REG - Cora Gold Limited - Fundraising: Update and Closing

Cora GoldAnnouncement

10/03/2023 07:00

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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
(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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