West African focused Cora Gold Ltd on Wednesday said it expects to raise GBP3.5 million on admission when it floats on AIM next Monday.
The company was formed in 2012 and then enlarged through the amalgamation of gold exploration assets in Mali and Senegal from Hummingbird Resources PLC and its former parent Kola Gold Ltd this year.
It holds interests in 14 permits in Mali and one exploration licence in Senegal, covering a total area of over 1,700 square meters across two significant geological areas, the Kenieba Window and the Yanfolila gold belt.
It expects to raise GBP3.5 million through an initial public offering at an issue prices of 16.5 pence per share, giving it an anticipated market capitalisation on admission of GBP9.1 million.
LONDON (Alliance News) – Hummingbird Resources PLC on Wednesday said it has signed a letter of intent for the conditional acquisition of a 34% interest in the Kobada Gold Project in Mali, which is owned by African Gold Group Inc.
The multi asset gold company said the conditional acquisition of a 34% Interest in Kobada Gold Project is to target an increase in annual production at its Yanfolila Gold Project in Mali by 5% to 50,000 ounces or more per annum.
Chief Executive Dan Betts said: “Based on the due diligence we have completed to date we believe we will be able to truck a high-grade concentrate to the Yanfolila processing plant from Kobada. This high-grade concentrate would have a material increase to our annual production rates and could add up to an additional 50,000 ounces per annum to our existing average life of mine production of 107,000 ounces.”
Hummingbird said it has a 120-day exclusivity period for due diligence.
Hummingbird is expected to hold a 34% stake in the firm after admission.
By Gem Sofianos; gemsofianos@alliancenews.com
Copyright 2017 Alliance News Limited. All Rights Reserved.
Project: Cora Gold
hummingbirdresources.co.uk/exploration/cora-gold
Highly Prospective Gold Portfolio
- 3 principal de-risked project areas (1,700km2) in established gold areas: Yanfolila Gold Belt in Mali and Kenieba Window in Mali/Senegal
Sanankoro Gold Discovery: Potential for standalone mine development
- All project areas have multiple gold targets with drill intercepts
- Historical expenditures > US$10 million
Proven Team
- Track record in making gold discoveries and developing mines in Africa
Potential Route To Early Cash Flow
- Exploring near existing gold mines:
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- Within trucking distance from Yanfolila
- Sadiola Gold Mine (AngloGold Ashanti-IAMGOLD) within trucking distance of Diangounte Project Area
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