Cora Gold Limited
CORA · AIM · Basic Resources · mcap £78m · 10.2p 1 open situation →
Briefing
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Disposal of a part (break-up)
Demerger of Senegal assets
Conditional agreements signed; awaiting conditions
On 12 Nov 2026 Cora announced conditional agreements to demerge its Senegal assets, mainly the Madina Foulbé permit, into private Madina Minerals. Shareholders receive 1 Madina share per 10 Cora shares unless they opt out. Cora gets a US$1.4m deferred consideration, funds US$750k of convertible notes, and keeps a 2% NSR.
- Consideration
- US$1.4m interest-free loan, repayable by 31 Dec 2027 with 5% premium, convertible into Madina shares at 5% discount 12 Nov 2026 ↗
- Shareholder terms
- 1 Madina share per 10 Cora shares; opt-out possible; shares not tradeable while Madina is private 12 Nov 2026 ↗
- Conditions
- Senegalese Ministry of Mines approval of permit transfer; setting up of the DI Facility 12 Nov 2026 ↗
- Cora funding
- US$750,000 convertible loan notes to Madina at completion, maturing 31 Dec 2027 12 Nov 2026 ↗
- NSR Interest
- Cora buys BB First's 2% NSR for US$105,000 cash before completion and keeps it; buyout right up to US$2.5m 12 Nov 2026 ↗
- Completion
- Fifth business day after the conditions are satisfied; timetable to be announced 12 Nov 2026 ↗
Next: Senegal Ministry of Mines approval and DI Facility set-up; timetable to follow
- 12 Nov 2026 Conditional agreements signed; awaiting conditions
Closed · 1
Company filings. Not investment advice.