Starvest PLC Additional Investment in Investee Company (4443X)
29 Aprile 2019 - 4:00PM
UK Regulatory
TIDMSVE
RNS Number : 4443X
Starvest PLC
29 April 2019
29 April 2019
Starvest Plc ("Starvest" or "the Company")
Additional Investment in Investee Company - Cora Gold
Limited
Starvest PLC (LON:SVE), the London Stock Exchange AIM listed
specialist mining and resources investment business, is pleased to
announce that it has participated in a new placing for investee
company Cora Gold Ltd (LON:CORA).
As part of the capital raising, Cora Gold Limited ('Cora Gold'
or 'Cora') raised GBP1.35 million (before expenses) through a
placing and subscription of 35,064,855 new Cora Gold ordinary
shares at 3.85p each resulting in a new total number of shares in
issue of 101,105,149 and a market capitalisation of GBP3.89 million
upon admission to AIM which is expected to occur on or around 30
April 2019. The placing was announced on 5 April and is conditional
on the placing being approved by Cora shareholders at a general
meeting held earlier today at which the relevant resolutions were
duly passed.
Callum Baxter, Chairman/CEO of Starvest commented, "Cora has
demonstrated technical ability and continues to deliver robust gold
results from its projects. Its flagship Sanankoro project in
particular has advanced well since the company's listing in October
2017 with the shallow oxide potential growing and initial
metallurgical results proving positive. We believe the current
price offers an excellent opportunity for investment in a strong
project and team. This is an interesting story and we look forward
to following development of the projects."
Starvest purchased 571,429 Cora Shares representing 0.6% of Cora
Gold for approximately GBP22,000 which was satisfied from the
Company's existing cash reserves. Starvest now holds 0.86% of
Cora's issued shares. The Company may look to increase its position
in Cora if stock becomes available.
Cora Gold Ltd - Overview
Cora Gold is an AIM listed gold exploration company holding
early stage exploration licenses in Southern and Western Mali, and
Eastern Senegal. Their portfolio covers nearly 1,500km(2) of
prospective ground across two of the most prolific gold belts in
the region, Yanfolila and Kenieba, which account for more than
65moz gold discovered over the last two decades.
Cora Gold has focused initial exploration activities on its
flagship Sanankoro project, extending identified zones of gold
mineralisation within a 14km long structural corridor yet to be
fully tested.
The geological setting and scale of gold anomalies suggest the
potential for a reasonable greenfield gold discovery at Sanankoro
with the management team aiming for an initial 1moz gold. SRK
Consulting have independently calculated an initial JORC compliant
exploration target of between 30-50mt of ore at an average grade of
1.0-1.3g/t for 1.0-2.0moz gold.
To date mineralisation has been delineated to a depth of 100m,
most of which is hosted within weathered material. Weathering
(oxidation) depth ranges from around 50m to in excess of 100m
across the exploration target area. The relatively soft oxidised
rock would potentially allow for low-cost surface mining and
milling.
For further information on Cora Gold please refer to their web
site - www.coragold.com
Starvest will continue to closely follow the development of Cora
Gold and we look forward to further information from Cora's
on-going work at Sanankoro.
Starvest is a specialist mining and resource investment company
and has the industry knowledge and market exposure to select
compelling opportunities early in the investment cycle.
Callum N Baxter
Chairman & Chief Executive
29 April 2019
Enquiries to:
Starvest PLC
Callum Baxter or Gemma Cryan 02077 696 876 info@starvest.co.uk
Grant Thornton UK LLP (Nomad)
Colin Aaronson or Harrison Clarke 02073 835 100
SI Capital Ltd (Broker)
Nick Emerson or Alan Gunn 01483 413 500
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCSEMFDUFUSEIL
(END) Dow Jones Newswires
April 29, 2019 10:00 ET (14:00 GMT)
Grafico Azioni Starvest (LSE:SVE)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Starvest (LSE:SVE)
Storico
Da Apr 2023 a Apr 2024
