REG - Chaarat Gold Hlgs Ld - Kapan Sale Completion

Chaarat Gold HoldingsAnnouncement

06/10/2023 15:15

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RNS Number : 0289P  Chaarat Gold Holdings Ltd  06 October 2023

6 October 2023

Chaarat Gold Holdings Limited

("Chaarat" or the "Company")

Kapan Sale Completion

 

Chaarat Gold (AIM: CGH), the AIM-quoted exploration and development company
with assets at various stages of development in the Kyrgyz Republic, is
pleased to confirm that its subsidiary, Chaarat Gold International Limited
(the "Seller"), has completed the sale of its 100% owned Armenian subsidiary,
Chaarat Kapan CJSC ("Kapan"), which owns the Kapan mining operation in Armenia
to Gold Mining Company LLC (the "Buyer").

 

Of the total consideration of US$55.4 million, US$0.5 million was previously
paid in cash as a deposit and US$4.5 million was settled in cash upon
completion. As previously announced, the balance of US$50.4 million was
settled upon completion by way of the Buyer taking an assignment of an
intra-group payable due from the Seller to Kapan.

 

Pro-forma Group net debt is now approximately US$33.0 million, having been
reduced by US$13.8 million in respect of Kapan's liabilities and receiving the
US$4.5 million cash upon completion.

 

Martin Andersson, Executive Chair of Chaarat, said:

"The sale allows Chaarat to focus on growth options through advancing its
Tulkubash and Kyzyltash development projects in the Kyrgyz Republic as well as
pursuing inorganic growth opportunities."

 

 

 Enquiries

 Chaarat Gold Holdings Limited                       +44 (0)20 7499 2612
 Martin Andersson (Executive Chair)                  IR@chaarat.com (mailto:IR@chaarat.com)

 Canaccord Genuity Limited (NOMAD and Joint Broker)  +44 (0)20 7523 8000
 Henry Fitzgerald-O'Connor
 James Asensio

 Cavendish Capital Markets Limited (Joint Broker)    +44 (0)20 7220 0500
 Neil McDonald

 Panmure Gordon (UK) Limited (Joint Broker)          +44 (0)20 7886 2500
 John Prior

 Hugh Rich

 

 

About Chaarat

Chaarat is an exploration and development company which owns the Tulkubash and
Kyzyltash gold projects in the Kyrgyz Republic. The Company has a clear
strategy to build a leading emerging markets gold company through organic
growth and selective M&A.

 

Chaarat aims to create value for its shareholders, employees and communities
from its high-quality gold and mineral deposits by building relationships
based on trust and operating to the best environmental, social and employment
standards. Further information is available at www.chaarat.com
(http://www.chaarat.com) (http://www.chaarat.com/) (http://www.chaarat.com) .

 

 

ENDS

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