Kodal Minerals Plc announced that it has entered into an agreement for a private placement to issue 2,937,801,971 common shares at a price of $0.006043 per share for gross proceeds of up to $17,753,137 on January 19, 2023. The transaction will include participation from new investor, Hong Kong Xinmao Investment Co., Limited for 14.81% equity stake. The transaction has been reviewed and approved at the third meeting of the fifth session of the board of directors of the investor, and do not need to be submitted to the company's general meeting of shareholders for consideration.

The shares subscribed by investor cannot be registered with the UK Securities Regulatory Department, or company shares are prohibited from trading on the London Stock Exchange.