REG - Cora Gold Limited - Capital Structure and Granting of Share Options
13/03/2023 10:30
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RNS Number : 7484S Cora Gold Limited 13 March 2023
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining
13 March 2023
Cora Gold Limited
('Cora' or 'the Company')
Update on Capital Structure and Granting of Share Options
Cora Gold Limited, the West African focused gold company, is pleased to
provide an update on its capital structure and announce the granting of share
options.
Highlights
● The Company has now closed its fundraise for gross proceeds of
US$19.803 million (announcement dated 10 March 2023)
● Share options granted to directors, management and consultants over
14,350,000 ordinary shares exercisable at 4 pence per ordinary share expiring
on 13 March 2028
Bert Monro, Chief Executive Officer of Cora, commented, "I am very pleased
with the strong support received for Cora's recent fundraise. Over the coming
months we look forward to providing progress updates on our flagship Sanankoro
Gold Project."
Grant of Share Options
Immediately following the closing of the fundraise on 08 March 2023, in
accordance with the Company's Share Option Scheme dated 18 December 2017 the
board of directors granted and approved share options ('Options') over
14,350,000 ordinary shares, equivalent to 3.88% of the issued share capital of
the Company, to certain directors, management and consultants. The exercise
price of the Options is 4 pence per ordinary share, representing a premium of
0.25% to the average closing mid-market price of the ordinary shares on the 10
trading days prior to the date of grant. The Options expire on 13 March 2028.
In addition, regarding vesting:
a. one quarter of the Options vest immediately;
b. one quarter of the Options vest on 13 September 2023;
c. one quarter of the Options vest on 13 March 2024; and
d. one quarter of the Options vest on 13 September 2024.
Following the grant of the Options, the total number of share options over
ordinary shares is 30,450,000, equivalent to 8.22% of the current ordinary
issued share capital of the Company.
Immediately post granting of the above Options the Company's issued and
outstanding capital structure comprised:
● 370,217,718 ordinary shares;
● share options over 4,950,000 ordinary shares in the capital of the
Company exercisable at 8.5 pence per ordinary Share expiring on 09 October
2023;
● share options over 4,600,000 ordinary shares in the capital of the
Company exercisable at 10 pence per ordinary share expiring on 12 October
2025;
● share options over 6,550,000 ordinary shares in the capital of the
Company exercisable at 10.5 pence per ordinary share expiring on 08 December
2026; and
● share options over 14,350,000 ordinary shares in the capital of the
Company exercisable at 4 pence per ordinary share expiring on 13 March 2028.
In addition, the Company had an unsecured obligation in relation to issued and
outstanding Convertible Loan Notes for a total of US$15,875,000, being
convertible into ordinary shares in accordance with the Convertible Loan Note
Instrument dated 28 February 2023. These Convertible Loan Notes were issued on
13 March 2023 and have a maturity date of 09 September 2023.
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
(http://www.coragold.com/) or contact:
Bert Monro Cora Gold Limited info@coragold.com (mailto:info@coragold.com)
Craig Banfield
Christopher Raggett finnCap Ltd +44 (0)20 7220 0500
Charlie Beeson (Nomad & Joint Broker)
Andy Thacker Turner Pope Investments +44 (0)20 3657 0050
James Pope (Joint Broker)
Susie Geliher St Brides Partners pr@coragold.com (mailto:pr@coragold.com)
Isabelle Morris (Financial PR)
Will Turner
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.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITIES ('PDMR') AND PERSONS CLOSELY ASSOCIATED WITH THEM:
1. Details of the person discharging managerial responsibilities/person closely
associated
a) Name: Edward Bowie
2. Reason for the notification
a) Position/status: Non-Executive Director and Chairman
b) Initial notification/Amendment: Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name: Cora Gold Limited
b) LEI: 213800TW2N9JJYCUDD71
4. Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted.
a) Description of the financial instrument, type of instrument: Share options over ordinary shares of no par value
Identification code: ISIN: VGG2423W1077
b) Nature of the transaction: Grant of share options
c) Price(s) and volume(s):
Price(s) Volume(s)
4p 800,000
d) Aggregated information: Single transaction as in 4 c) above
Price(s) Volume(s)
Aggregated volume: 4p 800,000
Price:
e) Date of the transaction: 13 March 2023
f) Place of the transaction: Outside of a trading venue
d)
Aggregated information:
Aggregated volume:
Price:
Single transaction as in 4 c) above
Price(s) Volume(s)
4 p 800,000
e)
Date of the transaction:
13 March 2023
f)
Place of the transaction:
Outside of a trading venue
1. Details of the person discharging managerial responsibilities/person closely
associated
a) Name: Andrew Chubb
2. Reason for the notification
a) Position/status: Non-Executive Director
b) Initial notification/Amendment: Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name: Cora Gold Limited
b) LEI: 213800TW2N9JJYCUDD71
4. Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted.
a) Description of the financial instrument, type of instrument: Share options over ordinary shares of no par value
Identification code: ISIN: VGG2423W1077
b) Nature of the transaction: Grant of share options
c) Price(s) and volume(s):
Price(s) Volume(s)
4p 750,000
d) Aggregated information: Single transaction as in 4 c) above
Price(s) Volume(s)
Aggregated volume: 4p 750,000
Price:
e) Date of the transaction: 13 March 2023
f) Place of the transaction: Outside of a trading venue
d)
Aggregated information:
Aggregated volume:
Price:
Single transaction as in 4 c) above
Price(s) Volume(s)
4 p 750,000
e)
Date of the transaction:
13 March 2023
f)
Place of the transaction:
Outside of a trading venue
1. Details of the person discharging managerial responsibilities/person closely
associated
a) Name: Robert Monro
2. Reason for the notification
a) Position/status: Chief Executive Officer and Director
b) Initial notification/Amendment: Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name: Cora Gold Limited
b) LEI: 213800TW2N9JJYCUDD71
4. Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted.
a) Description of the financial instrument, type of instrument: Share options over ordinary shares of no par value
Identification code: ISIN: VGG2423W1077
b) Nature of the transaction: Grant of share options
c) Price(s) and volume(s):
Price(s) Volume(s)
4p 5,000,000
d) Aggregated information: Single transaction as in 4 c) above
Price(s) Volume(s)
Aggregated volume: 4p 5,000,000
Price:
e) Date of the transaction: 13 March 2023
f) Place of the transaction: Outside of a trading venue
d)
Aggregated information:
Aggregated volume:
Price:
Single transaction as in 4 c) above
Price(s) Volume(s)
4 p 5,000,000
e)
Date of the transaction:
13 March 2023
f)
Place of the transaction:
Outside of a trading venue
1. Details of the person discharging managerial responsibilities/person closely
associated
a) Name: David Pelham
2. Reason for the notification
a) Position/status: Non-Executive Director
b) Initial notification/Amendment: Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name: Cora Gold Limited
b) LEI: 213800TW2N9JJYCUDD71
4. Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted.
a) Description of the financial instrument, type of instrument: Share options over ordinary shares of no par value
Identification code: ISIN: VGG2423W1077
b) Nature of the transaction: Grant of share options
c) Price(s) and volume(s):
Price(s) Volume(s)
4p 750,000
d) Aggregated information: Single transaction as in 4 c) above
Price(s) Volume(s)
Aggregated volume: 4p 750,000
Price:
e) Date of the transaction: 13 March 2023
f) Place of the transaction: Outside of a trading venue
d)
Aggregated information:
Aggregated volume:
Price:
Single transaction as in 4 c) above
Price(s) Volume(s)
4 p 750,000
e)
Date of the transaction:
13 March 2023
f)
Place of the transaction:
Outside of a trading venue
1. Details of the person discharging managerial responsibilities/person closely
associated
a) Name: Paul Quirk
2. Reason for the notification
a) Position/status: Non-Executive Director
b) Initial notification/Amendment: Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name: Cora Gold Limited
b) LEI: 213800TW2N9JJYCUDD71
4. Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted.
a) Description of the financial instrument, type of instrument: Share options over ordinary shares of no par value
Identification code: ISIN: VGG2423W1077
b) Nature of the transaction: Grant of share options
c) Price(s) and volume(s):
Price(s) Volume(s)
4p 750,000
d) Aggregated information: Single transaction as in 4 c) above
Price(s) Volume(s)
Aggregated volume: 4p 750,000
Price:
e) Date of the transaction: 13 March 2023
f) Place of the transaction: Outside of a trading venue
d)
Aggregated information:
Aggregated volume:
Price:
Single transaction as in 4 c) above
Price(s) Volume(s)
4 p 750,000
e)
Date of the transaction:
13 March 2023
f)
Place of the transaction:
Outside of a trading venue
1. Details of the person discharging managerial responsibilities/person closely
associated
a) Name: Craig Banfield
2. Reason for the notification
a) Position/status: Chief Financial Officer and Company Secretary
b) Initial notification/Amendment: Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name: Cora Gold Limited
b) LEI: 213800TW2N9JJYCUDD71
4. Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted.
a) Description of the financial instrument, type of instrument: Share options over ordinary shares of no par value
Identification code: ISIN: VGG2423W1077
b) Nature of the transaction: Grant of share options
c) Price(s) and volume(s):
Price(s) Volume(s)
4p 2,300,000
d) Aggregated information: Single transaction as in 4 c) above
Price(s) Volume(s)
Aggregated volume: 4p 2,300,000
Price:
e) Date of the transaction: 13 March 2023
f) Place of the transaction: Outside of a trading venue
d)
Aggregated information:
Aggregated volume:
Price:
Single transaction as in 4 c) above
Price(s) Volume(s)
4 p 2,300,000
e)
Date of the transaction:
13 March 2023
f)
Place of the transaction:
Outside of a trading venue
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