Business
Fundraising - excess demand from Subscribers
Fundraising - excess demand from Subscribers.
About this update from Cora Gold Ltd.
[{"type":"text","content":"\n \n \n \n RNS Number : 6464A\n Cora Gold Limited\n 03 June 2021\n \n \n \n \n Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining\n \n \n 03 June 2021\n \n \n Cora Gold Limited ('Cora' or 'the Company')\n \n \n Fundraising - excess demand from Subscribers \n \n \n \n \n \n Cora Gold Limited, the West African focused gold exploration company, is pleased to announce that it has conditionally raised £3,132,937.50 million (before expenses) through a subscription of 40,425,000 new ordinary shares of no par value in the Company ('Ordinary Shares') at a price of 7.75 pence per Ordinary Share (the 'Subscription Shares') (the 'Fundraising'). The funds raised will principally be used for further drilling, related exploration activities and ongoing study work focussed on growing resources at the Company's flagship Sanankoro Gold Project in southern Mali. Excess demand from subscribers to the Fundraising means that Cora has now fully allotted the maximum number of shares authorised by its shareholders at the 2020 Annual General Meeting.\n \n \n \n \n \n Binding commitments to subscribe (the 'Subscription') for a total of 40,425,000 Subscription Shares have been received from Brookstone Business Inc ('Brookstone'; the Company's largest shareholder), Lord Farmer (a substantial shareholder), Key Ventures Holding Ltd ('Key Ventures'; a substantial shareholder), certain directors of the Company and other subscribers. Details of their participation and consequent interest in the Company's issued share capital is described below.\n \n \n \n \n \n The Fundraising is conditional on admission of the Subscription Shares to trading on AIM ('Admission').\n \n \n \n \n \n Bert Monro, Chief Executive Officer of Cora, commented, \"I am very pleased with the strong support we have received in this fundraise from many of our existing shareholders. Following the receipt of all subscription funds the Company will have total cash of approximately £4.6 million (~US$6.5 million). Drilling is ongoing at Sanankoro and it has been pleasing to see such strong results coming out of the programme to date. We look forward to releasing further drill results over the coming months before a targeted resource update in H2 2021. Certain aspects of the Definitive Feasibility Study have already kicked off with more to commence in the...