Cora Gold Ltd (AIM:CORA) is ramping up its development of the Sanankoro Gold Project in southern Mali with the launch of a financing plan to raise at least US$19.566mln.
The funds will come from both equity (US$3.711mln) and convertible loan notes (US$15.855mln) and will be used to kick off work following the optimised project economics report, which highlighted strong economic fundamentals, including a 52% internal rate of return.
Cora is offering other investors the opportunity to subscribe for up to US$10mln on the same terms.
The book build for the fundraising will close on 23 February and the company is calling a general meeting on 28 February to grant the directors the authority to issue the necessary shares.
"I am very pleased that Cora's shareholders continue to be strongly supportive of the project's development into an operating mine," said Bert Monro, chief executive of Cora.
"The company has already received binding commitments of around US$20mln, and we are delighted to provide other investors with the opportunity to participate in the fundraising on the same terms."
Discussions with potential lenders are also ongoing, and Cora anticipates providing further updates in "due course", investors were told.