Starvest PLC New Investee Company - Cora Gold Limited (7299T)
October 16 2017 - 9:21AM
UK Regulatory
TIDMSVE
RNS Number : 7299T
Starvest PLC
16 October 2017
16 October 2017
Starvest Plc ("Starvest" or "the Company")
New Investee Company - Cora Gold Limited
Starvest PLC (LON:SVE) the London Stock Exchange AIM quoted
investment company is pleased to announce that it has participated
in the recent IPO of Cora Gold Limited (LON:CORA) which was
admitted to trading on the London Stock Exchange AIM on 9 October
2017.
As part of the admission process Cora Gold Limited ("Cora Gold"
or "Cora") raised GBP3.45 million (before expenses) through a
placing and subscription of 20,928,240 new ordinary shares at 16.5p
each ("Cora Shares") resulting in a market capitalisation of
approximately GBP9 million on admission.
Callum Baxter, Chairman/CEO of Starvest commented, "Cora Gold
have attracted interest with good projects in a prolific region and
the right management to drive the company from discovery to
production. We are in the midst of an upturn in the sector and Cora
Gold's admission to AIM sees them well placed to benefit from the
increasing interest in precious metals. Cora Gold will be very
active drilling several projects over the coming months in
particular their Sanankoro gold discovery which has the potential
to be a multi-million ounce gold deposit and we look forward to
following their progress."
Cora Gold (LON:CORA) are a gold exploration company focussed on
advanced projects in the Yanfolila and Kenieba areas of Mali and
Senegal in West Africa. The projects are in a highly prospective
region with several relatively recent discoveries including Sadiola
(14Moz), Loulou (12Moz), Fekola (4.5Moz), Sabodala (4.4Moz), and
Kobada (2.4Moz). The region has attracted a much interest from
several larger global gold miners. Cora's projects cover more than
1,000 square kilometres with many licences displaying multiple
highly prospective drill ready gold targets and a number of early
grades over 40g/t gold.
Initial work includes drilling at Cora's Sanankoro gold
discovery in Mali to establish a mineral resource estimate over a
section of the 14km long mineralised zone. Additional exploration
activities include drilling across other licences, located adjacent
to existing gold mines, which have the potential to host
significant new gold discoveries.
Cora Gold has a highly experienced and successful management
team with proven track records in multi-million ounce gold
discoveries in Africa, many of which have been developed into
profitable mines. Cora had losses of $54,000 for the year ended 31
December 2016.
For further information on Cora Gold please refer to their web
site - www.coragold.com
Starvest purchased 303,000 Cora Shares representing 0.56% of
Cora Gold for approximately GBP50,000, which was satisfied from the
Company's existing cash reserves. The Company will look to increase
its position in Cora if stock becomes available.
Callum N Baxter
Chairman & Chief Executive
16 October 2017
Enquiries to:
Starvest PLC
Callum Baxter Chairman/CEO 07922 255 933
cbaxter@starvest.co.uk
Grant Thornton UK LLP (Nomad)
Colin Aaronson or Harrison Clarke 02073 835 100
SI Capital Ltd (Appointed Broker)
Nick Emerson 01483 413 500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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