REG - Cora Gold Limited - Update on Capital Structure & Granting of Options

Cora GoldAnnouncement

02/04/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250402:nRSB2378Da&default-theme=true

RNS Number : 2378D  Cora Gold Limited  02 April 2025

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

 

02 April 2025

 

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
£1.550 million (British pound sterling) before expenses (see announcement
dated 26 March 2025)

 

●    Share options granted to directors and employees plus consultants
over 19,150,000 ordinary shares exercisable at 6.25 pence (British pound
sterling) per ordinary share expiring on 01 April 2030

 

Bert Monro, Chief Executive Officer of Cora, commented, "I am very pleased
with the continued strong support we have received in this fundraise from many
of our existing shareholders. We look forward to providing further updates on
progress at Sanankoro, including the updated Definitive Feasibility Study and
permitting for a mining permit."

 

Grant of Share Options

 

Following the closing of the fundraise on 01 April 2025, in accordance with
the Company's Share Option Scheme dated 18 December 2017 the board of
directors granted and approved share options ('Options') over 19,150,000
ordinary shares, equivalent to 3.95% of the issued share capital of the
Company, to certain directors, management and consultants. The exercise price
of the Options is 6.25 pence (British pound sterling) per ordinary share,
representing a premium of 6.52% 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 01 April 2030. In addition, regarding vesting:

●    one quarter of the Options vest immediately;

●    one quarter of the Options vest on 01 October 2025;

●    one quarter of the Options vest on 01 April 2026; and

●    one quarter of the Options vest on 01 October 2026.

 

Following the grant of the Options, the total number of share options over
ordinary shares is 41,850,000, equivalent to 8.63% 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:

●    484,802,350 ordinary shares;

●    warrants to subscribe for 32,624,205 ordinary shares in the capital
of the Company at a price of 7 pence (British pound sterling) per ordinary
share expiring on 01 April 2027;

●    share options over 4,300,000 ordinary shares in the capital of the
Company exercisable at 10 pence (British pound sterling) per ordinary share
expiring on 12 October 2025;

●    share options over 5,050,000 ordinary shares in the capital of the
Company exercisable at 10.5 pence (British pound sterling) per ordinary share
expiring on 08 December 2026;

●    share options over 13,350,000 ordinary shares in the capital of the
Company exercisable at 4 pence (British pound sterling) per ordinary share
expiring on 13 March 2028; and

●    share options over 19,150,000 ordinary shares in the capital of the
Company exercisable at 6.25 pence (British pound sterling) per ordinary share
expiring on 01 April 2030.

 

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, follow us on
social media (LinkedIn: www.linkedin.com/company/cora-gold/; and X:
@cora_gold) or contact:

 

 Bert Monro       Cora Gold Limited                  info@coragold.com

 Craig Banfield
 Derrick Lee      Cavendish Capital Markets Limited  +44 (0) 20 7220 0500

 Pearl Kellie     (Nomad & Broker)
 Susie Geliher    St Brides Partners                 cora@stbridespartners.co.uk

 Charlotte Page   (Financial PR)

 

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 Oxide Reserve of 422 koz at
1.3 g/t Au, the 2022 Definitive Feasibility Study showed that 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. Alongside this,
the Company continues to seek value opportunities across its portfolio and has
identified large scale gold mineralisation potential at the Madina Foulbé
exploration permit within the Kenieba Project Area of east Senegal.

 

 

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)
                                                                     6.25 pence  1,000,000
  d)    Aggregated information:                                      Single transaction as in 4 c) above

 Price(s)    Volume(s)
        Aggregated volume:                                           6.25 pence  1,000,000

        Price:
  e)    Date of the transaction:                                     01 April 2025
  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)
 6.25 pence  1,000,000

 e)

 Date of the transaction:

01 April 2025

 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)
                                                                     6.25 pence  850,000
  d)    Aggregated information:                                      Single transaction as in 4 c) above

 Price(s)    Volume(s)
        Aggregated volume:                                           6.25 pence  850,000

        Price:
  e)    Date of the transaction:                                     01 April 2025
  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)
 6.25 pence  850,000

 e)

 Date of the transaction:

01 April 2025

 f)

 Place of the transaction:

Outside of a trading venue

 

  1.    Details of the person discharging managerial responsibilities/person closely
       associated
  a)    Name:                                                        Adam Davidson
  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)
                                                                     6.25 pence  850,000
  d)    Aggregated information:                                      Single transaction as in 4 c) above

 Price(s)    Volume(s)
        Aggregated volume:                                           6.25 pence  850,000

        Price:
  e)    Date of the transaction:                                     01 April 2025
  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)
 6.25 pence  850,000

 e)

 Date of the transaction:

01 April 2025

 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)
                                                                     6.25 pence  5,200,000
  d)    Aggregated information:                                      Single transaction as in 4 c) above

 Price(s)    Volume(s)
        Aggregated volume:                                           6.25 pence  5,200,000

        Price:
  e)    Date of the transaction:                                     01 April 2025
  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)
 6.25 pence  5,200,000

 e)

 Date of the transaction:

01 April 2025

 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)
                                                                     6.25 pence  850,000
  d)    Aggregated information:                                      Single transaction as in 4 c) above

 Price(s)    Volume(s)
        Aggregated volume:                                           6.25 pence  850,000

        Price:
  e)    Date of the transaction:                                     01 April 2025
  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)
 6.25 pence  850,000

 e)

 Date of the transaction:

01 April 2025

 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)
                                                                     6.25 pence  2,400,000
  d)    Aggregated information:                                      Single transaction as in 4 c) above

 Price(s)    Volume(s)
        Aggregated volume:                                           6.25 pence  2,400,000

        Price:
  e)    Date of the transaction:                                     01 April 2025
  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)
 6.25 pence  2,400,000

 e)

 Date of the transaction:

01 April 2025

 f)

 Place of the transaction:

Outside of a trading venue

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCBRGDSUXGDGUB