG Academy, explore charts and market tools, and practise
strategies in a simulated trading environment before going live.
Start practising with IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Ready to take your learning further?
IG combines market education, analysis and an established trading platform,
giving you the tools to keep learning as you develop your trading skills.
Discover IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
The latest conversion will allow the company to continue developing its flagship Bougouni lithium project in Mali and the rest of its gold projects in Mali and Ivory Coast.
Kodal Minerals recently expanded its presence in Mali having acquired the Fatou Gold Project in southern Mali in mid-December covering an area exceeding 300 square kilometres via an agreement with local miners.
The company plans to start exploring for gold at Fatou as soon as possible given that the mine has a historical compliant NI 43-101 resource of over 350,000 ounces.
Kodal Minerals share price.
Kodal Minerals shares fell 11.1% to trade at 0.100p having dropped from Monday’s closing price of 0.1125p.
