Caracal Gold PLC Financing Update (1518M)
10 Gennaio 2023 - 8:00AM
UK Regulatory
TIDMGCAT
RNS Number : 1518M
Caracal Gold PLC
10 January 2023
Caracal Gold plc / EPIC: GCAT / Market: Main / Sector:
Mining
10 January 2023
Caracal Gold plc ('Caracal' or the 'Company')
Financing Update
Caracal Gold plc, the expanding East African gold producer with
over 1.3 million oz ('Moz') JORC compliant gold resources,
announces that further to the announcement released on 29 November
2022, the OCIM Metals and Mining SA ('OCIM') pre-paid gold purchase
agreement will not be proceeding. The reason being the long stop
date of the 31 December 2022 passed and as there is an unfulfilled
condition precedent that would have provided OCIM security over the
Mining Licence for our flagship Kilimapesa Gold Mine in Kenya
('Kilimapesa' or the 'Project'), OCIM have not extended the long
stop date.
Robbie McCrae, Chief Executive Officer of Caracal, commented, "
We are disappointed with the OCIM decision not to continue on the
final condition precedent and close the transaction. The Caracal
team worked tirelessly from May 2022 and the Company and projects
passed detailed legal, financial and technical due diligence.
"The robust fundamentals of the Kilimapesa expansion project
remain the same, the operations and project team are in place, the
support from all stakeholders in Kenya and Tanzania is strong, and
the lessons learnt from the process with OCIM have been
constructive.
"With funding secured from Philoro Global Trading AG and other
proposals received for similar non-dilutive financing, we will move
quickly to replace the OCIM funds. We would like to thank OCIM for
considering Caracal and Kilimapesa and wish them all the best on
future ventures."
**ENDS**
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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