REG - Caracal Gold PLC - Funding update

Caracal GoldAnnouncement

01/07/2024 07:00

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RNS Number : 4797U  Caracal Gold PLC  01 July 2024

 

1 July 2024

Caracal Gold Plc

('Caracal' or the 'Company')

Funding update

Caracal Gold Plc, the East African gold producer with over 1,300,000 oz JORC
compliant gold resources, is pleased to provide an update on its recently
announced conditional fundraising which is proceeding according to plan.

The funding comprises a three phased investment to be made by Cynergy Global
Ltd ("Cynergy").

The first tranche of USD $500,000 has been received and a further USD $500,000
is due by the end of July 2024.  At which time Cynergy will receive 25% of
Caracal Holdings Ltd ("CH"), a wholly owned subsidiary of Caracal.

Progress on the subsequent financing arrangements with Cynergy continue as
previously announced.

* * ENDS * *

For further information visit www.caracalgold.com
(http://www.caracalgold.com/)  or contact the following:

 Caracal Gold plc

 Robbie McCrae                                       robbie@kilimapesa.com

 Simon Grant-Rennick                                 simon@caracalgold.com
 VSA Capital Limited                                 +44 203 005 5000

 Financial Adviser and Broker

 Andrew Raca (Corporate Finance)
 DGWA, the German Institute for Asset and            info@dgwa.org

 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 owns 100% of Tyacks Gold Ltd which owns
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 km2 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.

 

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