Caracal Gold PLC $US10.5m non-dilutive financing secured (8428H)
29 Novembre 2022 - 8:00AM
UK Regulatory
TIDMGCAT
RNS Number : 8428H
Caracal Gold PLC
29 November 2022
Caracal Gold plc / EPIC: GCAT / Market: Main / Sector:
Mining
29th November 2022
Caracal Gold plc ('Caracal' or the 'Company')
$US10.5m non-dilutive financing secured
Caracal Gold plc, the expanding East African gold producer with
over 1,300,000oz JORC compliant gold resources, is pleased to
announce that it has secured conditional non-dilutive financing of
US$10.5m through a pre-paid gold purchase agreement.
Kilimapesa Gold Pty Ltd ('KPG'), the 100% owned Kenyan operating
subsidiary of Caracal, has entered into a pre-paid gold purchase
agreement with a contract price totalling up to US$10.5m with OCIM
Metals & Mining SA ('OCIM'). The total contract price will be
made available to KPG, subject to conditions, in two tranches, with
a 1(st) tranche of US$7m to be drawn on or before 31 December 2022
and a 2(nd) tranche of US$3.5m to be drawn down on terms to be
agreed between OCIM and KPG.
Upon satisfaction of conditions, the proceeds from this
financing will mean Caracal will be fully funded to continue the
ongoing expansion of production at its flagship Kilimapesa Gold
Mine in Kenya ('Kilimapesa' or the 'Project') to the targeted rate
of 24,000oz per annum production, with final commissioning to
achieve this now scheduled in March 2023. The funds raised will
also be used to complete the Phase 2 exploration programme at the
Nyakafuru Project in Tanzania.
Robbie McCrae, CEO of Caracal commented:
"A non-dilutive financing is a great outcome for Caracal, KPG
and all of the many stakeholders of the Company and the Project.
Having funding partners with the calibre of OCIM supporting
Kilimapesa, the management and the vision of Caracal is a vote of
confidence as we embark on the final push to deliver on our
production target of 24,000oz per annum, whilst continuing to
advance our regional exploration efforts in Kenya to ultimately
build the life of mine and value potential. Alongside this, we are
excited by the development opportunity Nyakafuru offers and look
forward to progressing our targeted exploration programme to
support a Preliminary Economic Assessment ."
**ENDS**
About OCIM:
The OCIM group of privately held companies has a long and
successful history as a Trader and Financier of Alternative Assets.
Established in Paris in 1961, OCIM is headed by a third-generation
member of the founding family.
Besides its core historical business in Real Estate, OCIM has
expanded into other tangible assets such as Precious and Strategic
Metals, via its Geneva and Toronto based subsidiaries. As a
Merchant, OCIM trades metals across the full value chain, from
producers to end users.
As a Financier, OCIM provides funding to the value chain with
debt instruments and structured trade finance.
To learn more about OCIM visit: www.ocim.eu
For further information visit www.caracalgold.com or contact the
following:
Caracal Gold plc info@caracalgold.com
Robbie McCrae
Clear Capital Markets Ltd
Joint Broker +44 203 897 0981
Keith Swann / Jonathan Critchley +44 203 869 6086
-------------------------------
VSA Capital Ltd
Financial Adviser and Joint
Broker
Andrew Raca (Corporate Finance)
Andrew Monk / David Scriven
(Corporate Broking) +44 203 005 5000
-------------------------------
St Brides Partners Ltd caracal@stbridespartners.co.uk
Financial PR
Charlotte Page / Isabel de Salis
/ Isabelle Morris
-------------------------------
DGWA, the German Institute info@dgwa.org
for Asset and
Equity Allocation and Valuation
European Investor and Corporate
Relations Advisor
Katharina Löckinger
-------------------------------
Notes
Caracal Gold plc is an expanding East African focused gold
producer with a clear path to grow production and resources both
organically and through strategic acquisitions. Its aim is to
rapidly increase production to +50,000ozs p.a. and build a JORC
compliant resource base of +3Moz. The company is progressing a
well-defined mine optimisation strategy at its 100% owned
Kilimapesa Gold Mine in Kenya, where there is significant mid-term
expansion potential and the ability to increase gold production to
24,000oz p.a. and the resource to +2Moz (current JORC compliant
resources of approx. 706,000oz). Alongside this, Caracal is
undertaking a targeted exploration programme at the Nyakafuru
Project in Tanzania, which has an established high-grade shallow
gold resource of 658,751oz at 2.08g/t contained within four
deposits over 280 km(2) and appears amenable to development as a
large scale conventional open pit operation.
Caracal's experienced team has a proven track record in
successfully developing and operating mining projects throughout
Africa. The company is a responsible mining and exploration company
and supports the positive social and economic change that it
contributes to the communities in the regions that it operates. It
is a proudly East African-focused company: it buys locally, employs
locally, and protects the environment and its employees and their
families' health, safety, and wellbeing.
Caracal's shares are quoted on the Main Market of the London
Stock Exchange (LON: GCAT) and on the Frankfurt Stock Exchange
(FSE: 6IK). The company is also in the process of listing on the
Nairobi Securities Exchange.
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