REG - Caledonia Mining Crp - VFEX Listing Update - Oversubscribed Placing

Caledonia MiningAnnouncement

29/11/2021 07:00

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RNS Number : 7913T  Caledonia Mining Corporation PLC  29 November 2021

Caledonia Mining Corporation Plc

 

VFEX Listing Update - Oversubscribed Placing

 

(NYSE AMERICAN: CMCL; AIM: CMCL)

 

 

St Helier, November 29, 2021 - Caledonia Mining Corporation Plc ("Caledonia"
or the "Company") is delighted to announce that in respect of its Victoria
Falls Stock Exchange ("VFEX") listing, due to extremely positive Zimbabwe
investor response, Caledonia has decided to raise more funds than originally
anticipated and therefore to issue more shares.

 

At the offer price of US$12.64 per depositary receipt, Caledonia expects to
issue up to approximately 630,000 new shares, raising approximately
$7.96million (before expenses).  The proceeds of the offer will be used for
general corporate purposes in Zimbabwe.

 

As announced on July 8, 2021 one of the benefits of a listing of depositary
receipts representing the Company's shares on the Victoria Falls Stock
Exchange ("VFEX") in Zimbabwe is an improvement in the proportion of the
revenues received in US dollars for gold produced at the Company's majority
owned Blanket Mine. The Company looks forward to benefitting from this
development going forward.

 

The admission of new shares, listing and dealings are expected to occur on or
about December 2, 2021.

 

Commenting on the fund raise and anticipated listing on the VFEX, Steve
Curtis, Chief Executive Officer, said:

 

"The support from Zimbabwe investors has been extremely encouraging and
reinforces our belief that this listing is an important milestone, welcoming
new shareholders, with a mutual desire for investment in Zimbabwe and who have
not, until now, been able to participate in Caledonia's growth journey.

 

"The VFEX listing will also enable Caledonia to progress with its next phase
of development. The access to 100 per cent USD revenue for incremental gold
sales will assist Blanket, and any other new mine Caledonia develops, and will
attract investors who are confident that Zimbabwe is a competitive investment
environment capable of delivering attractive returns.

 

"The anticipated listing highlights our continued commitment to Zimbabwe.  We
are excited about this next stage, and I would like to thank everybody for
their continued support."

 

Caledonia will announce the exact number of new shares, and depositary
receipts, to be issued once subscription monies have been deposited and
formalities have been completed in the next few days.  Once the securities
are issued, the Company's depositary in Zimbabwe will liaise with the VFEX to
have the depositary receipts admitted to electronic trading in Zimbabwe and
dealings will commence.  The listing and dealings are expected to occur on or
about December 2, 2021.

 

 

 Caledonia Mining Corporation Plc

 Mark Learmonth                      Tel: +44 1534 679 802

 Camilla Horsfall                    Tel: +44 7817 841793
 WH Ireland

 Adrian Hadden/ Andrew De Andrade    Tel: +44 20 7220 1751
 Blytheweigh Financial PR

 Tim Blythe/Megan Ray                Tel: +44 207 138 3204
 3PPB

 Patrick Chidley                     Tel: +1 917 991 7701

 Paul Durham                         Tel: +1 203 940 2538

 Curate Public Relations (Zimbabwe)

 Debra Tatenda                       Tel: +263 77802131

 

 

 

The information contained within this announcement is deemed by the Company to
constitute inside information under the Market Abuse Regulation (EU) No.
596/2014 ("MAR") as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 and is disclosed in accordance with the
Company's obligations under Article 17 of MAR.

Cautionary Note Concerning Forward-Looking Information

 

Information and statements contained in this news release that are not
historical facts are "forward-looking information",

"financial outlooks" or "future oriented financial information" (collectively,
"forward-looking information") within" within the meaning of applicable
securities legislation that involve risks and uncertainties relating, but not
limited to Caledonia's current expectations, intentions, plans, and beliefs.
Forward-looking information can often be identified by forward-looking words
such as "anticipate", "believe", "expect", "goal", "plan", "target", "intend",
"estimate", "could", "should", "may" and "will" or the negative of these terms
or similar words suggesting future outcomes, or other expectations, beliefs,
plans, objectives, assumptions, intentions or statements about future events
or performance. Examples of forward-looking information in this news release
include: production guidance, estimates of future/targeted production rates,
and our plans and timing regarding further exploration and drilling and
development, construction plans, financial and shareholders returns on
investment in construction projects and electricity production/supply to the
mine.  This forward-looking information is based, in part, on assumptions and
factors that may change or prove to be incorrect, thus causing actual results,
performance or achievements to be materially different from those expressed or
implied by forward-looking information.  Such factors and assumptions
include, but are not limited to: failure to establish estimated resources and
reserves, the grade and recovery of ore which is mined varying from estimates,
success of future exploration and drilling programs, reliability of drilling,
sampling and assay data, assumptions regarding the representativeness of
mineralization being inaccurate, success of planned metallurgical test-work,
capital and operating costs varying significantly from estimates, delays in
obtaining or failures to obtain required governmental, environmental or other
project approvals, inflation, changes in exchange rates, fluctuations in
commodity prices, delays in the development of projects, the completion of
construction projects, the proposed benefits from construction projects and
other factors.

 

To the extent any forward-looking information herein constitutes a financial
outlook or future oriented financial information,

any such statement is made as of the date hereof and included herein to
provide prospective investors with an understanding of the Company's
construction plans and assumptions. Security holders, potential security
holders and other prospective investors are cautioned that such information
may not be appropriate for other purposes and should be aware that these
statements are subject to known and unknown risks, uncertainties and other
factors that could cause actual results to differ materially from those
suggested by the forward-looking statements.  Such factors include, but are
not limited to: risks relating to estimates of mineral reserves and mineral
resources proving to be inaccurate, fluctuations in gold price, risks and
hazards associated with the business of mineral exploration, development and
mining, risks relating to the credit worthiness or financial condition of
suppliers, refiners, contractors and other parties with whom the Company does
business; inadequate insurance, or inability to obtain insurance, to cover
these risks and hazards, employee relations; relationships with and claims by
local communities and indigenous populations; political risk; risks related
to natural disasters, terrorism, civil unrest, public health concerns
(including health epidemics or outbreaks of communicable diseases such as the
coronavirus (COVID-19)); availability and increasing costs associated with
mining inputs and labour; the speculative nature of mineral exploration and
development, including the risks of obtaining or maintaining necessary
licenses and permits, diminishing quantities or grades of mineral reserves as
mining occurs; global financial condition, the actual results of current
exploration activities, changes to conclusions of economic evaluations, and
changes in project parameters to deal with unanticipated economic or other
factors, risks of increased capital and operating costs, environmental, safety
or regulatory risks, expropriation, the Company's title to properties
including ownership thereof, increased competition in the mining industry for
properties, equipment, qualified personnel and their costs, risks relating to
the uncertainty of timing of events including targeted production rate
increase, construction activity and currency fluctuations. Security holders,
potential security holders and other prospective investors are cautioned that
the assumptions used in the preparation of such forward-looking information,
although considered reasonable at the time of preparation, may prove to be
imprecise and, accordingly, they should not place undue reliance on such
forward-looking information. By its nature, forward-looking information
involves numerous assumptions, inherent risks and uncertainties, both general
and specific, that contribute to the possibility that the predictions,
forecasts, projections and various future events will not occur. Caledonia
undertakes no obligation to update publicly or otherwise revise any
forward-looking information whether as a result of new information, future
events or other such factors which affect this information, except as required
by law.

 

This news release is not an offer of the shares of Caledonia for sale in the
United States or elsewhere. This news release shall not constitute an offer to
sell or the solicitation of an offer to buy, nor shall there be any sale of
the shares of Caledonia, in any province, state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such province, state or
jurisdiction.

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