Business
Update: Capital Structure & Grant of Share Options
Update: Capital Structure & Grant of Share Options.
About this update from Cora Gold Ltd.
[{"type":"text","content":"\n \n \n \n RNS Number : 7069B\n Cora Gold Limited\n 12 October 2020\n \n \n \n \n Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining\n \n \n \n \n \n 12 October 2020\n \n \n \n \n \n Cora Gold Limited ('Cora' or 'the Company')\n \n \n Update on Capital Structure and Granting of Share Options\n \n \n \n \n \n Cora Gold Limited, the West African focused gold exploration company, is pleased to provide an update on its capital structure and announce the granting of share options. \n \n \n \n \n \n Highlights:\n \n \n ● Aggregate proceeds of approximately £1.5m received from the exercise of warrants prior to 30 September 2020\n \n \n ● Cash of US$5m\n \n \n ● The Company has no further outstanding warrants \n \n \n ● Options granted to board, management and consultants to subscribe for 7,200,000 Ordinary Shares at a price of 10 pence per Ordinary Share expiring on 12 October 2025\n \n \n \n \n \n On 30 September 2019, the Company issued 30,714,285 warrants (the 'Warrants') to subscribe for ordinary shares in the capital of the Company ('Ordinary Shares') at a price of 10p per Ordinary Share as part of a £2m fundraising. The expiry date of these Warrants was 30 September 2020. Numerous Warrants were exercised and announced prior to that date and the Company confirms that in aggregate exercises were made over 14,866,989 Ordinary Shares for total gross proceeds of GBP £1,486,698.90. This means that the Company's cash balances were in excess of US$5 million at the end of September 2020. There are currently no further warrants outstanding. \n \n \n \n \n \n Bert Monro, CEO, comments \"After strong support from existing shareholders exercising their warrants at 10p I am pleased to report that the Company's cash balance was in excess of US$5 million at the end of September 2020. \n \n \n \n \n \n \"The Company is fully funded for its upcoming work programmes as we are focussed on resource growth at the Sanankoro Gold Project ('the Project'). The longer-term objective of delivering a Definitive Feasibility Study on the Project before the end of 2021 remains in place as we focus on proving up shallow oxide ounces. Following the appointment of Norm Bailie (RNS on 16 September 2020), who has a wealth of West African discovery and development experience, we are extremely e...