LONDON (Alliance News) - Cora Gold Ltd said Friday it raised GBP1.4 million through a placing and subscription of 35.1 million shares to support further drilling operations.
The new shares were issued at a price of 3.85 pence each. Cora shares were trading up 0.3% at 3.76p on Friday afternoon.
The funds raised will primarily support Cora Gold in its next stages of drilling and metallurgical testwork at the Sanankoro gold discovery in Mali.
Cora Gold will hold a general meeting of shareholders on April 29, where investors will be able to vote on the fundraising, which requires their approval to proceed.
If approved, Cora Gold expects the new shares to start trading on April 30, following which it will have 101.1 million shares in issue.
The company received binding commitments to subscribe for a total of 32.5 million shares from shareholder Michael Farmer, Chief Executive Officer Jonathan Forster, Non-Executive Director Robert Monro and an entity connected with Non-Executive Director Paul Quirk.
Commitments to acquire 2.6 million shares have been obtained from other investors.
Cora Gold (CORA)