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Yeah interesting as the days go on, you can top up at a lower price. Frustrating all the same but also a decent opportunity. There's nothing bigger I'm looking forward to than this Resource Upgrade. Would be nice in the same report whether Bert can give the market a look into 2022 and beyond and how activities will play out. Can see this running to 20p and beyond, and think it rightfully deserves such a move, but you never know in this game
Prey on the weakness and reap the rewards, the Feasibility study next year should be blockbuster
Certainly looks like volume is picking up now we are into Nov so maybe to he market is also expecting news soon - 40 trades so far today, only 11 last Friday and Thurs wasn't much better etc. Should be an interesting week, I think.
Hey RP. Yeah AZY is my biggest holding just ahead of Cora. I use IG. It’s really easy and you can create orders but I wait until midnight U.K. time for the ASX to open. They have some of the best land around right between Havieron and Telfer, with 90,000m of drilling in 2021. Interactive Investor also have AZY :)
Yeah I just know with how they’ve executed operations in 2021 I can see this being rather swift, but there are factors outside of Cora’s control.
I’ve managed to build up a nice new position in an ISA so delighted to have this opportunity and will continue to buy into any dips. I believe it’s more than warranted and well worth following down. But AIMO
News this week maybe ?
I don't think a placing is on the cards just yet. The last one was in June 2021 and raised circa £3 million. I think, as of September, Cora had about £4 million in the bank. You would have thought that this was more than sufficient to cover operating costs to take Sanankoro into production (for which the finances will be raised through the plan set out in the term sheet), but of course, what we don't know is what exploration programme, and hence costs, Cora has planned for next year. You would certainly expect further growth drilling at Sanankoro, and they might also decide to advance other projects. I'm certainly excited by the contiguous licences they have around Sanankoro. Imagine if they hit gold again in one of those licences.
Not sure what you mean by your post? Are you hinting at a placing ? If so why do CORA need to do a placing. Sorry if I’ve misunderstood.
The Term Sheet envisages:
-- Equity Financing: US$12.5m subscription for new ordinary shares of no par value each in Cora at the lower of (i) an 10% discount to the 30-day volume weighted average price ('VWAP') at the date that Cora announces achievement of the Project Milestone and (ii) the lowest price at which Cora has issued new ordinary shares in the 60 days prior to the date that Cora announces achievement of the Project Milestone (the 'Equity Financing')
-- Convertible Financing: US$12.5m investment in a Convertible Loan Note:
-- Coupon: 8% per annum.
-- Conversion: The total amount outstanding under the Convertible Loan Note (including interest) shall be converted, at the election of Lionhead at any time prior to the 5th anniversary of the issue of the Convertible Loan Note, into ordinary shares in Cora at the lower of (i) a 30% premium to the 30-day VWAP at the time of the Equity Financing or (ii) the 30-day VWAP at the time of conversion.
-- Net Smelter Return Royalty ('NSR'): 1% until 250,000 ozs of gold have been produced from the Project. Cora may purchase and terminate the NSR at any time for US$3m payment.
-- Repayment: Repayable on the fifth anniversary of advance date if not converted, or earlier, at the option of the holder, in the case of: (i) a change of control of Cora; or (ii) the merger or sale of Cora (including the sale of substantially all of the assets of the Company) at a 30% premium to the total amount outstanding under the Convertible Loan Note.
Lionhead acknowledges that Cora intends to undertake private placements to enable existing shareholders to subscribe +US$3.75m in the Equity Financing and +US$3.75m in the Convertible Financing such that Lionhead's participation in the Project Financing may be reduced by such amounts.
A fee equal to 3% on up to US$25 million Project Financing shall be paid by the Company to Lionhead on receipt of the proceeds in respect of the Equity Financing and Convertible Financing by Lionhead.
IT - thanks for that response. Some very useful insights from you there.
LW: from my understanding the Quirks have a history of taking exploration projects to production and when faced with a good offer for a maturing project they take the money and find their next investment. In that regards I would back their judgement as to the timing and value of any offer and so conclude that what is good for them is good for me. If they hold on for dividends so will I.
Others have questioned whether the Term Sheet funding is a little ‘close to home’. I raised this with BM. Firstly, Cora will need to find a chunk of its own cash to secure bank finance for the plant build. It is in everyone’s interest to minimise dilution. A proportion of the TS raise has been set aside so that PI’s can come into the raise on the same deal as the Quirks pound for pound reducing the Quirks £ input. Secondly, the Quirks have extensive interests and a good reputation in West Africa and have contacts to several banks; it is in Cora’s interest to have a TS with ‘equity’ investment in principal in place with the Quirks when it is negotiating bank borrowing (which I suspect he will be doing in the coming month).
My conclusion is that we will be much stronger with these guys in our team. They know mining and are prepared to put their money where their mouth is whilst leaving space for the smaller PI’s; I am happy to tag along for the ride.
AG - I'm not overly concerned about the jurisdiction. Elections are planned and are likely to have taken place by the time we are ready to pull any gold out of the ground. So long as the country doesn't instead descend into civil war or chaos, and international sanctions are imposed, I can't see it impacting on the mining industry. As for the Quirk family, who knows how they will play this and what their intentions might be. Might be a question for BM next time we get an opportunity.
Potentially mate. They clearly want a substantional return on their investment and I feel confident they, and us, will get it
I’m just enjoying the growth in the knowledge a mammoth resource upgrade is due, and knowing beyond that, Sanankoro is open in multiple directions. Il follow it all the way down to 6-7p if I have to, as Rampy as that sounds,it’s how strongly I feel about the project
There are risks with every exploration company. That’s a fact. Multiple risks. One with Mali, is the “jurisdiction” or how politically unstable these countries may be. But in terms of jurisdiction, from what I’ve seen, Cora is sweetly set up. Able to engage to put to work a drilling company who drilled 24/7 for 6 months straight without being interrupted. The ceo himself has flown in without any complications. The company employ local workers and geologists, and have a fantastic record with the local community.
There is Gold, and shed loads. The results prove that. And I’d rather put my money here, than somewhere in a “safe jurisdiction” because it feels more comfortable.
A bigger risk for me as a shareholder is putting my money into a company, be it Australia, Canada, USA, them plowing millions and millions into a project to find, there is little to no Gold to dig out.
Very comfortable here and although I would not like it to drop any further, I would be adding on the dips.
AG1989 - I'm getting tempted myself at these levels.
I've just been catching up with postings and I think Star raises a potentially important issue (or risk even) that probably merits some more attention. I've just done a quick check and the Quirk family, through their associated companies, already owned a very large share of Cora. With the new term sheet, that control or controlling influence will grow and I wonder if Cora will be in takeover territory?
Always had my Cora in my private Pension. The latest drop personally is a blessing for me and has allowed me to build up a position in my ISA
Extremely thankful and will follow it on the way down the the decline continues. If there were question marks around assays, the grade or what direction Sanankoro is going in, I’d understand, but there isn’t. It has everything I’m looking for and I’m confident there are multiples awaiting.
I think there will always be political question marks when investing in African countries. Civil wars, military coups and economies not as advanced or developed as many others. But there has always been a strong case for Gold mining and I think it’ll continue for a long time from now.
(Only my advice). Frustrating watching the price decline but circumstances haven’t changed from a personal standpoint
Dropping again today albeit on relatively low volume - could it be down to political issues in Mali, a possible fund raise in the pipeline, or is just the normal to be expected share price action whilst we wait for upgraded MRE?
These types of drops are painful and the market does not always make sense. I still really like what i see in terms of investment so will hold. Not so easy adding when you are already heavily invested. But it is the brave who make the most money. GLA.
hopefully news soon