Cora Gold Limited (CORA): Demerger of Senegal assets
This situation live
CORA Cora Gold Limited
12 Nov 2026 · Conditional agreements signed; awaiting conditions · +0% since
The Company will make a further announcement regarding the Demerger as it progresses, this will include details of the timetable for the Demerger.
Demerger of Senegal assets
Conditional agreements signed; awaiting conditions
Next: Senegal Ministry of Mines approval and DI Facility set-up; timetable to follow
Every step · 1
- 12 Nov 2026 Conditional agreements signed; awaiting conditions – The Company will make a further announcement regarding the Demerger as it progresses, this will include details of the timetable for the Demerger. ↗
What is happening
Cora Gold Limited: Demerger of Senegal assets – Conditional agreements signed; awaiting conditions. ['Conditional agreements signed; awaiting conditions']
- In short
- 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.
- Announced
- 12 Nov 2026 · Conditional agreements signed; awaiting conditions
- Consideration
- US$1.4m interest-free loan, repayable by 31 Dec 2027 with 5% premium, convertible into Madina shares at 5% discount
- Shareholder terms
- 1 Madina share per 10 Cora shares; opt-out possible; shares not tradeable while Madina is private
- Conditions
- Senegalese Ministry of Mines approval of permit transfer; setting up of the DI Facility
- Cora funding
- US$750,000 convertible loan notes to Madina at completion, maturing 31 Dec 2027
- 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
- Completion
- Fifth business day after the conditions are satisfied; timetable to be announced
What comes next
Senegal Ministry of Mines approval and DI Facility set-up; timetable to follow.
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