Aim-listed Cora Gold has raised £549 245, or around $700 500, through a subscription to fund a drilling programme at its flagship Sanankoro gold prospect, in Mali.
About 11-million new ordinary shares were placed at a price of 5p apiece. The shares will start trading around December 13.
The drilling programme is targeting the high-grade oxide ore with a view to delineate “starter pits” for future production.
The project has an exploration target of between one-million and two-million ounces to a depth of 100 m, indicative of significant further upside at depth.
Cora has already received binding commitments from hedge fund manager Lord Farmer, for a total of 3.1-million shares, which will see his shareholding grow to 12%; CEO Jonathan Forster; and entities connected with independent nonexecutive chairperson Geoffrey McNamara and nonexecutive director Paul Kirk.
Binding commitments from other investors total 7.8-million shares.
Meanwhile, surface work continues at permits in the Yanfolila and Diangounte prospects, in Mali, for future drilling programmes.