Cora Gold shares fall after unveiling fundraiser for Mali project
Shares in West African explorer Cora Gold Ltd. dropped sharply after the company secured up to £15.7 million in new funding to advance its flagship mine in Mali towards production.
Cora, which trades on London’s AIM market, announced it had raised a minimum of £12.9 million and up to £13.7 million through a subscription led by Singapore-based investor Eagle Eye Asset Holdings.
The company is also offering existing shareholders the chance to buy up to £2 million of additional shares at the same price.
The shares fell 13% to 9.48p on Monday.
The new stock is being sold at 6p each, representing a 44% discount to the closing price of 10.75p. This steep discount, necessary to attract investment, explains the immediate pressure on the share price as existing shareholders face dilution of their holdings.
Eagle Eye, a single-family office that backs other African mining projects, including the Kobada Gold Project in Mali, will become Cora’s largest shareholder with a stake of just under 30% once the deal completes.
The fundraise is conditional on several factors, including shareholder approval at an extraordinary general meeting scheduled for 24 March, a satisfactory legal opinion on Cora’s mining titles in Mali, and the new shares being admitted to trading by 8 April.
Bert Monro, Cora’s Chief Executive Officer, said the investment provides a significant portion of the equity funding needed to develop the Sanankoro Gold Project in southern Mali.
The company completed a definitive feasibility study for the project in the third quarter of 2025 and is now working through the final permitting stages with the Malian government.
