Interim Results

RNS Number : 9244L

Cora Gold Limited

16 September 2021

 

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

 16 September 2021

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

Interim Results for the Six Months Ended 30 June 2021

Cora Gold Limited, the West African focused gold company, is pleased to announce its unaudited interim results for the six months ended 30 June 2021.

Highlights

● H1 2021 was a period of intense activity with the launch of an expanded +40,000m drill programme at the Sanankoro Project:

○ Dual focus on targeting resource growth as well as infill drilling to convert existing Inferred resources to Indicated category

○ Results to date have been extremely encouraging with good widths and high-grades  in generally shallow oxides ore

○ Previously released drill results include:

▪ 49m @15.55g/t Au (incl 8m @ 89.12g/t Au)

▪ 19m @ 31.56g/t Au (incl 6m @ 95g/t Au)

▪ 2m @ 146.43g/t Au

▪ 32m @ 7.83g/t Au (incl 4m @53.86g/t Au)

▪ 56m @ 3.54g/t Au (incl 21m @ 8.17g/t Au)

▪ 8m @ 19.11g/t Au

▪ 32m @ 4.43g/t Au

▪ 21m @ 5.57g/t Au

▪ 14m @8.54g/t Au

▪ 54m @ 2.07g/t Au (incl 2m @ 17.71g/t Au)

▪ 66m @ 1.58g/t Au)

● Advancing updated Mineral Resource Estimate in H2 2021 and Definitive Feasibility Study in H1 2022

● Continued strong support from investors and existing shareholders demonstrated through participation in a fundraising for in excess of £3.13 million in June 2021.

● Cash at end of June 2021 of US$5.7m

Bert Monro, Chief Executive Officer of Cora, commented: "The first six months of this year have been particularly active for the Company, with significant progress made towards our Definitive Feasibility Study ('DFS') at our flagship Sanankoro Gold Project in Mali.  During the year-to-date, Cora has undertaken its largest ever drilling campaign at our key Sanankoro asset, which has returned consistently strong results across all target areas. 

"Following the recently updated term sheet with Lionhead Capital, Sanankoro is further de-risked and its future development is well supported. The extremely encouraging results from our drilling at Sanankoro also brings us closer to the updated mineral resource estimate once all of the results of the campaign are received later this year.  DFS work is now gaining momentum and we expect to publish this in H1 2022.

"I am incredibly grateful for the efforts of our onsite team in Mali to deliver these excellent results, and for the support of the board and management. I would also like to thank our shareholders for their continued support and I look forward to providing further updates to the market on our developments over the coming months.

"This has been a very exciting period for Cora Gold with a significant number of landmark events achieved as we transition from explorer to producer over the coming years."

The Company's unaudited interim results for the six months ended 30 June 2021 will be made available on the Company's website at http://www.coragold.com/category/company-reports .

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, which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, until the release of this announcement.

**ENDS**

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

Bert Monro / Norm Bailie	Cora Gold Limited	[phone]
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)	[phone]

Consolidated Statement of Financial Position

as at 30 June 2021 and 2020, and 31 December 2020

All amounts stated in thousands of United States dollar

	Note(s)		30 June 2021 US$'000 Unaudited	30 June 2020 US$'000 Unaudited	31 December 2020 US$'000
Non-current assets
Intangible assets	3		16,974 ________	12,577 ________	13,665 ________
Current assets
Trade and other receivables	4		46	72	59
Cash and cash equivalents	5		5,676 ________	3,631 ________	4,514 ________
			5,722 ________	3,703 ________	4,573 ________
Total assets			22,696 ________	16,280 ________	18,238 ________
Current liabilities
Trade and other payables	6		(846) ________	(156) ________	(216) ________
Total liabilities			(846) ________	(156) ________	(216) ________
Net current assets			4,876 ________	3,547 ________	4,357 ________
Net assets			21,850 ________	16,124 ________	18,022 ________
Equity and reserves
Share capital	7		22,543	16,207	18,118
Retained deficit			(693) ________	(83) ________	(96) ________
Total equity			21,850 ________	16,124 ________	18,022 ________

Consolidated Statement of Comprehensive Income

for the six months ended 30 June 2021 and 2020, and the year ended 31 December 2020

All amounts stated in thousands of United States dollar (unless otherwise stated)

	Note(s)		Six months ended 30 June 2021 US$'000 Unaudited	Six months ended 30 June 2020 US$'000 Unaudited	Year ended 31 December 2020 US$'000
Overhead costs			(716)	(623)	(727)
Impairment of intangible assets	3		- ________	- ________	- ________
Loss before income tax			(716)	(623)	(727)
Income tax			- ________	- ________	- ________
Loss for the period			(716)	(623)	(727)
Other comprehensive income			- ________	- ________	- ________
Total comprehensive loss for the period			(716) ________	(623) ________	(727) ________
Earnings per share from continuing operations attributable to owners of the parent
Basic earnings per share (United States dollar)	2		(0.0034) ________	(0.0041) ________	(0.0041) ________
Fully diluted earnings per share (United States dollar)	2		(0.0034) ________	(0.0041) ________	(0.0041) ________

Consolidated Statement of Changes in Equity

for the six months ended 30 June 2021 and 2020,

and the year ended 31 December 2020

All amounts stated in thousands of United States dollar

Share capital US$'000

Retained (deficit) / earnings US$'000

Total equity US$'000

As at 01 January 2020			12,675 ________	493 ________	13,168 ________
Loss for the year			- ________	(727) ________	(727) ________
Total comprehensive loss for the year			- ________	(727) ________	(727) ________
Proceeds from shares issued			3,554	-	3,554
Issue costs			(22)	-	(22)
Proceeds from warrants exercised			1,911	-	1,911
Share based payments - share options			- ________	138 ________	138 ________
Total transactions with owners, recognised directly in equity			5,443 ________	138 ________	5,581 ________
As at 31 December 2020			18,118 ________	(96) ________	18,022 ________

Unaudited

As at 01 January 2020			12,675 ________	493 ________	13,168 ________
Loss for the period			- ________	(623) ________	(623) ________
Total comprehensive loss for the period			- ________	(623) ________	(623) ________
Proceeds from shares issued			3,554	-	3,554
Issue costs			(22)	-	(22)
Share based payments - share options			- ________	47 ________	47 ________
Total transactions with owners, recognised directly in equity			3,532 ________	47 ________	3,579 ________
As at 30 June 2020 Unaudited			16,207 ________	(83) ________	16,124 ________

Share capital US$'000

Retained (deficit) / earnings US$'000

Total equity US$'000

Unaudited

As at 01 January 2021			18,118 ________	(96) ________	18,022 ________
Loss for the period			- ________	(716) ________	(716) ________
Total comprehensive loss for the period			- ________	(716) ________	(716) ________
Proceeds from shares issued			4,433	-	4,433
Issue costs			(8)	-	(8)
Share based payments - share options			- ________	119 ________	119 ________
Total transactions with owners, recognised directly in equity			4,425 ________	119 ________	4,544 ________
As at 30 June 2021 Unaudited			22,543 ________	(693) ________	21,850 ________

Consolidated Statement of Cash Flows

for the six months ended 30 June 2021 and 2020, and the year ended 31 December 2020

All amounts stated in thousands of United States dollar

	Note(s)	Six months ended 30 June 2021 US$'000 Unaudited	Six months ended 30 June 2020 US$'000 Unaudited	Year ended 31 December 2020 US$'000
Cash flows from operating activities
Loss for the period		(716)	(623)	(727)
Adjustments for:
Share based payments		119	47	138
Decrease in trade and other receivables		13	114	127
Increase / (decrease) in trade and other payables		630 ________	(294) ________	(179) ________
Net cash generated from / (used) in operating activities		46 ________	(756) ________	(641) ________
Cash flows from investing activities
Additions to intangible assets	3	(3,309) ________	(1,203) ________	(2,346) ________
Net cash used in investing activities		(3,309) ________	(1,203) ________	(2,346) ________
Cash flows from financing activities
Proceeds from shares issued	7	4,433	3,554	5,465
Issue costs	7	(8) ________	(22) ________	(22) ________
Net cash generated from financing activities		4,425 ________	3,532 ________	5,443 ________
Net increase in cash and cash equivalents		1,162	1,573	2,456
Cash and cash equivalents at beginning of period	5	4,514 ________	2,058 ________	2,058 ________
Cash and cash equivalents at end of period	5	5,676 ________	3,631 ________	4,514 ________

Notes to the Condensed Consolidated Financial Statements

for the six months ended 30 June 2021 and 2020, and the year ended 31 December 2020

All tabulated amounts stated in thousands of United States dollar (unless otherwise stated)

1.   General information

The principal activity of Cora Gold Limited (the 'Company') and its subsidiaries (together the ' Group ') is the exploration and development of mineral projects, with a primary focus in West Africa. The Company is incorporated and domiciled in the British Virgin Islands. The address of its registered office is Rodus Building, Road Reef Marina, P.O. Box 3093, Road Town, Tortola VG1110, British Virgin Islands.

The condensed consolidated interim financial statements of the Group for the six months ended 30 June 2021 comprise the results of the Group and have been prepared in accordance with AIM Rules for Companies. As permitted, the Company has chosen not to adopt IAS 34 'Interim Financial Reporting' in preparing these interim financial statements.

The condensed consolidated interim financial statements for the period 01 January to 30 June 2021 are unaudited. In the opinion of the directors the condensed consolidated interim financial statements for the period present fairly the financial position, and results from operations and cash flows for the period in conformity with generally accepted accounting principles consistently applied. The condensed consolidated interim financial statements incorporate unaudited comparative figures for the interim period 01 January to 30 June 2020 and extracts from the audited financial statements for the year ended 31 December 2020.

The interim report has not been audited or reviewed by the Company' s auditor.

The key risks and uncertainties and critical accounting estimates remain unchanged from 31 December 2020 and the accounting policies adopted are consistent with those used in the preparation of its financial statements for the year ended 31 December 2020.

As at 30 June 2021 and 2020, and 31 December 2020 the Company held:

●   a 100% shareholding in Cora Gold Mali SARL (registered in the Republic of Mali; the address of its registered office is Rue 224 Porte 1279, Hippodrome 1, BP 2788, Bamako, Republic of Mali);

●   a 100% shareholding in Cora Exploration Mali SARL (the address of its registered office is Rue 224 Porte 1279, Hippodrome 1, BP 2788, Bamako, Republic of Mali);

●   a 95% shareholding in Sankarani Ressources SARL (the address of its registered office is Rue 841 Porte 202, Faladiè SEMA, BP 366, Bamako, Republic of Mali); and

●   Cora Resources Mali SARL (registered in the Republic of Mali; the address of its registered office is Rue 841 Porte 202,  Faladiè SEMA, BP 366, Bamako, Republic of Mali) was a wholly owned subsidiary of Sankarani Ressources SARL.

The remaining 5% of Sankarani Ressources SARL can be purchased from a third party for US$1,000,000.

2.   Earnings per share

The calculation of the basic and fully diluted earnings per share attributable to the equity shareholders is based on the following data:

		Six months ended 30 June 2021 US$'000 Unaudited	Six months ended 30 June 2020 US$'000 Unaudited	Year ended 31 December 2020 US$'000
Net loss attributable to equity shareholders		(716) _______	(623) _______	(727) _______
Weighted average number of shares for the purpose of basic earnings per share (000's)		210,296 _______	153,076 _______	175,680 _______
Weighted average number of shares for the purpose of fully diluted earnings per share (000's)		210,296 _______	153,076 _______	175,680 _______
Basic earnings per share (United States dollar)		(0.0034) _______	(0.0041) _______	(0.0041) _______
Fully diluted earnings per share (United States dollar)		(0.0034) _______	(0.0041) _______	(0.0041) _______

As at 30 June 2021 and 31 December 2020 the Company's issued and outstanding capital structure comprised a number of ordinary shares and share options (see Note 7).

As at 30 June 2020 the Company's issued and outstanding capital structure comprised a number of ordinary shares, warrants and share options (see Note 7).

3.   Intangible assets

Intangible assets relate to exploration and evaluation project costs capitalised as at 30 June 2021 and 2020, and 31 December 2020, less impairment.

		Six months ended 30 June 2021 US$'000 Unaudited	Six months ended 30 June 2020 US$'000 Unaudited	Year ended 31 December 2020 US$'000
As at 01 January		13,665	11,374	11,374
Additions		3,309	1,203	2,291
Impairment		- _______	- _______	- _______
As at period end		16,974 _______	12,577 _______	13,665 _______

Additions to project costs during the six months ended 30 June 2021 and 2020, and the year ended 31 December 2020 were in the following geographical areas:

		Six months ended 30 June 2021 US$'000 Unaudited	Six months ended 30 June 2020 US$'000 Unaudited	Year ended 31 December 2020 US$'000
Mali		3,286	1,008	1,982
Senegal		23 _______	195 _______	309 _______
Additions to project costs		3,309 _______	1,203 _______	2,291 _______

Project costs capitalised as at 30 June 2021 and 2020, and 31 December 2020 related to the following geographical areas:

		30 June 2021 US$'000 Unaudited	30 June 2020 US$'000 Unaudited	31 December 2020 US$'000
Mali		16,534	12,274	13,248
Senegal		440 _______	303 _______	417 _______
As at period end		16,974 _______	12,577 _______	13,665 _______

4.  Trade and other receivables

		30 June 2021 US$'000 Unaudited	30 June 2020 US$'000 Unaudited	31 December 2020 US$'000
Other receivables		21	49	21
Prepayments		25 _______	23 _______	38 _______
		46 _______	72 _______	59 _______

5.   Cash and cash equivalents

Cash and cash equivalents held as at 30 June 2021 and 2020, and 31 December 2020 were in the following currencies:

		30 June 2021 US$'000 Unaudited	30 June 2020 US$'000 Unaudited	31 December 2020 US$'000
British pound sterling (GBP£)		3,403	3,587	4,456
United States dollar (US$)		2,087	9	9
CFA franc (XOF)		174	12	30
Euro (EUR€)		12 _______	23 _______	19 _______
		5,676 _______	3,631 _______	4,514 _______

6.  Trade and other payables

		30 June 2021 US$'000 Unaudited	30 June 2020 US$'000 Unaudited	31 December 2020 US$'000
Trade payables		434	75	138
Other payables and taxes		-	55	-
Accruals		412 _______	26 _______	78 _______
		846 _______	156 _______	216 _______

7.   Share capital

The Company is authorised to issue an unlimited number of no par value shares of a single class.

As at 31 December 2019 the Company's issued and outstanding capital structure comprised:

●   129,676,567 ordinary shares;

●   warrants to subscribe for 30,714,285 ordinary shares in the capital of the Company at a price of 10 pence (British pound sterling) per ordinary share expiring on 30 September 2020;

●   warrants to subscribe for 320,575 ordinary shares in the capital of the Company at a price of 16.5 pence (British pound sterling) per ordinary share expiring on 09 October 2020;

●   share options over 1,900,000 ordinary shares in the capital of the Company exercisable at 16.5 pence (British pound sterling) per ordinary share expiring on 18 December 2022; and

●   share options over 6,200,000 ordinary shares in the capital of the Company exercisable at 8.5 pence (British pound sterling) per ordinary share expiring on 09 October 2023.

On 22 April 2020 the Company closed a subscription for 60,838,603 ordinary shares in the capital of the Company at a price of 4.75 pence (British pound sterling) per ordinary share for total gross proceeds of GBP£2,889,833.64. Certain directors of the Company participated in this subscription.

As at 30 June 2020 the Company's issued and outstanding capital structure comprised:

●   190,515,170 ordinary shares;

●   warrants to subscribe for 30,714,285 ordinary shares in the capital of the Company at a price of 10 pence (British pound sterling) per ordinary share expiring on 30 September 2020;

●   warrants to subscribe for 320,575 ordinary shares in the capital of the Company at a price of 16.5 pence (British pound sterling) per ordinary share expiring on 09 October 2020;

●   share options over 1,900,000 ordinary shares in the capital of the Company exercisable at 16.5 pence (British pound sterling) per ordinary share expiring on 18 December 2022; and

●   share options over 6,200,000 ordinary shares in the capital of the Company exercisable at 8.5 pence (British pound sterling) per ordinary share expiring on 09 October 2023.

Prior to expiry on 30 September 2020 warrants to subscribe for 14,866,989 ordinary shares in the capital of the Company at a price of 10 pence (British pound sterling) per ordinary share were exercised for total gross proceeds of GBP£1,486,698.90. A director of the Company participated in this exercise of warrants. The balance of warrants to subscribe for 15,847,296 ordinary shares in the capital of the Company at a price of 10 pence (British pound sterling) per ordinary share expired on 30 September 2020.

Warrants to subscribe for 320,575 ordinary shares in the capital of the Company at a price of 16.5 pence (British pound sterling) per ordinary share expired on 09 October 2020.

On 12 October 2020 the board of directors granted and approved share options over 7,200,000 ordinary shares in the capital of the Company exercisable at 10 pence (British pound sterling) per ordinary share expiring on 12 October 2025.

As at 31 December 2020 the Company's issued and outstanding capital structure comprised:

●   205,382,159 ordinary shares;

●   share options over 1,900,000 ordinary shares in the capital of the Company exercisable at 16.5 pence (British pound sterling) per ordinary share expiring on 18 December 2022;

●   share options over 6,200,000 ordinary shares in the capital of the Company exercisable at 8.5 pence (British pound sterling) per ordinary share expiring on 09 October 2023; and

●   share options over 7,200,000 ordinary shares in the capital of the Company exercisable at 10 pence (British pound sterling) per ordinary share expiring on 12 October 2025.

On 09 June 2021 the Company closed a subscription for 40,425,000 ordinary shares in the capital of the Company at a price of 7.75 pence (British pound sterling) per ordinary share for total gross proceeds of GBP£3,132,937.50. Certain directors of the Company participated in this subscription.

With effect from 15 June 2021 Hummingbird Resources plc (AIM:HUM) was no longer a shareholder of the Company and as a result share options over 275,000 ordinary shares in the capital of the Company exercisable at 16.5 pence (British pound sterling) per ordinary share expiring on 18 December 2022 were cancelled. Furthermore in June 2021 share options over 100,000 ordinary shares in the capital of the Company exercisable at 10 pence (British pound sterling) per ordinary share expiring on 12 October 2025 were cancelled following cessation of a contract with a service provider.

As at 30 June 2021 the Company's issued and outstanding capital structure comprised:

●   245,807,159 ordinary shares;

●   share options over 1,625,000 ordinary shares in the capital of the Company exercisable at 16.5 pence (British pound sterling) per ordinary share expiring on 18 December 2022;

●   share options over 6,200,000 ordinary shares in the capital of the Company exercisable at 8.5 pence (British pound sterling) per ordinary share expiring on 09 October 2023; and

●   share options over 7,100,000 ordinary shares in the capital of the Company exercisable at 10 pence (British pound sterling) per ordinary share expiring on 12 October 2025.

Movements in capital during the six months ended 30 June 2021 and 2020, and the year ended 31 December 2020 were as follows:

	Number of shares	Number of warrants			Number of share options			Proceeds US$'000
		at 16.5 pence expiring 09 October 2020	at 10 pence expiring 30 September 2020		at 16.5 pence expiring 18 December 2022	at 8.5 pence expiring 09 October 2023	at 10 pence expiring 12 October 2025
As at 01 January 2020	129,676,567	320,575	30,714,285		1,900,000	6,200,000	-	12,675
Subscription	60,838,603	-	-		-	-	-	3,554
Issue costs	- __________	- _________	- __________		- _________	- _________	- _________	(22) _______
As at 30 June 2020 Unaudited	190,515,170	320,575	30,714,285		1,900,000	6,200,000	-	16,207
Granting of share options	-	-	-		-	-	7,200,000	-
Exercise of warrants	14,866,989	-	(14,866,989)		-	-	-	1,911
Warrants expired	- __________	(320,575) _________	(15,847,296) __________		- _________	- _________	- _________	- _______
As at 31 December 2020	205,382,159	-	-		1,900,000	6,200,000	7,200,000	18,118
Unaudited
Subscription	40,425,000	-	-		-	-	-	4,433
Issue costs	-	-	-		-	-	-	(8)
Cancellation of share options	- __________	- _________	- __________		(275,000) _________	- _________	(100,000) ________	- _______
As at 30 June 2021 Unaudited	245,807,159 __________	- _________	- __________		1,625,000 _________	6,200,000 _________	7,100,000 _________	22,543 _______

8.   Ultimate controlling party

The Company does not have an ultimate controlling party.

As at 30 June 2021 the Company's largest shareholder was Brookstone Business Inc ('Brookstone' ) which held 71,260,025 ordinary shares, being 28.99% of the total number of ordinary shares issued and outstanding. Brookstone is wholly owned and controlled by First Island Trust Company Limited as Trustee of the Nodo Trust, a discretionary trust with a broad class of potential beneficiaries. Patrick Quirk, father of Paul Quirk (Non-Executive Director of the Company), is a potential beneficiary of the Nodo Trust.

Brookstone, Key Ventures Holding Ltd ('KVH') and Paul Quirk (Non-Executive Director of the Company) (collectively the 'Investors'; as at 30 June 2021 their aggregated shareholdings being 34.55% of the total number of ordinary shares issued and outstanding) have entered into a Relationship Agreement to regulate the relationship between the Investors and the Company on an arm's length and normal commercial basis. In the event that Investors' aggregated shareholdings becomes less than 30% then the Relationship Agreement shall terminate. KVH is wholly owned and controlled by First Island Trust Company Limited as Trustee of The Sunnega Trust, a discretionary trust with a broad class of potential beneficiaries. Paul Quirk (Non-Executive Director of the Company) is a potential beneficiary of The Sunnega Trust.

9.   Contingent liabilities

A number of the Company's project areas have potential net smelter return royalty obligations, together with options for the Company to buy out the royalty. At the current stage of development, it is not considered that the outcome of these contingent liabilities can be considered probable or reasonably estimable and hence no provision has been recognised in the financial statements.

10.  Capital commitments

On 10 March 2020 the Group entered into a contract with International Drilling Company Africa for 2,000 metres of drilling at the Madina Foulb é Permit in eastern Senegal. Drilling was suspended in April 2020 due to the COVID-19 pandemic. As at the time of suspension 642 metres of drilling had been completed and in accordance with the terms of the contract the Group had incurred expenditure of US$37,360. Drilling is expected to resume when it is possible and safe to do so.

On 14 April 2020 the Company entered into a contract with Digby Wells Environmental (Jersey) Limited to conduct an Environmental and Social Impact Assessment (' ESIA ') for the Sanankoro Gold Project. Total estimated fees in respect of the ESIA are approximately US$376,400. As at 30 June 2021 under the terms of the contract the Company had made payment of US$209,774. The ESIA will form part of the Definitive Feasibility Study (' DFS ') for the Sanankoro Gold Project which is expected to be completed in the first half of 2022.

On 10 February 2021 the Company entered into a contract with Capital Drilling Mali SARL for 20,000 metres of reverse circulation drilling and 2,000 metres of diamond drilling at the Sanankoro Gold Project. As at 30 June 2021 19,793 metres of reverse circulation drilling and 1,138 metres of diamond drilling had been completed at a cost of US$1,272,532 including ancillary costs.

On 16 March 2021 the Company entered into a contract with Geodrill Limited for 10,000 metres of reverse circulation drilling at the Sanankoro Gold Project. As at 30 June 2021 2,374 metres of reverse circulation drilling had been completed at a cost of US$129,427 including ancillary costs.

11.   Events after the reporting date

Subsequent to 30 June 2021 the Company entered into contracts with the following contractors in respect of the DFS for the Sanankoro Gold Project:

●   New SENET (Pty) Ltd, independent project manager;

●   CSA Global Pty Ltd, geological and mining consultants; and

●   Epoch Resources (Pty) Ltd, tailings storage facility consultants.

Total estimated fees in respect of the above contractors are approximately US$1,000,000. The DFS is expected to be completed in the first half of 2022.

On 06 September 2021 share options expiring on 09 October 2023 were exercised over 1,250,000 ordinary shares in the capital of the Company at a price of 8.5 pence (British pound sterling) per ordinary share for total gross proceeds of GBP£106,250. Immediately upon completion of this transaction on 10 September 2021, when the resulting shares were admitted to trading on AIM, the total number of ordinary shares on issue was 247,057,159.

On 07 September 2021 the Company entered into a conditional US$25 million mandate and term sheet with investment firm Lionhead Capital Advisors Proprietary Limited ('Lionhead') to fund the development of the Company's Sanankoro Gold Project in southern Mali. This is conditional on, among other matters, the completion of a Definitive Feasibility Study on the Sanankoro Gold Project by 30 June 2022. Paul Quirk (Non-Executive Director of the Company) is a director of Lionhead. The US$25 million project financing comprises US$12.5 million equity and US$12.5 million convertible loan note. This mandate and term sheet replaces the previous one with Lionhead dated 17 June 2020 which was for US$21 million.

12.   Approval of condensed consolidated interim financial statements

The condensed consolidated interim financial statements were approved and authorised for issue by the board of directors of Cora Gold Limited on 14 September 2021.

 

END

 

 

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