Cora Gold Ltd has conditionally raised £2 million by means of a subscription for 33,333,333 new ordinary shares, through a “significantly oversubscribed” retail offer, at six pence per share.
SANANKORO
The figure adds to the £13.7m strategic investment from 9 February made by Eagle Eye Asset Holdings Pte. Ltd.
Cora said that allocations in the retail offer were made to existing shareholders and by applying soft pre-emption.
High demand resulted in existing shareholders receiving 100% of their soft pre-emptive allowance, when their order matched or exceeded their allowance.
When the order was greater than the soft pre-emptive allowance shareholders received circa 36% of their additional demand.
Completion of the fundraise is subject to shareholder approval at a general meeting on 24 March 2026, and provision of a title opinion on the company’s assets in Mali.
Net proceeds will advance the company’s Sanankoro gold project in southern Mali, as well as further exploration and go towards general working capital.
Sanankoro, located in the Yanfolila Gold Belt, is earmarked to be an open pit oxide mine.
Cora also holds the Madina Foulbé exploration permit within the Mako Gold Belt of the Kédougou-Kéniéba Inlier in east Senegal.