Business
Update on US$25m Term Sheet for Sanankoro Project
Update on US$25m Term Sheet for Sanankoro Project.
About this update from Cora Gold Ltd.
[{"type":"text","content":"\n \n \n \n Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining\n \n \n \n 27 June 2022\n \n \n \n Cora Gold Limited ('Cora' or 'the Company')\n \n \n \n \n Update on US$25m Term Sheet for the Construction of Sanankoro Gold Project, Mali\n \n \n \n \n \n \n Cora Gold Limited, the West African focused gold company, is pleased to provide an update on the US$25m Mandate and Term Sheet (the 'Term Sheet') with Lionhead Capital Advisors Proprietary Limited ('Lionhead') to fund the future development of Cora's flagship Sanankoro Gold Project ('Sanankoro' or 'the Project') in Southern Mali (the 'Project Financing'). The key terms and conditions of the Project Financing were set out in an announcement by Cora on 08 September 2021. On 24 June 2022 Lionhead confirmed to the Company that, while reserving its rights under the Term Sheet, it does not intend to terminate the Term Sheet should the Company fail to deliver a Definitive Feasibility Study ('DFS') on the Project by 30 June 2022.\n \n \n \n \n \n Following the completion of a 2022 drill programme, which targeted converting existing Inferred Mineral Resources to Indicated Mineral Resources and identified new discoveries close to existing Mineral Resources, on 30 May 2022 the Company announced:\n \n \n ● its intention to update its Mineral Resource Estimate ('MRE') for Sanankoro;\n \n \n ● the updated MRE will then be incorporated into the Mining Study for the DFS; and\n \n \n ● as a result, the DFS is expected to be completed in Q3 2022.\n \n \n \n \n \n \n Bert Monro, Chief Executive Officer of Cora, commented,\n \n \"We are pleased and encouraged by the commitment of Lionhead, acting as lead investor and arranger on behalf of a consortium of investors, in their continued support for Cora and the Sanankoro Gold Project. We look forward to completing the DFS during Q3 2022 and achieving another significant milestone along the path towards developing Sanankoro.\"\n \n \n \n \n \n \n Market Abuse Regulation ('MAR') Disclosure\n \n \n \n \n \n \n \n \n \n Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 ('MAR'), which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, until the release of this annou...