Cora Gold Limited Update on Convertible Loan Notes (9264L)
September 11 2023 - 1:00AM
UK Regulatory
TIDMCORA
RNS Number : 9264L
Cora Gold Limited
11 September 2023
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector:
Mining
11 September 2023
Cora Gold Limited
('Cora' or 'the Company')
Update on Convertible Loan Notes
Cora Gold Limited, the West African focused gold company, is
pleased to confirm the extension of certain convertible loan rights
due to mature on 09 September 2023.
On 13 March 2023 the Company issued convertible loan notes
('CLN') pursuant to a Convertible Loan Note Instrument dated 28
February 2023 (the 'CLNI'). The CLN were for a total of
US$15,875,000 to be convertible into ordinary shares in the capital
of the Company and with a maturity date of 09 September 2023, being
the date 180 days from the date of issue of the CLN. Holders of CLN
(the 'Noteholders') have now approved a number of amendments to the
CLNI, including, among others, the extension to the maturity date
to 12 March 2024, being 365 days from the date of issue of the
CLN.
Certain Noteholders requested the early repayment of outstanding
CLN for a total principal amount of US$625,000 plus 5%.
Accordingly, as at the date of this announcement, these amendments
have resulted in the Company having an unsecured obligation in
relation to issued and outstanding CLN for a total of
US$15,250,000, being convertible into ordinary shares in accordance
with the CLNI as amended.
Bert Monro, Chief Executive Officer of Cora, commented, "I am
very pleased with the ongoing support received from Cora's
Noteholders and long-term shareholders. The Company currently has
balances of cash and cash equivalents in excess of US$17.25
million. Following the recent promulgation of a new Mining Code in
Mali, we look forward to the government's lifting of its moratorium
on issuing new mining permits such that we may, in due course,
progress application for a mining permit over Cora's flagship
Sanankoro Gold Project. In addition, we look forward to providing
progress updates on the funding of the Sanankoro Gold Project
following the appointment of Atlantique Finance to act as sole
adviser in the structuring and mobilisation of a medium-term loan
of US$70 million in CFA franc ('XOF') to support funding the
development of the project (see RNS dated 28 June 2023)."
Amendments to Convertible Loan Note Instrument dated 28 February
2023
Prior to the maturity date of 09 September 2023 for the CLN, the
Noteholders approved the following amendments to the CLNI (see RNS
dated 06 February 2023):
- Maturity Date: 365 days following the date of issue of the CLN;
- Mandatory Conversion Price: after the date falling 180 days
after the date of issue of the CLN, at the lower of (a) US$0.0487
per ordinary share, (b) the market price per ordinary share as at
the date of the Mandatory Conversion and (c) the price of any
equity issuance by the Company in the prior 60 days (excluding
shares issued pursuant to the Company's Share Option Scheme or
pursuant to terms of any other agreement entered into prior to the
issue date of the CLN);
- Voluntary Conversion Price: after the date falling 180 days
after the date of issue of the CLN, at US$0.0487 per ordinary
share; and
- Early Repayment: prior to the date falling 180 days after the
date of issue of the CLN, Noteholders may elect to request the
early repayment of outstanding CLN, which shall be redeemed by the
Company for par value of the principal amount of the CLN plus five
per cent (5%) of the principal amount of the CLN.
Change of Name of Nominated Adviser and Broker
The Company also announces that its Nominated Adviser and Broker
has changed its name to Cavendish Capital Markets Ltd following
completion of its own corporate merger.
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
Cavendish Capital Markets
Christopher Raggett Ltd
Charlie Beeson (Nomad & Broker) +44 (0)20 7220 0500
---------------------------- ---------------------
Susie Geliher St Brides Partners pr@coragold.com
Isabelle Morris (Financial PR)
Isabel de Salis
---------------------------- ---------------------
Notes
Cora is a West African gold developer with de-risked project
areas within two known gold belts in Mali and Senegal. 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, south 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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END
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