TIDMCORA
RNS Number : 7484S
Cora Gold Limited
13 March 2023
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector:
Mining
13 March 2023
Cora Gold Limited
('Cora' or 'the Company')
Update on Capital Structure and Granting of Share Options
Cora Gold Limited, the West African focused gold company, is
pleased to provide an update on its capital structure and announce
the granting of share options.
Highlights
-- The Company has now closed its fundraise for gross proceeds
of US$19.803 million (announcement dated 10 March 2023)
-- Share options granted to directors, management and
consultants over 14,350,000 ordinary shares exercisable at 4 pence
per ordinary share expiring on 13 March 2028
Bert Monro, Chief Executive Officer of Cora, commented, "I am
very pleased with the strong support received for Cora's recent
fundraise. Over the coming months we look forward to providing
progress updates on our flagship Sanankoro Gold Project."
Grant of Share Options
Immediately following the closing of the fundraise on 08 March
2023, in accordance with the Company's Share Option Scheme dated 18
December 2017 the board of directors granted and approved share
options ('Options') over 14,350,000 ordinary shares, equivalent to
3.88% of the issued share capital of the Company, to certain
directors, management and consultants. The exercise price of the
Options is 4 pence per ordinary share, representing a premium of
0.25% to the average closing mid-market price of the ordinary
shares on the 10 trading days prior to the date of grant. The
Options expire on 13 March 2028.
In addition, regarding vesting:
a. one quarter of the Options vest immediately;
b. one quarter of the Options vest on 13 September 2023;
c. one quarter of the Options vest on 13 March 2024; and
d. one quarter of the Options vest on 13 September 2024.
Following the grant of the Options, the total number of share
options over ordinary shares is 30,450,000, equivalent to 8.22% of
the current ordinary issued share capital of the Company.
Immediately post granting of the above Options the Company's
issued and outstanding capital structure comprised:
-- 370,217,718 ordinary shares;
-- share options over 4,950,000 ordinary shares in the capital
of the Company exercisable at 8.5 pence per ordinary Share expiring
on 09 October 2023;
-- share options over 4,600,000 ordinary shares in the capital
of the Company exercisable at 10 pence per ordinary share expiring
on 12 October 2025;
-- share options over 6,550,000 ordinary shares in the capital
of the Company exercisable at 10.5 pence per ordinary share
expiring on 08 December 2026; and
-- share options over 14,350,000 ordinary shares in the capital
of the Company exercisable at 4 pence per ordinary share expiring
on 13 March 2028.
In addition, the Company had an unsecured obligation in relation
to issued and outstanding Convertible Loan Notes for a total of
US$15,875,000, being convertible into ordinary shares in accordance
with the Convertible Loan Note Instrument dated 28 February 2023.
These Convertible Loan Notes were issued on 13 March 2023 and have
a maturity date of 09 September 2023.
Market Abuse Regulation ('MAR') Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of the
Market Abuse Regulation (EU) No 596/2014 ('MAR'), which is part of
UK law by virtue of the European Union (Withdrawal) Act 2018, until
the release of this announcement.
**S**
For further information, please visit http://www.coragold.com or
contact:
Bert Monro Cora Gold Limited info@coragold.com
Craig Banfield
Christopher Raggett finnCap Ltd
Charlie Beeson (Nomad & Joint Broker) +44 (0)20 7220 0500
-------------------------- ---------------------
Andy Thacker Turner Pope Investments
James Pope (Joint Broker) +44 (0)20 3657 0050
-------------------------- ---------------------
Susie Geliher St Brides Partners pr@coragold.com
Isabelle Morris (Financial PR)
Will Turner
-------------------------- ---------------------
Notes
Cora is a West African gold developer with three principal
de-risked project areas within two known gold belts in Mali and
Senegal covering c.900 sq km. Led by a team with a proven track
record in making multi-million ounce gold discoveries that have
been developed into operating mines, its primary focus is on
developing the Sanankoro Gold Project in the Yanfolila Gold Belt,
southern Mali, into an open pit oxide mine. Based on a gold price
of US$1,750/oz and a Maiden Probable Reserve of 422 koz at 1.3 g/t
Au the project has strong economic fundamentals, including 52% IRR,
US$234 million Free Cash Flow over life of mine and all-in
sustaining costs of US$997/oz.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES ('PDMR') AND PERSONS
CLOSELY ASSOCIATED WITH THEM:
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Edward Bowie
========================================= ====================================
2. Reason for the notification
===============================================================================
a) Position/status: Non-Executive Director
and Chairman
========================================= ====================================
b) Initial notification/Amendment: Initial notification
========================================= ====================================
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
===============================================================================
a) Name: Cora Gold Limited
========================================= ====================================
b) LEI: 213800TW2N9JJYCUDD71
========================================= ====================================
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted.
===============================================================================
a) Description of the financial instrument, Share options over ordinary
type of instrument: shares of no par value
Identification code: ISIN: VGG2423W1077
========================================= ====================================
b) Nature of the transaction: Grant of share options
========================================= ====================================
c) Price(s) and volume(s): Price(s) Volume(s)
4 p 800,000
----------
========================================= ====================================
d) Aggregated information: Single transaction as
Aggregated volume: in 4 c) above Price(s) Volume(s)
Price: 4 p 800,000
----------
========================================= ====================================
e) Date of the transaction: 13 March 2023
========================================= ====================================
f) Place of the transaction: Outside of a trading venue
========================================= ====================================
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Andrew Chubb
========================================= ====================================
2. Reason for the notification
===============================================================================
a) Position/status: Non-Executive Director
========================================= ====================================
b) Initial notification/Amendment: Initial notification
========================================= ====================================
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
===============================================================================
a) Name: Cora Gold Limited
========================================= ====================================
b) LEI: 213800TW2N9JJYCUDD71
========================================= ====================================
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted.
===============================================================================
a) Description of the financial instrument, Share options over ordinary
type of instrument: shares of no par value
Identification code: ISIN: VGG2423W1077
========================================= ====================================
b) Nature of the transaction: Grant of share options
========================================= ====================================
c) Price(s) and volume(s): Price(s) Volume(s)
4 p 750,000
----------
========================================= ====================================
d) Aggregated information: Single transaction as
Aggregated volume: in 4 c) above Price(s) Volume(s)
Price: 4 p 750,000
----------
========================================= ====================================
e) Date of the transaction: 13 March 2023
========================================= ====================================
f) Place of the transaction: Outside of a trading venue
========================================= ====================================
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Robert Monro
========================================= ====================================
2. Reason for the notification
===============================================================================
a) Position/status: Chief Executive Officer
and Director
========================================= ====================================
b) Initial notification/Amendment: Initial notification
========================================= ====================================
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
===============================================================================
a) Name: Cora Gold Limited
========================================= ====================================
b) LEI: 213800TW2N9JJYCUDD71
========================================= ====================================
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted.
===============================================================================
a) Description of the financial instrument, Share options over ordinary
type of instrument: shares of no par value
Identification code: ISIN: VGG2423W1077
========================================= ====================================
b) Nature of the transaction: Grant of share options
========================================= ====================================
c) Price(s) and volume(s): Price(s) Volume(s)
4 p 5,000,000
----------
========================================= ====================================
d) Aggregated information: Single transaction as
Aggregated volume: in 4 c) above Price(s) Volume(s)
Price: 4 p 5,000,000
----------
========================================= ====================================
e) Date of the transaction: 13 March 2023
========================================= ====================================
f) Place of the transaction: Outside of a trading venue
========================================= ====================================
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: David Pelham
========================================= ====================================
2. Reason for the notification
===============================================================================
a) Position/status: Non-Executive Director
========================================= ====================================
b) Initial notification/Amendment: Initial notification
========================================= ====================================
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
===============================================================================
a) Name: Cora Gold Limited
========================================= ====================================
b) LEI: 213800TW2N9JJYCUDD71
========================================= ====================================
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted.
===============================================================================
a) Description of the financial instrument, Share options over ordinary
type of instrument: shares of no par value
Identification code: ISIN: VGG2423W1077
========================================= ====================================
b) Nature of the transaction: Grant of share options
========================================= ====================================
c) Price(s) and volume(s): Price(s) Volume(s)
4 p 750,000
----------
========================================= ====================================
d) Aggregated information: Single transaction as
Aggregated volume: in 4 c) above Price(s) Volume(s)
Price: 4 p 750,000
----------
========================================= ====================================
e) Date of the transaction: 13 March 2023
========================================= ====================================
f) Place of the transaction: Outside of a trading venue
========================================= ====================================
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Paul Quirk
========================================= ====================================
2. Reason for the notification
===============================================================================
a) Position/status: Non-Executive Director
========================================= ====================================
b) Initial notification/Amendment: Initial notification
========================================= ====================================
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
===============================================================================
a) Name: Cora Gold Limited
========================================= ====================================
b) LEI: 213800TW2N9JJYCUDD71
========================================= ====================================
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted.
===============================================================================
a) Description of the financial instrument, Share options over ordinary
type of instrument: shares of no par value
Identification code: ISIN: VGG2423W1077
========================================= ====================================
b) Nature of the transaction: Grant of share options
========================================= ====================================
c) Price(s) and volume(s): Price(s) Volume(s)
4 p 750,000
----------
========================================= ====================================
d) Aggregated information: Single transaction as
Aggregated volume: in 4 c) above Price(s) Volume(s)
Price: 4 p 750,000
----------
========================================= ====================================
e) Date of the transaction: 13 March 2023
========================================= ====================================
f) Place of the transaction: Outside of a trading venue
========================================= ====================================
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Craig Banfield
========================================= ====================================
2. Reason for the notification
===============================================================================
a) Position/status: Chief Financial Officer
and Company Secretary
========================================= ====================================
b) Initial notification/Amendment: Initial notification
========================================= ====================================
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
===============================================================================
a) Name: Cora Gold Limited
========================================= ====================================
b) LEI: 213800TW2N9JJYCUDD71
========================================= ====================================
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted.
===============================================================================
a) Description of the financial instrument, Share options over ordinary
type of instrument: shares of no par value
Identification code: ISIN: VGG2423W1077
========================================= ====================================
b) Nature of the transaction: Grant of share options
========================================= ====================================
c) Price(s) and volume(s): Price(s) Volume(s)
4 p 2,300,000
----------
========================================= ====================================
d) Aggregated information: Single transaction as
Aggregated volume: in 4 c) above Price(s) Volume(s)
Price: 4 p 2,300,000
----------
========================================= ====================================
e) Date of the transaction: 13 March 2023
========================================= ====================================
f) Place of the transaction: Outside of a trading venue
========================================= ====================================
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END
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