REG - Cora Gold Limited - Fundraising: Update and Closing

Cora GoldAnnouncement

07/03/2023 16:00

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RNS Number : 1934S  Cora Gold Limited  07 March 2023

 

 

Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining

 

07 March 2023

 

Cora Gold Limited

('Cora' or 'the Company')

Fundraising: Update and Closing

 

Cora Gold Limited, the West African focused gold company, announces an update
to the announcements of 06 and 24 February 2023 regarding the closing of the
fundraising, comprising both equity (the 'Equity Financing') and convertible
loan notes (the 'Convertible Financing') (together the 'Fundraising'). Due to
an administrative delay the Company is awaiting receipt of consideration from
one counterparty in relation to the Convertible Financing. Once the
outstanding consideration is received then the Company will proceed to close
the Fundraising, which will include an application for 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
Company will provide a further update on this in due course.

 

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.

 

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)

 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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