Merger and Acquisition
Cora Gold to demerge Senegal Madina Foulbé assets into private Madina Minerals
Headline consideration
US$1.4m loan
Interest-free, repayable by 31 December 2027
Interest acquired
2% NSR
Cora to acquire for US$105,000
Summary
Cora Gold will demerge its Senegal Madina Foulbé assets into private Madina Minerals. On completion, shareholders will receive one Madina Share per ten Cora Shares (rounded down). Madina will pay Cora US$1.4m as an interest-free loan repayable by 31 December 2027 with a 5% repayment premium, or convertible at a 5% discount at a Madina equity raise. Completion is conditional on Senegal Ministry approval and DI facility setup.
Consideration
| Component | Terms |
|---|---|
| Demerger distribution | One Madina Share per ten Cora Shares (rounded down) on completion |
| Madina loan to Cora | US$1.4m interest-free loan repayable by 31 December 2027 with a 5% repayment premium, or convertible at a 5% discount at a Madina equity raise |
| Initial working capital | Cora to provide US$750,000 via 75 unsecured convertible loan notes of US$10,000 maturing 31 December 2027 with a 5% premium and 5% conversion discount |
| Net smelter return royalty | Cora to acquire a 2% NSR for US$105,000, with buyout up to US$2.5m |
| Transfer restrictions | Madina Shares/DIs will be non-transferable while Madina is private |
Conditions
- Senegal Ministry approval
- DI facility setup
Source: Cora Gold announcement dated 12 November 2026. This page summarises information from the company's public announcement and is provided for general information only. It is not financial product advice, a recommendation or an offer, and it does not take into account any person's objectives, financial situation or needs. Figures and terms are taken from the announcement and may be incomplete or may have changed since publication. Refer to the original announcement for full details. Kamoa Capital has not independently verified the information.
