Cora Gold Limited, the West African focused gold company, is pleased to announce that following the satisfaction of certain conditions, including the passing of the necessary resolutions at the Extraordinary General Meeting of the Company held on 24 March 2026, the Company can now proceed to close the Fundraise announced on 9 February 2026.
The Fundraise will raise gross proceeds of £15,707,141.34 for the Company, through the issue of 261,785,689 new ordinary shares of no par value in the Company at a price of 6 pence per ordinary share, comprising:
- a Subscription to raise £13,707,141.36 through the issue of 228,452,356 New Ordinary Shares at the Issue Price; and
- a Retail Offering to raise £1,999,999.98 from existing shareholders of the Company through the issue of 33,333,333 New Ordinary Shares at the Issue Price.
With effect from the closing of the Fundraise:
- Aryann Gupta will be appointed Non-Executive Director of the Company and a member of the audit committee of the Board of Directors of the Company;
- Adam Davidson (Non-Executive Director of the Company) will be appointed Chair of the Board of Directors, replacing Edward Bowie who remains Non-Executive Director of the Company; and
- H&P Advisory Limited will be appointed as Joint Broker to the Company.
Details of the Subscription
The Subscription comprises a strategic investment by Eagle Eye Asset Holdings. Following Admission, Eagle Eye will hold 29.90% of the enlarged issued share capital of the Company and Eagle Eye’s representative Aryann Gupta will be appointed to the Board of the Company as a Non-Executive Director, and to the audit committee of the Board.
Eagle Eye is a Monetary Authority of Singapore registered single-family office, managing the investment portfolios of the founding and promoter family, of which Aryann Gupta (Non-Executive Director of the Company) is a family member.
Use of proceeds
The net proceeds of the Fundraise will principally be used to advance Cora’s flagship Sanankoro Gold Project in southern Mali towards production, as well as continued exploration of the Company’s permits and for general working capital purposes.
Admission and Total Voting Rights
Application has been made for the New Ordinary Shares to be to be issued pursuant to the Fundraise to be admitted to trading on AIM (‘Admission’). It is expected that Admission will become effective and dealing in the New Ordinary Shares will commence on or around 8:00 a.m. on 31 March 2026. The New Ordinary Shares will rank pari passu with the existing Ordinary Shares.
Following Admission, the share capital of the Company will be comprised of 764,054,700 ordinary shares. The above figure of 764,054,700 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in Cora under the Financial Conduct Authority's Disclosure and Transparency Rules.
Gupta is an appointed representative of Eagle Eye which, following Admission, will hold 228,452,356 ordinary shares representing 29.90% of the issued share capital of the Company. Eagle Eye is established as a trust, of which Aryann Gupta is a beneficiary.
On Admission, Eagle Eye’s shareholding will be 29.90% of the enlarged issued share capital of the Company. Eagle Eye will enter into a relationship agreement with the Company to regulate the relationship between Eagle Eye and the Company on an arm's length and normal commercial basis (the ‘Eagle Eye Relationship Agreement’). If Eagle Eye's shareholding in the Company falls below 10% the Eagle Eye Relationship Agreement shall terminate.
Board Changes
With effect from the date of Admission:
- Aryann Gupta will be appointed to the Board as a Non-Executive Director of the Company, and to the audit committee of the Board;
- Adam Davidson (Non-Executive Director of the Company) will be appointed Chair of the Board of Directors, replacing Edward Bowie who remains Non-Executive Director of the Company; and
- the members of the committees of the Board will be as follows:
- AIM compliance & corporate governance committee: Edward Bowie (chair of the committee), Andrew Chubb and Adam Davidson;
- audit committee: Adam Davidson (chair of the committee), Edward Bowie and Aryann Gupta; and
- remuneration & nominations committee: Adam Davidson (chair of the committee), Edward Bowie and Paul Quirk.
Appointment of Joint Broker
H&P Advisory Limited will be appointed as joint Broker to the Company with effect from 31 March 2026, alongside Cavendish Capital Markets Limited. Cavendish Capital Markets Limited will continue to act as Nominated Adviser and Broker to the Company.
