TIDMCORA
RNS Number : 9200Q
Cora Gold Limited
24 February 2023
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector:
Mining
24 February 2023
Cora Gold Limited
('Cora' or 'the Company')
Fundraising: Update and Closing
Cora Gold Limited, the West African focused gold company, is
pleased to announce that, further to the announcement of 06
February 2023, it has conditionally raised US$19.843 million,
comprising both equity (the 'Equity Financing') and convertible
loan notes (the 'Convertible Financing') (together the
'Fundraising'), subject only to the passing of the resolutions to
be proposed at a General Meeting of the shareholders of the Company
on 28 February 2023.
The funds raised will be primarily used to commence development
of the Company's flagship Sanankoro Gold Project (the 'Project') in
southern Mali following the reported Optimised Project Economics
(announcement dated 21 November 2022), which highlighted strong
economic fundamentals.
Binding commitments have been received for aggregate investments
of US$19,843,169.26 pursuant to the Fundraising comprising
commitments to subscribe for:
-- 80,660,559 ordinary shares of no par value in the Company
('Ordinary Shares') at a price of US$0.0487 per share for total
gross proceeds of US$3,928,169.26 in respect of the Equity
Financing; and
-- convertible loan notes ('CLN') convertible into Ordinary
Shares for a total of US$15,915,000 in respect of the Convertible
Financing,
(together the 'Binding Commitments').
Bert Monro, Chief Executive Officer of Cora, commented, "I am
very pleased with the strong support received for this fundraising
from many of our existing shareholders as well as new investors.
Over the coming months we look forward to providing progress
updates on our flagship Sanankoro Gold Project."
Admission and Total Voting Rights
The Company has conditionally raised through the Equity
Financing a total of US$3,928,169.26, before expenses, through the
proposed issue of 80,660,559 new Ordinary Shares (the 'New Shares')
to certain existing shareholders and new investors.
The Fundraising is subject to Admission of the New Shares to
trading on the AIM Market of the London Stock Exchange
('Admission'). Application for Admission will be made after the
General Meeting of the shareholders of the Company on 28 February
2023. It is expected that Admission will become effective and
dealing in the New Shares will commence on or around 08 March 2023.
The New Shares will rank pari passu with the existing Ordinary
Shares.
Following Admission, the share capital of the Company will be
comprised of 370,217,718 Ordinary Shares. The above figure of
370,217,718 may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to
notify their interest in Cora under the Financial Conduct
Authority's Disclosure and Transparency Rules.
Revised shareholdings following Admission
On Admission, the revised shareholdings of the following
directors, and current and new substantial shareholders will
be:
Current New Shares Shareholding Percentage
shareholding on Admission of enlarged
issued share
capital
----------------------------
Brookstone Business Inc 82,796,025 20,533,881 103,329,906 27.91%
-------------- ----------- -------------- --------------
Lord Farmer 42,537,183 26,694,045 69,231,228 18.70%
-------------- ----------- -------------- --------------
Paul Quirk 13,674,689 13,674,689
Non-Executive Director (a) - (a) 3.69%
-------------- ----------- -------------- --------------
First Island Trust Company
Ltd as Trustee of The
Marlborough Trust (b) - 12,320,328 12,320,328 3.33%
-------------- ----------- -------------- --------------
Robert Monro
Chief Executive Officer
& Director 2,028,896 206,000 2,234,896 0.60%
-------------- ----------- -------------- --------------
Edward Bowie
Non-Executive Director
(Independent) & Chair
of the Board of Directors 525,510 100,000 625,510 0.17%
-------------- ----------- -------------- --------------
Andrew Chubb
Non-Executive Director
(Independent) 539,526 - 539,526 0.15%
-------------- ----------- -------------- --------------
a held personally and through Key Ventures Holding Ltd which is
wholly owned and controlled by First Island Trust Company Ltd as
Trustee of The Sunnega Trust, being a discretionary trust of which
Paul Quirk is a potential beneficiary.
b The Marlborough Trust is a discretionary trust with a broad class of potential beneficiaries.
Market Abuse Regulation ('MAR') Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of the
Market Abuse Regulation (EU) No 596/2014 ('MAR'), which is part of
UK law by virtue of the European Union (Withdrawal) Act 2018, until
the release of this announcement.
* * ENDS * *
For further information, please visit http://www.coragold.com or
contact:
Bert Monro Cora Gold Limited info@coragold.com
Craig Banfield
Christopher Raggett finnCap Ltd
Charlie Beeson (Nomad & Joint Broker) +44 (0)20 7220 0500
-------------------------- ---------------------
Andy Thacker Turner Pope Investments
James Pope (Joint Broker) +44 (0)20 3657 0050
-------------------------- ---------------------
Susie Geliher St Brides Partners pr@coragold.com
Charlotte Page (Financial PR)
Isabelle Morris
-------------------------- ---------------------
Notes
Cora is a West African gold developer with three principal
de-risked project areas within two known gold belts in Mali and
Senegal covering c.900 sq km. Led by a team with a proven track
record in making multi-million ounce gold discoveries that have
been developed into operating mines, its primary focus is on
developing the Sanankoro Gold Project in the Yanfolila Gold Belt,
southern Mali, into an open pit oxide mine. Based on a gold price
of US$1,750/oz and a Maiden Probable Reserve of 422 koz at 1.3 g/t
Au the project has strong economic fundamentals, including 52% IRR,
US$234 million Free Cash Flow over life of mine and all-in
sustaining costs of US$997/oz.
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