16 Oct 2017 15:21
16 October 2017
Starvest Plc ("Starvest" or "the Company")
New Investee Company - Cora Gold Limited
Starvest PLC (LON:SVE) the London Stock Exchange AIM quoted investment company is pleased to announce that it has participated in the recent IPO of Cora Gold Limited (LON:CORA) which was admitted to trading on the London Stock Exchange AIM on 9 October 2017.
As part of the admission process Cora Gold Limited ("Cora Gold" or "Cora") raised £3.45 million (before expenses) through a placing and subscription of 20,928,240 new ordinary shares at 16.5p each ("Cora Shares") resulting in a market capitalisation of approximately £9 million on admission.
Callum Baxter, Chairman/CEO of Starvest commented, "Cora Gold have attracted interest with good projects in a prolific region and the right management to drive the company from discovery to production. We are in the midst of an upturn in the sector and Cora Gold's admission to AIM sees them well placed to benefit from the increasing interest in precious metals. Cora Gold will be very active drilling several projects over the coming months in particular their Sanankoro gold discovery which has the potential to be a multi-million ounce gold deposit and we look forward to following their progress."
Cora Gold (LON:CORA) are a gold exploration company focussed on advanced projects in the Yanfolila and Kenieba areas of Mali and Senegal in West Africa. The projects are in a highly prospective region with several relatively recent discoveries including Sadiola (14Moz), Loulou (12Moz), Fekola (4.5Moz), Sabodala (4.4Moz), and Kobada (2.4Moz). The region has attracted a much interest from several larger global gold miners. Cora's projects cover more than 1,000 square kilometres with many licences displaying multiple highly prospective drill ready gold targets and a number of early grades over 40g/t gold.
Initial work includes drilling at Cora's Sanankoro gold discovery in Mali to establish a mineral resource estimate over a section of the 14km long mineralised zone. Additional exploration activities include drilling across other licences, located adjacent to existing gold mines, which have the potential to host significant new gold discoveries.
Cora Gold has a highly experienced and successful management team with proven track records in multi-million ounce gold discoveries in Africa, many of which have been developed into profitable mines. Cora had losses of $54,000 for the year ended 31 December 2016.
For further information on Cora Gold please refer to their web site - www.coragold.com
Starvest purchased 303,000 Cora Shares representing 0.56% of Cora Gold for approximately £50,000, which was satisfied from the Company's existing cash reserves. The Company will look to increase its position in Cora if stock becomes available.
Callum N Baxter
Chairman & Chief Executive
16 October 2017
Enquiries to:
Starvest PLC
Callum Baxter Chairman/CEO 07922 255 933 cbaxter@starvest.co.uk
Grant Thornton UK LLP (Nomad)
Colin Aaronson or Harrison Clarke 02073 835 100
SI Capital Ltd (Appointed Broker)
Nick Emerson 01483 413 500