Cora raises funds for Sanankoro exploration
Aim-listed Cora Gold will raise £2.89-million, or $3.5-million, through the issue of 60-million new shares at a price of 4.75p apiece.
Cora will use the proceeds to accelerate exploration and development of the Sanankoro gold project, in Mali.
The company on Wednesday said it had already received binding commitments from Lord Farmer, an existing substantial shareholder, and certain directors of Cora to subscribe for shares.
The fundraising depends on the passing of the necessary resolutions at a general meeting, which will be held on April 21, in London.
The fundraising follows a promising scoping study on the project, published in January, which showed an internal return rate of 84% and possible $19-million a year free cash flow generation, at a $1 400/oz gold price.
“The company will focus initially on growing oxide resources to increase the mine life and advancing metallurgical and other studies undertaken as part of the scoping study before moving into feasibility study work in 2021 on the back of anticipated positive results.
“Cora currently has a cash balance of about $1-million, which, coupled with the fundraise, will be sufficient to make significant progress on the ground over this year and next,” said CEO Bert Monro.
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