Grafico Azioni Starvest (LSE:SVE)
Da Lug 2019 a Lug 2020
RNS Number : 9989N
27 September 2019
27 September 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 GBP1.95 million (before expenses) through a placing and subscription of 27,928,572 new Cora Gold ordinary shares at 7p each resulting in a new total number of shares in issue of 129,033,721 and a market capitalisation of GBP9.03 million upon admission to AIM which is expected to occur on or around 30 September 2019. Each fundraising share has a one for warrant attached exercisable within 12 months from admission at 10p per share. The placing was announced on 5 September and 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 results from its gold projects. The flagship Sanankoro project, in particular, has advanced well since the company's listing in October 2017 with 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 357,142 Cora Shares representing 0.28% of Cora Gold for approximately GBP25,000 which was satisfied from the Company's existing cash reserves. Starvest now holds 0.95% 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.
Mineralisation has recently been delineated further, with confirmation of continuous oxide gold mineralisation of potentially economic grades and widths at Zone A, B and Selin prospects within the Sanankoro project. Drilling has also extended mineralisation from previous depths of up to 100m, in mostly weathered oxide material, to up to 170m depth with gold sulphide mineralisation present, showing a potential for continuity of gold mineralisation at depth.
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. In October 2018 SRK consulting 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.
The company is intending to publish an initial mineral resource and deliver a scoping study on the project before the end of this year.
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
27 September 2019
Callum Baxter or Gemma Cryan 02077 696 876 email@example.com
Grant Thornton UK LLP (Nomad)
Colin Aaronson, Harrison Clarke or Seamus Fricker 02073 835 100
SI Capital Ltd (Broker)
Nick Emerson or Alan Gunn 01483 413 500
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(END) Dow Jones Newswires
September 27, 2019 08:44 ET (12:44 GMT)