Cora Gold Ltd has conditionally raised £1,047,999.66 through a subscription of 17,466,661 new ordinary shares of no par value in the company, at a 4% discounted price of six pence per new ordinary share.
TVRs
Net proceeds will further the permitting process for the Sanankoro gold project in southern Mali, exploration on the company’s licences and for general working capital.
Existing shareholders who gave binding commitments to subscribe include Cora’s largest shareholder Brookstone Business Inc, which will hold 31.09% on admission.
Additional subscriptions were made by Lord Farmer (19.28%); First Island Trust Company Ltd as trustee of The Marlborough Trust (6.71%); and Maggianda Foundation (5.23%).
Cora noted that Brookstone is wholly owned and controlled by First Island Trust Company Ltd as trustee of The Nodo Trust.
Cora non-executive director Paul Quirk’s father, Patrick Quirk, is a potential beneficiary of The Nodo Trust.
Directors who each gave binding commitments to subscribe for 166,666 new ordinary shares include chief executive officer and director Robert Munro; independent NED and board chairman Edward Bowie; and independent NED Adam Davidson.
Following admission, the company’s share capital will comprise 502,269,011 ordinary shares.
At Cora’s June 2025 general meeting, shareholders granted the directors authority to issue and allot ordinary shares in the company.