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Kodal Minerals to acquire gold properties in Mali, Ivory Coast, reshuffles board

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Kodal Minerals to acquire gold properties in Mali, Ivory Coast, reshuffles board

Kodal MineralsPlc said April 7 that it will acquire interests in various gold explorationproperties in Mali and Ivory Coast from ASX-listed Taruga Gold Ltd.

The company has entered an agreement to acquire 100% of Taruga'swholly owned subsidiary, InternationalGoldfields (Bermuda) Ltd., which owns the properties, by issuing 1.025billion common shares for a total of £410,000.

International Goldfields has an interest in eight mineral explorationlicenses — Djelibani Sud, Kambali, Nangalasso and Sotian in Mali, and Korhogo, Dabakala,Niele and Tiebissou in Ivory Coast. It also holds two license applications in IvoryCoast — Boundiali and M'Bahaikro.

Kodal also plans to raise gross proceeds of up to £680,000 viaa £305,000 share placement and a direct subscription of £375,000.

In addition, Bernard Aylward will join the board as CEO on completionof the acquisition.

Current CEO Luke Bryan will remain as an executive director andwill take on the role of technical director.

Markus Ekberg will also step down as a nonexecutive directoron completion of the deal.