Business
Update on Capital Structure & Granting of Options
Update on Capital Structure & Granting of Options.
About this update from Cora Gold Ltd.
[{"type":"text","content":"\n\nCora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining\n \n02 April 2025\n \nCora Gold Limited\n('Cora' or 'the Company')\n \nUpdate on Capital Structure and Granting of Share Options\n \nCora 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.\n \nHighlights\n \n● 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)\n \n● 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\n \nBert 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.\"\n \nGrant of Share Options\n \nFollowing 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:\n● one quarter of the Options vest immediately;\n● one quarter of the Options vest on 01 October 2025;\n● one quarter of the Options vest on 01 April 2026; and\n● one quarter of the Options vest on 01 October 2026.\n \nFollowing 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.\n \nImmediately pos...