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(Alliance News) - Starvest PLC on Friday said it has participated in a new placing for investee company Cora Gold Ltd.
The mining and resources investment business purchased 357,142 Cora shares for GBP25,000, which was satisfied through its existing cash reserves. Following the transaction Starvest holds 1.0% stake In Cora and said it intends to increase its position if stock becomes available.
Overall, Cora raised GBP2.0 million though a placing and subscription of 27.9 million shares at a price of 7 pence each. Each share has a one warrant attached exercisable within 12 months from admission at 10p.
"Cora has demonstrated technical ability and continues to deliver robust results from its gold projects," said Starvest Chair & Chief Executive Callum Baxter.
"We believe the current price offers an excellent opportunity for investment in a strong project and team. This is an interesting story and we look forward to following development of the projects," added Baxter.
Starvest shares were trading 6.2% higher in London on Friday at 2.39 pence each, while Cora shares were down 2.7% at 7.30p each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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