Gold miner Caledonia tumbles after $100 mln convertible announced
14/01/2026 21:59
** U.S.-listed shares of gold producer Caledonia Mining CMCL.N down 16.6% in extended trading to $27.03 after planned capital raise news
** Co announces private offering of $100 mln convertible bonds due 2033
** It plans to use net offering proceeds to develop the Bilboes gold project in Zimbabwe, and for general corporate and operational needs and working capital
** Co also expected to use proceeds to pay the cost of capped calls, derivative transactions employed to help offset potential dilution
** CMCL on Weds ended down 1.3% at $32.41 for roughly $625 mln market value, per LSEG data
** Shares up 24% to begin 2026 and have more than tripled over the past 12 months
** This as prices of gold XAU= and silver XAG= extend record-breaking rallies amid geopolitical and economic uncertainties GOL/
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))