REG - Caracal Gold PLC - General Update

Caracal GoldAnnouncement

23/12/2024 10:45

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RNS Number : 1331R  Caracal Gold PLC  23 December 2024

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION
(EU) NO. 596/2014, AS AMENDED WHICH, BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018, FORMS PART OF UK LAW. ON THE PUBLICATION OF THIS
ANNOUNCEMENT VIAA REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

23 December 2024

Caracal Gold Plc

('Caracal' or the 'Company')

General Update

 

Caracal Gold Plc, the East African gold junior with over 1,300,000 oz JORC
compliant gold resources, provides an update across various corporate and
financial issues.

 

Cynergy Transaction

Further to the announcements made on 15 August 2024 and 23 August 2024,
regarding the Company and Cynergy Global Ltd ("Cynergy") having agreed to a
second extension to the payment of the second US$500,000 tranche due under
phase 1 of the Cynergy strategic investment plan.

 

The extension was to allow Caracal to deal with a due diligence query raised
by Cynergy on 20 August 2024 relating to the control of the Company's indirect
subsidiary, Tyacks Gold Ltd which is being resolved. This pertaining to both
the board composition and the shareholding. Cynergy raised further concerns
relating to the financial position and operational status of Kilimapesa Gold
Pty Ltd ("Kilimapesa"), the Company's subsidiary in Kenya. These concerns have
been raised by the Ministry of Mining, Blue Economy and Maritime Affairs with
Kilimapesa. Kilimapesa, with the agreement of Cynergy, has written to the
Ministry with a timetable and plan for the recapitalization of the project and
Cynergy along with Kilimapesa are awaiting approval for the timetable and
plan.

 

Cynergy have informed Caracal that they would like to renegotiate the terms of
their investment and reach a settlement with the Company. The Company has
indicated that it is prepared to entertain all reasonable counters but to date
an agreeable offer has not been received. The Company remains open to further
discussions.

 

Cashflow

The Company is under significant cash flow pressure and distress. The Company
is looking at all available funding options and an update will be provided in
due course.

 

 

* * ENDS * *

 

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

 Caracal Gold plc

 Robbie McCrae                                       robbie@kilimapesa.com (mailto:robbie@kilimapesa.com)

 Simon Grant-Rennick                                 simon@caracalgold.com (mailto:simon@caracalgold.com)
 DGWA, the German Institute for Asset and            info@dgwa.org (mailto:info@dgwa.org)

 Equity Allocation and Valuation

 European Investor and Corporate Relations Advisor

 

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