Aim-listed Cora Gold has conditionally raised a minimum of £12.85-million and up to £13.71-million before expenses through a subscription for up to 228.45-million new ordinary shares of no-par value in the company at a price of 6p per ordinary share.

Concurrent with the subscription, and to enable other shareholders of the company to have an opportunity to subscribe for additional ordinary shares in the capital of the company, Cora is proposing to raise up to £2-million, before expenses, by way of a retail offer to its existing shareholders of up to 33.33-million new ordinary shares at the issue price.

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.

The company says a separate announcement will be made shortly regarding the retail offering and its terms.

DETAILS OF THE FUNDRAISE

Cora explains that the subscription comprises a strategic investment by Eagle Eye Asset Holdings for up to 228.45-million subscription shares at the issue price, raising up to £13.71-million.

For the avoidance of doubt, the company explains that the completion of the retail offering is conditional upon completion of the subscription.

Completion of the subscription is not conditional on the retail offering – or any take-up of the retail offer shares.

The company says it will publish an announcement regarding the retail offering and its terms. The retail offering will not be underwritten.

The issue price of 6p represents a discount of about 44% to the closing mid-market price of 10.75p on February 6, being the latest practicable date prior to publication of this announcement.

Cora’s most recent fundraise, which was priced at 6p per ordinary share, closed on December 22.

Following completion of the fundraise, Cora says Eagle Eye will hold a maximum of 29.9% of the enlarged issued share capital of the company and the precise amount of the subscription will be adjusted to reflect take-up of the retail offer shares to achieve this.

Eagle Eye, a Singapore-based single-family office, is a major strategic shareholder and funding partner for ASX-listed Toubani Resources backing the development of the Kobada gold project in Mali as well as an investor in other African infrastructure and mining projects.

“The fundraise marks an important milestone for Cora as we continue to advance our flagship Sanankoro gold project towards production,” says Cora CEO Bert Monro.

He adds that Eagle Eye’s participation as a strategic investor provides a significant portion of the equity funding required for Sanankoro’s development and, together with the continued support of existing shareholders, underscores confidence in the quality of the asset and the company’s development strategy.

With a robust definitive feasibility study completed in the third quarter of 2025 and a clear execution pathway in place, Monro says the company is well positioned to unlock the next phase of value at Sanankoro.

“In parallel, permitting continues to progress well, supported by ongoing constructive engagement with the government of Mali.

“As the final key regulatory step ahead of construction, permitting represents one of the last stages of de-risking as Sanankoro moves towards development,” he says.

Following the issue of the new ordinary shares, Cora says it is anticipated that Eagle Eye will be the company’s largest shareholder.

The company says it has entered into a relationship agreement with Eagle Eye to regulate the relationship between Eagle Eye and the company on an arm’s length and normal commercial basis.

Pursuant to the agreement, Cora explains that Eagle Eye is entitled to appoint one nonexecutive director to the board of directors of Cora.

In the event that Eagle Eye’s shareholding falls below 10%, the company explains that the relationship agreement will terminate.

Further, upon completion of the fundraise, Cora says it is intended that Aryann Gupta will be appointed to the board of Cora as a nonexecutive director, representing Eagle Eye, subject to the completion of satisfactory due diligence pursuant to the requirements set out in the AIM Rules for companies.

“Sanankoro is a high-quality gold development project with a strong technical and economic foundation and a clear pathway to production. Our investment in Cora reflects our conviction in both the asset and the management team’s ability to execute.

“We are pleased to be in discussions with the company on a fully funded project finance solution, which we believe would meaningfully de-risk the transition to construction and production, and support the delivery of long-term value for shareholders,” says Gupta.