Business
Update on Convertible Loan Notes
Update on Convertible Loan Notes.
About this update from Cora Gold Ltd.
[{"type":"text","content":"\n\nCora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining\n\n11 September 2023\n \nCora Gold Limited\n('Cora' or 'the Company')\n\nUpdate on Convertible Loan Notes\n \nCora Gold Limited, the West African focused gold company, is pleased to confirm the extension of certain convertible loan rights due to mature on 09 September 2023.\n \nOn 13 March 2023 the Company issued convertible loan notes ('CLN') pursuant to a Convertible Loan Note Instrument dated 28 February 2023 (the 'CLNI'). The CLN were for a total of US$15,875,000 to be convertible into ordinary shares in the capital of the Company and with a maturity date of 09 September 2023, being the date 180 days from the date of issue of the CLN. Holders of CLN (the 'Noteholders') have now approved a number of amendments to the CLNI, including, among others, the extension to the maturity date to 12 March 2024, being 365 days from the date of issue of the CLN.\n \nCertain Noteholders requested the early repayment of outstanding CLN for a total principal amount of US$625,000 plus 5%. Accordingly, as at the date of this announcement, these amendments have resulted in the Company having an unsecured obligation in relation to issued and outstanding CLN for a total of US$15,250,000, being convertible into ordinary shares in accordance with the CLNI as amended.\n \nBert Monro, Chief Executive Officer of Cora, commented, \"I am very pleased with the ongoing support received from Cora's Noteholders and long-term shareholders. The Company currently has balances of cash and cash equivalents in excess of US$17.25 million. Following the recent promulgation of a new Mining Code in Mali, we look forward to the government's lifting of its moratorium on issuing new mining permits such that we may, in due course, progress application for a mining permit over Cora's flagship Sanankoro Gold Project. In addition, we look forward to providing progress updates on the funding of the Sanankoro Gold Project following the appointment of Atlantique Finance to act as sole adviser in the structuring and mobilisation of a medium-term loan of US$70 million in CFA franc ('XOF') to support funding the development of the project (see RNS dated 28 June 2023).\"\n \nAmendments to Convertible Loan Note Instrument dated 28 February 2023\n \nPrior to the maturity date of 09 ...