Cora Gold Ltd on Friday said it would proceed to closing its $19.8 million fundraise in equity and convertible loan notes, after being in receipt of all consideration amounts.

The West Africa-focused gold company said it raised $3.9 million via 80.7 million shares at a price of $0.0487 each in equity financing.

This was alongside the convertible financing, which raised $15.9 million via loan notes which are convertible into shares.

It follows Cora Gold’s announcement on Tuesday that it was still awaiting receipt of consideration from one counterparty in relation to the financing, due to an administrative delay.

It said the funds raised would primarily be used to begin development of its flagship Sanankoro gold project in southern Mali.

In November, an optimised project economics report was released on Sanankoro, which highlighted strong economic fundamentals, Cora Gold said.

Shares in Cora Gold were flat at 3.80 pence each in London on Friday morning.

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