Current Share Price


pence

Cora Gold

In February 2017, the Company entered into a non-binding heads-of-terms agreement to acquire 100% of the share capital of Cora Gold Limited (“Cora Gold”), which will constitute a reverse takeover. As part of the agreement, Glenwick will apply for a new admission to trading on AIM.

Under the Proposed Transaction, Glenwick has provisionally agreed to acquire 100% of the shares of Cora Gold, for a consideration of Glenwick shares equivalent to approximately 91% of the enlarged share capital of Glenwick should the transaction complete, prior to any new capital raising concurrent with the Proposed Transaction. Both Cora Gold and Glenwick are working expeditiously to complete technical and legal due diligence, with the target of a new admission to AIM in the second quarter of this year.

Background to Cora Gold
Cora Gold was established in 2016 by Hummingbird Resources plc (AIM:HUM) (“Hummingbird”) and Kola Gold Limited (“Kola”) for the purpose of amalgamating certain of Hummingbird’s non-core gold exploration permits in Mali together with Kola’s permits in Mali and Senegal (the “Gold Portfolio”).

The Gold Portfolio consists of 10 highly prospective gold exploration properties totalling more than 1,600 km2 located in two significant gold areas, the Kenieba Window in Mali and Senegal and the Yanfolila Gold Belt in Mali. One property within the Gold Portfolio, Sanankoro (located in the Yanfolila Gold belt of Mali) is a pre-existing discovery and offers the potential for the development of a standalone mine. Reconnaissance drilling across many of the other permits within the Gold Portfolio has outlined multiple gold targets with potentially economic drill intersections recorded. Historical expenditures on the Gold Portfolio exceed US$15m.

Cora Gold has a management team, led by Dr. Jon Forster, with a proven track record of making discoveries and developing and operating mines across Africa.