Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining
18 August 2020
Cora Gold Limited ('Cora' or 'the Company')
Transfer of Warrants
Cora Gold Limited, the West African focused gold company, announces that on 17 August 2020 Hummingbird Resources plc ('Hummingbird'; AIM: HUM), a significant shareholder of Cora, notified the Company that on 17 August 2020 Hummingbird had transferred its entire right to subscribe for a total of 4,730,000 depositary interests of no par value each in the Company ('Ordinary Shares') at a price of 10 pence (British pound sterling) per Ordinary Share expiring on 30 September 2020 (the 'Hummingbird Warrants') to a certain shareholder of Cora (the 'Transferee'). Hummingbird holds 23,340,127 Ordinary Shares (including shares held by Hummingbird's subsidiary, Trochilidae Resources Ltd), being 12.19% of the total number of Ordinary Shares in issue and outstanding. In consideration for the transfer of the Hummingbird Warrants the Transferee paid a total of £118,250 (British pound sterling) to Hummingbird.
The Hummingbird Warrants derived from Hummingbird's participation in a fundraising of the Company that closed on 30 September 2019 (the 'Fundraising'). Each Ordinary Share issued to the placees and subscribers pursuant to the Fundraising had attached a warrant which granted the registered holder the right, subject to the terms and conditions of the Warrant Instrument, to subscribe, on or before 30 September 2020, for one new Ordinary Share in the Company at a price of 10 pence per Ordinary Share (each a 'Warrant'). The Warrants are not admitted to trading on AIM.
Market Abuse Regulation ('MAR') Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
For further information, please visit http://www.coragold.com or contact:
Bert Monro / Jon Forster
Cora Gold Limited
+44 (0) 20 3239 0010
Christopher Raggett / Charlie Beeson
(Nomad & Joint Broker)
+44 (0) 20 7220 0500
Turner Pope Investments
+44 (0) 20 3657 0050
Megan Dennison / Susie Geliher
St Brides Partners
+44 (0) 20 7236 1177
Cora is a gold company focused on two world class gold regions in Mali and Senegal in West Africa. Historical exploration has resulted in the highly prospective Sanankoro Gold Discovery, in addition to multiple, high potential, drill ready gold targets within its broader portfolio. Cora's primary focus is on further developing Sanankoro in the Yanfolila Gold Belt (Southern Mali), which Cora believes has the potential for a standalone mine development. Sanankoro has a positive Scoping Study published on it showing an 107% IRR and US$41.5m NPV at a US$1,500 gold price. Cora's highly experienced management team has a proven track record in making multi-million-ounce gold discoveries, which have been developed into operating mines.