Cora Gold Limited (LSE:CORA) has announced a conditional strategic financing of up to £15.7m, comprising a proposed £13.7m subscription from Singapore-based Eagle Eye Asset Holdings at 6p per share and a planned retail offer of up to £2m for existing shareholders at the same price. If fully completed, the transaction could result in Eagle Eye holding up to 29.9% of Cora’s enlarged share capital.
The investment is subject to several conditions, including shareholder approval, a satisfactory legal title opinion on the company’s Malian assets, and the admission of the new shares to AIM, which is targeted for early April. The fundraising represents a significant step in strengthening Cora’s capital base as it advances its lead asset.
Funds raised are intended primarily to progress the Sanankoro Gold Project in southern Mali toward development and production, alongside continued exploration across the company’s wider permit portfolio and general working capital. The financing builds on momentum generated by the completion of a Definitive Feasibility Study in 2025, marking Sanankoro’s transition from evaluation into the development phase.
Beyond the capital injection, the deal introduces a new strategic cornerstone shareholder with prior exposure to Malian gold projects. A relationship agreement includes the proposed appointment of Aryann Gupta as a non-executive director representing Eagle Eye, while discussions are ongoing around a broader project finance package that could further reduce development risk and support construction at Sanankoro.
More about Cora Gold
Cora Gold Limited is a West Africa-focused gold development company with advanced and de-risked assets in Mali and Senegal. Its principal focus is the Sanankoro Gold Project in the Yanfolila Gold Belt of southern Mali, which is being advanced toward an open-pit oxide gold operation by a management team with a strong track record in large-scale gold discoveries and mine development.
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