Cora Gold Limited (LON:CORA), the West African focused gold company, has provided an update on its capital structure and announce the granting of share options.
Highlights
● The Company has now closed its Fundraise for gross proceeds of £15.707 million (British pound sterling) before expenses (see announcement dated 27 March 2026)
● Share options granted to directors and employees plus consultants over 28,150,000 ordinary shares exercisable at 8 pence (British pound sterling) per ordinary share expiring on 31 March 2031
Close of Fundraise
On 31 March 2026 the Company closed its Fundraise for total gross proceeds of £15.707 million (see announcement dated 27 March 2026). After the close of the Fundraise the Company’s balance of cash and cash equivalents is in excess of US$20.5 million.
Grant of Share Options
Following the closing of the Fundraise on 31 March 2026, in accordance with the Company’s Share Option Scheme dated 18 December 2017, the board of directors granted and approved share options (‘Options’) over 28,150,000 ordinary shares, equivalent to 3.68% of the issued share capital of the Company, to certain directors, management and consultants. The exercise price of the Options is 8 pence (British pound sterling) per ordinary share, representing a premium of 3.6% to the average closing mid-market price of the ordinary shares on the 10 trading days prior to the date of grant. The Options expire on 31 March 2031. In addition, regarding vesting:
● one quarter of the Options vest immediately;
● one quarter of the Options vest on 30 September 2026;
● one quarter of the Options vest on 31 March 2027; and
● one quarter of the Options vest on 30 September 2027.
Following the grant of the Options, the total number of share options over ordinary shares is 65,700,000, equivalent to 8.60% of the current ordinary issued share capital of the Company.
Immediately post granting of the above Options the Company’s issued and outstanding capital structure comprised:
● 764,054,700 ordinary shares;
● warrants to subscribe for 32,624,205 ordinary shares in the capital of the Company at a price of 7 pence (British pound sterling) per ordinary share expiring on 01 April 2027;
● share options over 5,050,000 ordinary shares in the capital of the Company exercisable at 10.5 pence (British pound sterling) per ordinary share expiring on 08 December 2026;
● share options over 13,350,000 ordinary shares in the capital of the Company exercisable at 4 pence (British pound sterling) per ordinary share expiring on 13 March 2028;
● share options over 19,150,000 ordinary shares in the capital of the Company exercisable at 6.25 pence (British pound sterling) per ordinary share expiring on 01 April 2030; and
● share options over 28,150,000 ordinary shares in the capital of the Company exercisable at 8 pence (British pound sterling) per ordinary share expiring on 31 March 2031.
