REG - Chaarat Gold Hlgs Ld - Corporate Update and Appointment of Asset Match

Chaarat Gold HoldingsAnnouncement

22/07/2024 07:00

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RNS Number : 1689X  Chaarat Gold Holdings Ltd  22 July 2024

 

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW
BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"), AND IS
DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF
MAR.

 

 

22 July 2024

 

 

Chaarat Gold Holdings Limited

("Chaarat" or "the Company")

 

Corporate Update and Appointment of Asset Match

 

Chaarat Gold (AIM:CGH), a mining explorer and developer with projects in the
Kyrgyz Republic, is pleased to provide the following Corporate Update and to
announce that Asset Match (www.assetmatch.com (http://www.assetmatch.com) )
has been appointed to facilitate secondary trading in the Ordinary Shares
following the proposed cancellation of admission to trading on AIM (the
"Cancellation"), if the Cancellation is approved by Shareholders.

 

Corporate Update

 

Post receiving the US$0.25 million Initial Advance from the issue of
Additional Notes, the Company's current cash balance is c. US$0.4 million.
This provides the Company with sufficient working capital for its ongoing
operational and corporate requirements at least until the Cancellation on 16
August 2024. Assuming the Resolutions are approved, further drawdowns on the
US$5 million facility are expected to be made available to the Company
shortly following Cancellation.

 

Further to the Company's announcement on 16 July 2024, Cancellation is to be
proposed, alongside several other resolutions related to the Recapitalisation,
at the General Meeting to be held on the 8 August 2024 and will take effect,
if approved, from 7.00am on 16 August 2024. As per the Circular to
shareholders dated 16 July 2024, the Directors are unanimously recommending
that Shareholders vote in favour of the resolutions being proposed at the
General Meeting. Should the Resolutions not be approved at the General Meeting
then, based on the liabilities of the Company, the Company will be forced into
immediate insolvency proceedings, in which case Shareholders will most likely
realise zero value from their investment into the Company. Shareholders should
note that the insolvency proceedings would also trigger an immediate
suspension from trading of the Company's Shares.

 

Shareholders are reminded that the Ordinary Shares remain listed on the AIM
segment of the London Stock Exchange and can continue to be traded until the
close of the trading on 15 August 2024, even if the Cancellation is approved
on 8 August 2024. If the Resolutions are approved at the General Meeting, any
Ordinary Shares held post de-listing (effective from 7am on 16 August 2024),
whether in certificated form or via CREST, will be admitted to trading on the
secondary trading facility as set out below.

 

Secondary trading facility

 

Asset Match, a firm Authorised and Regulated by the Financial Conduct
Authority (FRN 579310), will operate an electronic off-market dealing facility
for the Ordinary shares. This facility will allow existing shareholders of the
Company and new investors to trade the Ordinary Shares by matching buyers and
sellers through periodic auctions.

 

Investors are encouraged to register on www.assetmatch.com
(http://www.assetmatch.com) and add Chaarat Gold Holdings Limited to their
'Watchlist' to continue to receive Company updates and auction/price
information. The Asset Match trading facility operates under its own code of
practice which governs the behaviour of participants and the running of the
periodic auctions. Asset Match operates an open auction system where volumes
of bids and offers at different prices are displayed on-screen together with
the closing date of the auction. At the end of each auction period, Asset
Match passes this information through a non-discretionary algorithm that
determines a "market-derived" single clearing price ("Share Price") based on
supply and demand and allocates transactions accordingly. Bids and offers may
be made, amended and withdrawn at any time before the closing date of each
auction.

 

Shareholders will continue to be able to hold their Ordinary Shares in
uncertificated form (i.e. in CREST) and should check with their existing
stockbroker whether they are willing or able to trade in unquoted shares.
Shareholders wishing to trade shares through Asset Match must do so through a
stockbroker. A comprehensive list of stockbrokers who have signed up to access
the Asset Match platform is available on request.

 

Full details will be made available to Shareholders on the Company's website
at www.chaarat.com (http://www.chaarat.com) . Investors may contact Asset
Match in relation to any queries regarding trading via the secondary market
trading facility by emailing dealing@assetmatch.com.

 

Further details of the Cancellation, which is a condition of the proposed
Recapitalisation, as announced on 16 July 2024, are set out in the circular
dated 16 July 2024 ("the Circular").  A copy of the Circular is available on
the Company's website www.chaarat.com (http://www.chaarat.com)

 

Unless otherwise indicated, defined terms in this announcement shall have the
same meaning as described in the Circular.

 

** Ends **

 

 

Enquiries:

 Chaarat Gold Holdings Limited                               +44 (0)20 7499 2612
 David Mackenzie (Interim CEO)                               IR@chaarat.com (mailto:IR@chaarat.com)

 Strand Hanson Limited (Nominated Adviser)                   +44 (0)20 7409 3494
 Ritchie Balmer / James Spinney / Robert Collins

 Panmure Gordon (UK) Limited (Joint Broker)                  +44 (0)20 7886 2500
 Hugh Rich

 Axis Capital Markets Limited (Joint Broker)                 +44 (0)20 3026 0449
 Ben Tadd / Lewis Jones

 St Brides Partners Limited (Financial Public Relations)     +44 (0)20 7236 1177
 Susie Geliher / Isabelle Morris

 Asset Match                                                 +44 (0)20 7248 2788

 Hannah Woodley / Ben Weaver                                 dealing@assetmatch.com

 

 

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