REG - Caracal Gold PLC - US$3m non-dilutive financing secured

Caracal GoldAnnouncement

12/12/2022 07:00

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RNS Number : 2934J  Caracal Gold PLC  12 December 2022

Caracal Gold plc / EPIC: GCAT / Market: Main / Sector: Mining

 12 December 2022

Caracal Gold plc ('Caracal' or the 'Company')

US$3m non-dilutive financing secured

 

Caracal Gold plc, the expanding East African gold producer with over
1,300,000oz JORC compliant gold resources, is pleased to announce that it has
secured non-dilutive financing of US$3m through a pre-paid gold purchase
agreement. This follows the securing of an initial US$10.5m conditional
non-dilutive financing through a pre-paid gold purchase agreement announced on
29 November 2022.

 

Kilimapesa Gold Pty Ltd ('KPG'), the 100% owned Kenyan operating subsidiary of
Caracal, has entered into a pre-paid gold purchase agreement with a contract
price totalling up to US$3m with Philoro Global Trading AG ('Philoro'). The
total contract price will be made available to KPG in a single tranche US$3m
to be drawn on or before 31st December 2022. The contract price is repayable
in six equal instalments commencing immediately. The gold delivered is sold at
the spot price of the day at the time of the transaction and is subject to a
minimal discount and refining fee.

 

Robbie McCrae, CEO of Caracal commented: "This second non-dilutive financing
further strengthens Caracal's cash position bringing the total raised in the
last two weeks to US$13.5m.  Attracting these two new high-calibre partners,
OCIM and Philoro, is testament to the vast potential Caracal offers as it
focuses on becoming a +50,000oz per annum producer with +3moz in resources.
We can now concentrate on the final push to deliver on our initial production
target of 24,000oz per annum, whilst continuing to advance our regional
exploration efforts in Kenya to ultimately build the life of mine and value
potential. Alongside this, we are excited by the development opportunity
Nyakafuru in Tanzania offers and look forward to progressing our targeted
exploration programme to support a Preliminary Economic Assessment."

 

Further information about Philoro Global Trading AG can be found at
www.philoro-global.com (http://www.philoro-global.com) .

 

**ENDS**

 

For further information visit www.caracalgold.com or contact the following:

 Caracal Gold plc                                      info@caracalgold.com

 Robbie McCrae
 Clear Capital Markets Ltd                             +44 203 897 0981

 Joint Broker                                          +44 203 869 6086

 Keith Swann / Jonathan Critchley
 VSA Capital Ltd                                       +44 203 005 5000

 Financial Adviser and Joint Broker

 Andrew Raca (Corporate Finance)

 Andrew Monk / David Scriven (Corporate Broking)
 St Brides Partners Ltd                                caracal@stbridespartners.co.uk

 Financial PR

 Charlotte Page / Isabel de Salis / Isabelle Morris
 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 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 km(2) 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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