TIDMCORA
RNS Number : 3246V
Cora Gold Limited
05 April 2019
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector:
Mining
5 April 2019
Cora Gold Limited ("Cora", "Cora Gold" or "the Company")
Fundraising and Notice of General Meeting
Cora Gold, the West African focused gold exploration company, is
pleased to announce that it has conditionally raised GBP1.35
million (before expenses) through a subscription for and placing of
35,064,845 new ordinary shares of no-par value in the Company at a
price of 3.85 pence per share (the "Issue Price") (collectively the
"Fundraising"). The funds raised will primarily support Cora Gold
in its next stages of drilling and metallurgical testwork, with the
aim of helping to define viable starter pits, ultimately as part of
a larger standalone gold mine at the Sanankoro Gold Discovery.
The Fundraising is conditional (amongst other matters) on the
passing of the necessary resolutions at a General Meeting of the
shareholders of the Company (the "General Meeting"). A Notice of
General Meeting of the Company is to be posted to shareholders
shortly. The General Meeting will be held at 12p.m. on 29 April
2019 at the offices of SP Angel Corporate Finance LLP at Prince
Frederick House, 35-39 Maddox Street, London, W1S 2PP. A copy of
the Notice of General Meeting is available on the Company's website
(www.coragold.com).
Binding commitments to subscribe (the "Subscription") for a
total of 32,467,445 new ordinary shares in the Company (the
"Subscription Shares") at the Issue Price have been received from,
Lord Farmer (a substantial shareholder in the Company), Jonathan
Forster (Chief Executive Officer of the Company), Robert Monro
(Non-Executive Director of the Company) plus an entity connected
with Paul Quirk (a Non-Executive Director), and other
subscribers.
Binding commitments to acquire 2,597,400 new ordinary shares in
the Company at the Issue Price ("Placing Shares") have been
obtained from other investors.
Jonathan Forster, Chief Executive Officer of Cora, said:
"I am delighted with the support we have received in this
fundraise, with various Board members and long-standing
shareholders continuing to demonstrate their belief in the
potential Cora has to offer. Recent work including exploration,
drilling and metallurgical test work has successfully confirmed the
potential of Sanankoro to become a standalone gold mine. I look
forward to updating our shareholders as we plan and execute our
upcoming work programme."
Details of the Subscription and Placing
Use of proceeds
It is intended that the proceeds of the Fundraising will
principally be used for the continuation of exploration at the
Company's flagship Sanankoro Gold Project, continued selected
exploration of the Company's other licenses and general working
capital.
Admission and Total Voting Rights
The Company has conditionally raised GBP1.35 million, before
expenses, through the proposed issue of 35,064,845 new ordinary
shares of no-par value each in the Company at a price of 3.85 pence
per share with certain existing Shareholders and new investors. As
noted above, the Fundraising is subject to the passing of
resolutions at the General Meeting and the admission to trading on
AIM of the Subscription Shares and Placing Shares, ("Admission").
Subject to the passing of resolutions at the General Meeting,
application will be made for the Subscription Shares and Placing to
be admitted to trading on AIM and it is expected that Admission
will become effective and dealing in the Subscription Shares and
the Placing Shares will commence on or around 30 April 2019. The
Subscription Shares and Placing Shares will rank pari passu with
the existing ordinary shares.
Following Admission, the Enlarged Issued Share Capital of the
Company will be comprised of 101,105,139 ordinary shares of no-par
value each. The above figure of 101,105,139 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 FCA's Disclosure and Transparency Rule.
Related party transaction
The Subscription by each of Lord Farmer, Jonathan Forster, Paul
Quirk and Robert Monro constitute related party transactions under
London Stock Exchange's AIM Rules for Companies. With the exception
of Jonathan Forster, Paul Quirk and Robert Monro who are precluded
from opining, the Company's directors consider, having consulted
with its nominated adviser, that the terms of the transaction are
fair and reasonable insofar as its shareholders are concerned.
Revised shareholdings following Admission
Following the issue of the Subscription Shares and Placing
Shares, the revised shareholdings of the following substantial
shareholders and directors will be:
Current Subscription Shareholding Percentage
shareholding Shares on Admission of enlarged
issued share
capital
Hummingbird Resources
plc 18,610,127 - 18,610,127 18.41%
-------------- ------------- -------------- --------------
Key Ventures Holding
Ltd* 8,107,939 3,246,750 11,354,689 11.23%
-------------- ------------- -------------- --------------
Lord Farmer 7,959,630 3,912,335 11,871,965 11.74%
-------------- ------------- -------------- --------------
Jonathan Forster 1,040,200 129,870 1,170,070 1.16%
-------------- ------------- -------------- --------------
Robert Monro 48,000 519,480 567,480 0.56%
-------------- ------------- -------------- --------------
* the sole shareholder of which is First Island Trust Company
Limited as Trustee of The Sunnega Trust of which Paul Quirk (a
director of Cora Gold) is a beneficiary
**ENDS**
For further information, please visit http://www.coragold.com or
contact:
+44 (0) 20 3239
Jon Forster Cora Gold 0010
Ewan Leggat / Charlie SP Angel (Nomad & Joint +44 (0) 20 3470
Bouverat Broker) 0470
Peter Krens / Nick Mirabaud Securities +44 (0) 20 3167
Orgill (Joint Broker) 7150
Gaby Jenner/Melissa St Brides Partners (Financial +44 (0) 20 7236
Hancock PR) 1177
Notes to the Editors
Cora Gold is a gold exploration company focused on two world
class gold regions in Mali and Senegal in West Africa. Historical
exploration has resulted in the highly prospective Sanankoro Gold
Discovery, in addition to multiple, high potential, drill ready
gold targets within its broader portfolio. Cora Gold's primary
focus is on further developing Sanankoro in the Yanfolila Gold Belt
(South Mali), which Cora Gold believes has the potential for a
standalone mine development. Cora Gold's highly experienced and
successful management team has a proven track record in making
multi-million-ounce gold discoveries which have been developed into
operating mines.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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