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Pin to quick picksCora Gold Media (CORA)

Share Price Information for Cora Gold (CORA)

London Stock Exchange
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Share Price: 11.50
Bid: 11.00
Ask: 12.00
Change: 0.00 (0.00%)
Spread: 1.00 (9.09%)
Open: 12.25
High: 12.325
Low: 11.25
Yest. Close: 12.25
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West African miner Cora Gold signs $21M term sheet to fund Sanankoro Gold Project in Mali

Cora Gold, the AIM-listed Mali and Senegal-focused gold miner has announced it has signed a US$21M term sheet to fund the development of its flagship Sanankoro Gold Project in southern Mali. This is conditional on completion of a Definitive Feasibility Study before the end of 2021.

The term sheet comes from Lionhead Capital Advisors, who are acting as lead investor for a consortium of investors who include the founders of LionOre Mining International (bought by Norilsk Nickel for US$6.3bn) and the initial investors in Mantra Resources Limited (bought by ROSATOM for AUD$1.2bn). Paul Quirk is both a non-exec at Cora Gold and a Founding partner of Lionhead. The Quirk family own around 34% of Cora Gold through trusts.

In an interview with London South East, Cora Gold CEO, Bert Monro told us: "It's a fantastic day, we have just signed a term sheet for US$21M from Lionhead, essentially we delivered a scoping study in January of this year which showed for US$20.6M we could build a gold mine which would make over US$24M dollars a year of free cash flow at a $1,500 gold price." Lionhead came up with a term sheet which consisted of a mix of equity, debt and convertible loan. This was then negotiated by Cora Gold and Bert is convinced this is a competitive funding deal.

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