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Cora raises £1.35M for Sanankoro exploration

West African focused gold explorer Cora Gold has conditionally raised £1.35 million (US$1.76 million) to fund continued exploration at its flagship Sanankoro gold project.
Cora raises £1.35M for Sanankoro exploration Cora raises £1.35M for Sanankoro exploration Cora raises £1.35M for Sanankoro exploration Cora raises £1.35M for Sanankoro exploration Cora raises £1.35M for Sanankoro exploration

Cora has raised funds to continue exploration at Sanankoro in Mali

Staff reporter

The funds were raised through a placement of 35.1 million new shares at 3.85p, subject to shareholder approval at an April 29 general meeting.

Cora said it had received binding commitments for 32.5 million of the shares from large shareholder Lord Farmer, CEO Jonathan Forster and non-executive directors Robert Monro, as well as a director Paul Quirk-related entity and other subscribers.

"Recent work including exploration, drilling and metallurgical test work has successfully confirmed the potential of Sanankoro to become a standalone gold mine," Forster said.

In March, Cora's preliminary metallurgical test work programme at Sanankoro indicated gold recoveries up to 97% could be achieved with cyanide leach extraction.

Earlier in the year, drilling indicated high-grade gold at Sanankoro and confirmed gold mineralisation Selin.

The company's shares (AIM:CORA) inched up 1.27% Monday to 4p, 60.1% lower than six months ago.