TIDMCORA
RNS Number : 7069B
Cora Gold Limited
12 October 2020
Cora Gold Limited / EPIC: CORA.L / Market: AIM / Sector:
Mining
12 October 2020
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:
-- Aggregate proceeds of approximately GBP1.5m received from the
exercise of warrants prior to 30 September 2020
-- Cash of US$5m
-- The Company has no further outstanding warrants
-- Options granted to board, management and consultants to
subscribe for 7,200,000 Ordinary Shares at a price of 10 pence per
Ordinary Share expiring on 12 October 2025
On 30 September 2019, the Company issued 30,714,285 warrants
(the 'Warrants') to subscribe for ordinary shares in the capital of
the Company ('Ordinary Shares') at a price of 10p per Ordinary
Share as part of a GBP2m fundraising. The expiry date of these
Warrants was 30 September 2020. Numerous Warrants were exercised
and announced prior to that date and the Company confirms that in
aggregate exercises were made over 14,866,989 Ordinary Shares for
total gross proceeds of GBP GBP1,486,698.90. This means that the
Company's cash balances were in excess of US$5 million at the end
of September 2020. There are currently no further warrants
outstanding.
Bert Monro, CEO, comments "After strong support from existing
shareholders exercising their warrants at 10p I am pleased to
report that the Company's cash balance was in excess of US$5
million at the end of September 2020.
"The Company is fully funded for its upcoming work programmes as
we are focussed on resource growth at the Sanankoro Gold Project
('the Project'). The longer-term objective of delivering a
Definitive Feasibility Study on the Project before the end of 2021
remains in place as we focus on proving up shallow oxide ounces.
Following the appointment of Norm Bailie (RNS on 16 September
2020), who has a wealth of West African discovery and development
experience, we are extremely excited about seeing the results from
the upcoming drill programmes. We look forward to announcing the
details of our exploration plans in the coming weeks."
Grant of Options
The Company operates a structure with a low corporate overhead
and its Remuneration and Nominations Committee annually benchmarks
executive and non-executive remuneration against its peers. That
exercise has demonstrated that the pay of the Company's board and
management is currently below the average of its peers.
Accordingly, and as part of the Company's ongoing management
incentivisation scheme, on 12 October 2020, the Company granted
options ('Options') to subscribe for a total of 7,200,000 Ordinary
Shares, equivalent to 3.51% of the issued share capital of the
Company, to certain directors, management and consultants. The
exercise price of the Options is 10 pence per Ordinary Share,
representing a premium of 7.58% 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 12 October 2025.
The Options are not assignable or transferable and may lapse six
months after the holder ceasing to be a director, employee or
consultant of the Company.
In addition, regarding vesting:
a. One quarter of the Options vest immediately;
b. One quarter of the Options vest on 12 April 2021;
c. One quarter of the Options vest on 12 October 2021; and
d. One quarter of the Options vest on 12 April 2022.
Following the grant of the Options, the total number of share
options granted to subscribe for Ordinary Shares is 15,300,000,
equivalent to 7.45% 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:
-- 205,382,159 Ordinary Shares;
-- share options to subscribe for 1,900,000 Ordinary Shares at a
price of 16.5 pence per Ordinary Share expiring on 18 December 2022
(awarded in December 2017);
-- share options to subscribe for 6,200,000 Ordinary Shares at a
price of 8.5 pence per Ordinary Share expiring on 09 October 2023
(awarded in October 2019); and
-- share options to subscribe for 7,200,000 Ordinary Shares at a
price of 10 pence per Ordinary Share expiring on 12 October
2025.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES 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, Share options to subscribe
type of instrument: for Ordinary Shares of
no par value
Identification code:
ISIN: VGG2423W1077
----------------------------------------- -------------------------------------
b) Nature of the transaction: Grant of share options
----------------------------------------- -------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
10 p 350,000
----------
----------------------------------------- -------------------------------------
d) Aggregated information: Single transaction as
Aggregated volume: in 4 c) above Price(s) Volume(s)
Price: 10 p 350,000
----------
----------------------------------------- -------------------------------------
e) Date of the transaction: 12 October 2020
----------------------------------------- -------------------------------------
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, Share options to subscribe
type of instrument: for Ordinary Shares of
no par value
Identification code:
ISIN: VGG2423W1077
----------------------------------------- -------------------------------------
b) Nature of the transaction: Grant of share options
----------------------------------------- -------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
10 p 300,000
----------
----------------------------------------- -------------------------------------
d) Aggregated information: Single transaction as
Aggregated volume: in 4 c) above Price(s) Volume(s)
Price: 10 p 300,000
----------
----------------------------------------- -------------------------------------
e) Date of the transaction: 12 October 2020
----------------------------------------- -------------------------------------
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 a 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, Share options to subscribe
type of instrument: for Ordinary Shares of
no par value
Identification code:
ISIN: VGG2423W1077
----------------------------------------- -------------------------------------
b) Nature of the transaction: Grant of share options
----------------------------------------- -------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
10 p 1,500,000
----------
----------------------------------------- -------------------------------------
d) Aggregated information: Single transaction as
Aggregated volume: in 4 c) above Price(s) Volume(s)
Price: 10 p 1,500,000
----------
----------------------------------------- -------------------------------------
e) Date of the transaction: 12 October 2020
----------------------------------------- -------------------------------------
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, Share options to subscribe
type of instrument: for Ordinary Shares of
no par value
Identification code:
ISIN: VGG2423W1077
----------------------------------------- -------------------------------------
b) Nature of the transaction: Grant of share options
----------------------------------------- -------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
10 p 300,000
----------
----------------------------------------- -------------------------------------
d) Aggregated information: Single transaction as
Aggregated volume: in 4 c) above Price(s) Volume(s)
Price: 10 p 300,000
----------
----------------------------------------- -------------------------------------
e) Date of the transaction: 12 October 2020
----------------------------------------- -------------------------------------
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, Share options to subscribe
type of instrument: for Ordinary Shares of
no par value
Identification code:
ISIN: VGG2423W1077
----------------------------------------- -------------------------------------
b) Nature of the transaction: Grant of share options
----------------------------------------- -------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
10 p 800,000
----------
----------------------------------------- -------------------------------------
d) Aggregated information: Single transaction as
Aggregated volume: in 4 c) above Price(s) Volume(s)
Price: 10 p 800,000
----------
----------------------------------------- -------------------------------------
e) Date of the transaction: 12 October 2020
----------------------------------------- -------------------------------------
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, Share options to subscribe
type of instrument: for Ordinary Shares of
no par value
Identification code:
ISIN: VGG2423W1077
----------------------------------------- -------------------------------------
b) Nature of the transaction: Grant of share options
----------------------------------------- -------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
10 p 750,000
----------
----------------------------------------- -------------------------------------
d) Aggregated information: Single transaction as
Aggregated volume: in 4 c) above Price(s) Volume(s)
Price: 10 p 750,000
----------
----------------------------------------- -------------------------------------
e) Date of the transaction: 12 October 2020
----------------------------------------- -------------------------------------
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, Share options to subscribe
type of instrument: for Ordinary Shares of
no par value
Identification code:
ISIN: VGG2423W1077
----------------------------------------- -------------------------------------
b) Nature of the transaction: Grant of share options
----------------------------------------- -------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
10 p 2,500,000
----------
----------------------------------------- -------------------------------------
d) Aggregated information: Single transaction as
Aggregated volume: in 4 c) above Price(s) Volume(s)
Price: 10 p 2,500,000
----------
----------------------------------------- -------------------------------------
e) Date of the transaction: 12 October 2020
----------------------------------------- -------------------------------------
f) Place of the transaction: Outside of a trading
venue
----------------------------------------- -------------------------------------
Market Abuse Regulation ('MAR') Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
**ENDS**
For further information, please visit http://www.coragold.com or
contact:
+44 (0) 20 3239
Bert Monro / Norm Bailie Cora Gold Limited 0010
Christopher Raggett / Charlie finnCap Ltd +44 (0) 20 7220
Beeson (Nomad & Joint Broker) 0500
Turner Pope Investments +44 (0) 20 3657
Andy Thacker (Joint Broker) 0050
St Brides Partners +44 (0) 20 7236
Megan Dennison / Susie Geliher (Financial PR) 1177
Notes
Cora Gold is a gold company focused on two world class gold
regions in Mali and Senegal in West Africa. Historical exploration
has resulted in the highly prospective Sanankoro Gold Discovery, in
addition to multiple, high potential, drill ready gold targets
within its broader portfolio. Cora's primary focus is on further
developing Sanankoro in the Yanfolila Gold Belt (Southern Mali),
which Cora believes has the potential for a standalone mine
development. Sanankoro has a positive Scoping Study published on it
showing an 107% IRR and US$41.5m NPV(8) at a US$1,500 gold price.
Cora's highly experienced management team has a proven track record
in making multi-million-ounce gold discoveries, which have been
developed into operating mines.
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