"Further, subject to successful completion of the acquisition,...

"Further, subject to successful completion of the acquisition, nominees of Macro Metals will subscribefor a $1 million placement in Kogi at an issue price of 1.5c per share, with up to a further $1,000,000targeted to be placed by Kogi, for a total placement of up to $2,000,000. The Placement will provide funding for the next 12 months planned work program on the Macro Metals projects and for further working capital purposes. It is also noted the existing cash funds and funding facilities are specifically allocated for the purpose of the Agbaja Project and the current feasibility study."

The qrtly goes on to state:

"Kogi’s primary asset remains the Agbaja iron and steel project located in Kogi State, Nigeria (Agbaja Project), buoyed by the favourable results of its operating cost review. However, the medium to long term nature of realising an investment return on the Agbaja Project would be well complemented by a nearer term opportunity to realise value for shareholders through the rapid exploration, resource definition and potential small scale production opportunities that the assets of MacroMetals now offers."

By by Agbaja

gla