Cora Gold Limited (LON:CORA) has debuted on AIM at a price of 16.5p per share, following a £3.45mln fundraising.
Hummingbird Resources PLC (LON:HUM) holds a 33.85% stake, valued on listing at approximately US$5mln, since Cora’s overall market capitalisation will be just under £10mln.
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The majority of the net proceeds of the fundraising will be used for a planned exploration programme that will principally focus on the Sanankoro gold discovery in southern Mali.
The ultimate aim will be to establish a resource estimate, although some exploration on other properties will also take place.
"Our objective is to create value by turning the Sanankoro gold discovery into a mine and the drill ready gold targets at our other project areas into discoveries,” said chief executive Jon Forster.
“We were delighted with the reception to Cora in the lead up to our IPO and having raised £3.45mln we are now funded to further develop our portfolio of highly prospective gold projects in established gold areas, predominantly in Mali. Our initial focus will be on our flagship Sanankoro project and with substantial historical data from both Gold Fields and Randgold we believe we have very good potential to increase the scale of the discovery to plus-one million ounces of in-situ gold and create a standalone mine."
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