Business
Fundraising: Update and Closing
Fundraising: Update and Closing.
About this update from Cora Gold Ltd.
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining\n \n \n \n \n \n \n \n \n 10 March 2023\n \n \n \n \n \n \n \n \n Cora Gold Limited\n \n \n \n \n ('Cora' or 'the Company')\n \n \n \n \n Fundraising: Update and Closing\n \n \n \n \n \n \n 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.\n \n \n \n \n \n The Fundraising for aggregate investments of US$19,803,169.26 comprises:\n \n \n ●\n 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\n \n \n ●\n convertible loan notes convertible into Ordinary Shares for a total of US$15,875,000 in respect of the Convertible Financing.\n \n \n \n \n \n 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.\n \n \n \n \n \n \n Admission and Total Voting Rights\n \n \n \n \n \n \n \n \n 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.\n \n \n \n \n \n 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 exi...