Business
£4.25 Million Fundraise
£4.25 Million Fundraise.
About this update from Cora Gold Ltd.
[{"type":"text","content":"\n \n \n \n RNS Number : 2178U\n Cora Gold Limited\n 01 December 2021\n \n \n \n Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining\n 1 December 2021\n Cora Gold Limited ('Cora' or 'the Company')\n £4.25 Million Fundraise\n \n Cora Gold Limited, the West African focused gold company, is pleased to announce that it has conditionally raised £4,250,000 before expenses through a placing (the 'Placing') and Subscription (as defined below) (together the 'Fundraise') of 42,500,000 new ordinary shares of no par value in the Company ('Ordinary Shares') at a price of 10 pence per Ordinary Share (the 'New Ordinary Shares'). Pursuant to the Placing, the Company's joint broker, Turner Pope Investments Ltd ('TPI'), is acting as sole book runner (the 'Bookrunner').\n \n \n Bert Monro, Chief Executive Officer of Cora, commented,\n \"I am very pleased with the strong support we have received for this fundraise from many of our existing shareholders as well as new investors. This follows the recent announcement of the updated Mineral Resource Estimate at our flagship Sanankoro Gold Project (see RNS dated 16 November 2021) wherein Cora reported total pit constrained resources of 21.9 million tonnes at 1.15 g/t Au for a total of 809.3 koz of gold. This is a +200% increase from our maiden resource published in December 2019 and notably all of our deposits remain open in all directions indicating further potential.\n \n \n \"The DFS at Sanankoro is well underway, funded, and on schedule for completion in H1 2022. We look forward to keeping all shareholders updated with our progress, with significant work ongoing on many fronts, at this exciting time for the Company.\"\n \n Details of the Fundraise\n The Fundraise is being conducted out of the authorities to issue and allot Ordinary Shares in the capital of the Company granted to the Directors by shareholders at the Company's Annual General Meeting held on 22 June 2021. Accordingly, the issue of the New Ordinary Shares is not subject to the approval of shareholders.\n \n The Fundraise is conditional on admission of the New Ordinary Shares to trading on AIM ('Admission').\n \n Use of proceeds\n The net proceeds of the Fundraise will principally be used to progress the ongoing DFS at Sanankoro as well as continued exploration at the Company's permit...