Update on Capital Structure & Share Options

RNS Number : 9871U

Cora Gold Limited

08 December 2021

 

Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector: Mining

8 December 2021

Cora Gold Limited ('Cora' or 'the Company')

Update on Capital Structure and Granting of Share Options

Cora Gold Limited, the West African focused gold exploration company, is pleased to provide an update on its capital structure and announce the granting of share options.

Highlights

● The Company has now closed its fundraise for gross proceeds of £4.25 million (see RNS dated 01 December 2021)

● Share options granted to directors, management and consultants over 7,850,000 Ordinary Shares exercisable at 10.5 pence per Ordinary Share expiring on 8 December 2026

Bert Monro, Chief Executive Officer of Cora, commented, "I am very pleased with the strong support we received for the Company's recent fundraise. This follows the announcement of the updated Mineral Resource Estimate at our flagship Sanankoro Gold Project (see RNS dated 16 November 2021) wherein Cora reported total pit constrained resources of 21.9 million tonnes at 1.15 g/t Au for a total of 809.3 koz of gold. Notably all of our deposits remain open in all directions indicating further potential. The Definitive Feasibility Study at Sanankoro is well underway and on schedule for completion in H1 2022. We look forward to keeping all shareholders updated with our progress and 2022 promises to be an exciting year for Cora."

Grant of Options

Immediately following the closing of the fundraise on 8 December 2021, in accordance with the Company's Share Option Scheme dated 18 December 2017 the board of directors granted and approved share options ('Options') over 7,850,000 Ordinary Shares, equivalent to 2.71% of the issued share capital of the Company, to certain directors, management and consultants. The exercise price of the Options is 10.5 pence per Ordinary Share, representing a premium of 1.81% to the average closing mid-market price of the Ordinary Shares on the 10 trading days prior to the date of grant. The Options expire on 8 December 2026.

In addition, regarding vesting:

a.  one quarter of the Options vest immediately;

b.  one quarter of the Options vest on 8 June 2022;

c.  one quarter of the Options vest on 8 December 2022; and

d.  one quarter of the Options vest on 8 June 2023.

Following the grant of the Options, the total number of share options over Ordinary Shares is 21,525,000, equivalent to 7.43% of the current ordinary issued share capital of the Company. Immediately post granting of the above Options the Company's issued and outstanding capital structure comprised:

● 289,557,159 Ordinary Shares;

● share options over 1,625,000 Ordinary Shares exercisable at 16.5 pence per Ordinary Share expiring on 18 December 2022;

● share options over 4,950,000 Ordinary Shares exercisable at 8.5 pence per Ordinary Share expiring on 9 October 2023;

● share options over 7,100,000 Ordinary Shares exercisable at 10 pence per Ordinary Share expiring on 12 October 2025; and

● share options over 7,850,000 Ordinary Shares exercisable at 10.5 pence per Ordinary Share expiring on 8 December 2026.

Market Abuse Regulation ('MAR') Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the company's obligations under Article 17 of MAR.

**ENDS**

For further information, please visit  http://www.coragold.com  or contact:

Bert Monro Craig Banfield	Cora Gold Limited	[e-mail]
Christopher Raggett Charlie Beeson	finnCap Ltd Nomad & Joint Broker	[phone]
Andy Thacker James Pope	Turner Pope Investments Joint Broker	[phone]
Susie Geliher Selina Lovell	St Brides Partners Financial PR	[e-mail]

Notes

Cora is an emerging West African gold developer with three principal de-risked project areas within two known gold belts in Mali and Senegal covering over +1,100 sq km. Led by a team with a proven track record in making multi-million-ounce gold discoveries that have been developed into operating mines, its primary focus is on developing the Sanankoro Gold Project in the Yanfolila Gold Belt, Southern Mali, where Cora hopes to commence construction of an open pit oxide focussed gold mine in 2022. An updated mineral resource estimate on the Project was published in November 2021 which increased the Resources by over 200% (from the 2019 Maiden resource) to 809,300oz Au. A Definitive Feasibility Study is expected to be completed in H1 2022.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES ('PDMR') AND PERSONS CLOSELY ASSOCIATED WITH THEM:

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	Edward Bowie
2.	Reason for the notification
a)	Position/status:	Non-Executive Director and Chairman
b)	Initial notification/Amendment:	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name:	Cora Gold Limited
b)	LEI:	213800TW2N9JJYCUDD71
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted.
a)	Description of the financial instrument, type of instrument:  Identification code:	Share options over Ordinary Shares of no par value  ISIN: VGG2423W1077
b)	Nature of the transaction:	Grant of share options
c)	Price(s) and volume(s):	Price(s)  Volume(s) 10.5 p 300,000
d)	Aggregated information:  Aggregated volume:  Price:	Single transaction as in 4 c) above  Price(s)  Volume(s) 10.5 p 300,000
e)	Date of the transaction:	8 December 2021
f)	Place of the transaction:	Outside of a trading venue

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	Andrew Chubb
2.	Reason for the notification
a)	Position/status:	Non-Executive Director
b)	Initial notification/Amendment:	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name:	Cora Gold Limited
b)	LEI:	213800TW2N9JJYCUDD71
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted.
a)	Description of the financial instrument, type of instrument:  Identification code:	Share options over Ordinary Shares of no par value  ISIN: VGG2423W1077
b)	Nature of the transaction:	Grant of share options
c)	Price(s) and volume(s):	Price(s)  Volume(s) 10.5 p 250,000
d)	Aggregated information:  Aggregated volume:  Price:	Single transaction as in 4 c) above  Price(s)  Volume(s) 10.5 p 250,000
e)	Date of the transaction:	8 December 2021
f)	Place of the transaction:	Outside of a trading venue

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	Robert Monro
2.	Reason for the notification
a)	Position/status:	Chief Executive Officer and Director
b)	Initial notification/Amendment:	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name:	Cora Gold Limited
b)	LEI:	213800TW2N9JJYCUDD71
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted.
a)	Description of the financial instrument, type of instrument:  Identification code:	Share options over Ordinary Shares of no par value  ISIN: VGG2423W1077
b)	Nature of the transaction:	Grant of share options
c)	Price(s) and volume(s):	Price(s)  Volume(s) 10.5 p 2,500,000
d)	Aggregated information:  Aggregated volume:  Price:	Single transaction as in 4 c) above  Price(s)  Volume(s) 10.5 p 2,500,000
e)	Date of the transaction:	8 December 2021
f)	Place of the transaction:	Outside of a trading venue

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	David Pelham
2.	Reason for the notification
a)	Position/status:	Non-Executive Director
b)	Initial notification/Amendment:	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name:	Cora Gold Limited
b)	LEI:	213800TW2N9JJYCUDD71
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted.
a)	Description of the financial instrument, type of instrument:  Identification code:	Share options over Ordinary Shares of no par value  ISIN: VGG2423W1077
b)	Nature of the transaction:	Grant of share options
c)	Price(s) and volume(s):	Price(s)  Volume(s) 10.5 p 250,000
d)	Aggregated information:  Aggregated volume:  Price:	Single transaction as in 4 c) above  Price(s)  Volume(s) 10.5 p 250,000
e)	Date of the transaction:	8 December 2021
f)	Place of the transaction:	Outside of a trading venue

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	Paul Quirk
2.	Reason for the notification
a)	Position/status:	Non-Executive Director
b)	Initial notification/Amendment:	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name:	Cora Gold Limited
b)	LEI:	213800TW2N9JJYCUDD71
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted.
a)	Description of the financial instrument, type of instrument:  Identification code:	Share options over Ordinary Shares of no par value  ISIN: VGG2423W1077
b)	Nature of the transaction:	Grant of share options
c)	Price(s) and volume(s):	Price(s)  Volume(s) 10.5 p 250,000
d)	Aggregated information:  Aggregated volume:  Price:	Single transaction as in 4 c) above  Price(s)  Volume(s) 10.5 p 250,000
e)	Date of the transaction:	8 December 2021
f)	Place of the transaction:	Outside of a trading venue

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	Craig Banfield
2.	Reason for the notification
a)	Position/status:	Chief Financial Officer and Company Secretary
b)	Initial notification/Amendment:	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name:	Cora Gold Limited
b)	LEI:	213800TW2N9JJYCUDD71
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted.
a)	Description of the financial instrument, type of instrument:  Identification code:	Share options over Ordinary Shares of no par value  ISIN: VGG2423W1077
b)	Nature of the transaction:	Grant of share options
c)	Price(s) and volume(s):	Price(s)  Volume(s) 10.5 p 1,200,000
d)	Aggregated information:  Aggregated volume:  Price:	Single transaction as in 4 c) above  Price(s)  Volume(s) 10.5 p 1,200,000
e)	Date of the transaction:	8 December 2021
f)	Place of the transaction:	Outside of a trading venue

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	Norman Bailie
2.	Reason for the notification
a)	Position/status:	Head of Exploration
b)	Initial notification/Amendment:	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name:	Cora Gold Limited
b)	LEI:	213800TW2N9JJYCUDD71
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted.
a)	Description of the financial instrument, type of instrument:  Identification code:	Share options over Ordinary Shares of no par value  ISIN: VGG2423W1077
b)	Nature of the transaction:	Grant of share options
c)	Price(s) and volume(s):	Price(s)  Volume(s) 10.5 p 1,200,000
d)	Aggregated information:  Aggregated volume:  Price:	Single transaction as in 4 c) above  Price(s)  Volume(s) 10.5 p 1,200,000
e)	Date of the transaction:	8 December 2021
f)	Place of the transaction:	Outside of a trading venue

 

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