REG - Caracal Gold PLC - Subscription raises £92,750

Caracal GoldAnnouncement

29/09/2023 11:30

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RNS Number : 1893O  Caracal Gold PLC  29 September 2023

Caracal Gold plc

('Caracal' or the 'Company')

Subscription raises £92,750

 

Caracal Gold plc, the expanding East African gold producer with over
1,300,000oz JORC-compliant gold resources, is pleased to announce it has
raised £92,750 by way of Subscription ("Subscription"), through the issue of
30,916,667 new Ordinary Shares of £0.001 in the Company ("Ordinary Shares")
at a price of £0.003 per Ordinary Share (the "Subscription Price").

The subscribers ("Subscribers") from the Subscription will be issued with one
option ("Options") for every two new Ordinary Shares subscribed for, with an
option exercise price of £0.006 per option. The option will expire December
31(st) 2024.

The issue of the new Ordinary Shares to trading is conditional upon approval
of a prospectus by the Financial Conduct Authority ("FCA"). Caracal continues
to progress the prospectus through the FCA.

The Company has also entered into a Loan Agreement ("Loan Agreement") with
Robbie McCrae the CEO of Caracal. The principal amount of the Loan Agreement
is US $40,000 (Forty thousand United States Dollars). It will have a duration
of two years and will accrue interest at 10% per annum.

Simon Grant Rennick, Chairman of Caracal, said,

"The Company is pleased to have secured this funding and we would like to
thank the Subscribers for their support. The proceeds will be used to advance
our the Kilimapesa expansion funding process and general working capital
requirements. The Caracal team continue to advance the Kilimapesa expansion
funding process, the Joint Venture for the development of the Tanzania project
and the approval of the prospectus by the FCA. We look forward to being able
to announce the completion in due course".

**ENDS**

 

 Caracal Gold plc

 Simon Grant Rennick

 Robbie McCrae                                       robbie@kilimapesa.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 (mailto: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 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
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.

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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