Cora Gold Limited Fundraising: Update and Closing (4940S)
March 10 2023 - 1:00AM
UK Regulatory
TIDMCORA
RNS Number : 4940S
Cora Gold Limited
10 March 2023
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector:
Mining
10 March 2023
Cora Gold Limited
('Cora' or 'the Company')
Fundraising: Update and Closing
Cora Gold Limited, the West African focused gold company, is
pleased to provide an update to the announcement of 07 March 2023
regarding the closing of the fundraising, comprising both equity
(the 'Equity Financing') and convertible loan notes (the
'Convertible Financing') (together the 'Fundraising'). The Company
is now in receipt of all consideration amounts. The Company can,
therefore, proceed to close the Fundraising, which will include
admission to trading on the AIM Market of the London Stock Exchange
in respect of the new ordinary shares in the capital of the Company
related to the Equity Financing.
The Fundraising for aggregate investments of US$19,803,169.26
comprises:
-- 80,660,559 ordinary shares of no par value in the capital of
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 convertible into Ordinary Shares for a
total of US$15,875,000 in respect of the Convertible Financing.
The funds raised will be primarily used to commence development
of the Company's flagship Sanankoro Gold Project in southern Mali
following the reported Optimised Project Economics (announcement
dated 21 November 2022), which highlighted strong economic
fundamentals.
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'). It is expected that Admission will become effective
and dealing in the New Shares will commence on or around 13 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.
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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