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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Caracal Gold Plc | LSE:GCAT | London | Ordinary Share | GB00BYZC5R04 | ORD GBP0.001 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.275 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Finance Services | 6.86M | -15.55M | -0.2005 | -0.01 | 209.37k |
TIDMGCAT
RNS Number : 3049T
Caracal Gold PLC
14 November 2023
Caracal Gold plc
('Caracal' or the 'Company')
$1.55m Debt Funding Update
Caracal Gold plc, the East African gold producer with over 1,300,000 oz JORC-compliant gold resources, announces financing of US $1,550,000 to support development of the Kilimapesa project. The use of proceeds will include Phase 2 of the Minopex work program, maintenance and expansion capex, costs related to the ongoing expansion financing process and other operational expenses.
The Company has entered into a US $1,400,000 Financing Agreement with Koenig Vermoegensverwal MBH. The Company shall make monthly payments and each monthly payment shall be calculated as the higher of US $50,000 and 50% of free cash flow of the Company. The total repayment has been agreed as follows :
$1,750,000 if settled on or before 30 June 2024
$2,100,000 if settled on or before 31 December 2024
$2,450,000 if settled on or before 30 June 2025
$2,800,000 if settled on or before 31 December 2025
In addition, the Company has entered into a Loan Agreement with Robbie McCrae, the CEO of Caracal. The principal amount of the loan is $150,000. The final repayment date will be 31 December 2025, accruing interest at 10% per annum above the Bank of England's Bank Rate.
The funds will cover inter alia the following expansion project scope of work:
-- Minopex Phase 2 Exploration and Grade Control Drilling; -- Heap Leach Plant - Completion of Pad 4 construction; -- Crushing and Screening Plant; -- Milling Plant; -- Thickener Plant; -- CIL Plant; and -- Gold Room.
Related Party Transaction
The loan from Robbie McCrae constitutes a Related Party Transaction. The Board of Directors of the Company which were not involved in the transaction considered the terms of the loan fair and reasonable in so far as the shareholders are concerned.
Robbie McCrae, Chief Executive Officer of Caracal, commented:
"The funds allow us to bring momentum back to the Kilimapesa expansion project and to complete the expansion funding process. The results of the 1st Phase work completed by Minopex have confirmed the robust economics of the Kilimapesa expansion project and the decision to push ahead with parts of the expansion whilst we finalise the expansion funding is good news for Caracal and Kilimapesa stakeholders."
Caracal Gold plc Simon Grant Rennick Robbie McCrae robbie@kilimapesa.com VSA Capital Limited Financial Adviser and Broker Andrew Raca (Corporate Finance) +44 203 005 5000 ------------------------
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END
MSCNKNBKDBDBFDD
(END) Dow Jones Newswires
November 14, 2023 02:00 ET (07:00 GMT)
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