Central African Gold Share Discussion Threads

[pre] 21/12/2009 09:43

yep..excellent news here...this is very good news for CAN...the should clear and get these relisted shortly imo....we should see these come back alot higher with the disposal deal and extension to loan facilities...well done CAN management:-))

[daytraders] 21/12/2009 08:46

good rns considering.

RNS Number : 4486E
Central African Gold PLC
21 December 2009



Central African Gold Plc / Ticker: CAN / Market: AIM / Sub-sector: Gold Mining

21 December 2009

Central African Gold Plc ('CAG' or 'the Company')

Corporate Update



The Board of directors of Central African Gold Plc, the AIM quoted gold mining and exploration company, ('the Board') is pleased to provide a corporate update on recent developments including, inter alia, the disposal of its Malian assets, an extension to its existing convertible loan notes and the issue of new convertible loan notes and the expected release of its financial results.



Highlights

Agreement to dispose of CAG's Malian assets to Colonial Resources Limited ('Colonial Resources') for a total consideration of up to US$5.0m

Extension of the repayment deadline applicable to the Convertible Loan Agreements (as defined in the circular to shareholders dated 27 March 2009) to 29 April 2011

New convertible loan notes issued, raising US$1.25 million (approximately £774,469)

Financial results to be published on or before 25 December 2009

General Meeting and Annual General Meeting ('AGM') to be convened shortly



CAG's acting Chairman and CEO Roy Pitchford said, "As all shareholders will be aware, 2009 has been particularly challenging for the Company. The Board has worked hard to ensure that the business has adequate funding in order to continue to operate its Zimbabwean gold mining operations and the Board believes that today's news represents a significant step forward in securing this objective.



"The funds raised by the sale of CAG's Malian assets, together with the new funds injected into the business by Investec Asset Management, Emerging Capital Partners and HBD Zim Investments, and the deferral of our obligations under the existing convertible loan agreements gives the Company the opportunity to develop its remaining assets and generate shareholder value.



"The Board would also like to take this opportunity to reiterate its contrition to all of the Company's stakeholders following the accounting difficulties that have so significantly delayed the release of the 2008 annual results and the 2009 interim results (together 'the Financial Reports') and undertakes to do all in its power to prevent such a situation occurring again. Nevertheless, whilst it remains the Board's belief that both sets of results will be announced shortly, the Board notes that should the Company not publish its Financial Reports by 25 December 2009, it may be mandatorily delisted pursuant to Rule 41 of the AIM Rules."



Malian Assets Disposal



The Company has today entered into a binding agreement to dispose of (i) its 80 per cent. equity interest in Mali Goldfields SARL, together with all net claims on loan account of the Company or any of its subsidiaries against Mali Goldfields SARL and (ii) its 80 per cent equity interest in Songhoï Resources SARL together with all net claims on loan account of the Company or any of its subsidiaries against Songhoï Resources SARL (together 'the Malian Assets') ('the Disposal') to Colonial Resources ('the Agreement') for a total consideration of up to US$5.0 million ('the Consideration'). As at 31 December 2008, the Malian Assets, which are early stage gold exploration assets, consisting, at 30 November 2009, of 18 prospective permits spanning circa 1,883km² located within the Kedougou-Kenieba window, a major Lower Proterozoic Birimian outlier on the north east margin of the West African Shield, were recorded as having a book value of £4.4 million, as at the year ended 31 December 2008, and profits of £749,000, for the year ended 31 December 2008 (of which most is attributable to gains on foreign exchange transactions).



The Consideration is made up of an initial non-refundable payment of US$0.6 million in cash, which is to be paid within 2 business days of the signing of the Agreement; a further US$3.4 million payable in cash to the Company on completion of the Disposal ('Completion') ('the Completion Payment'); and a further US$1.0 million contingent payment, which will only be payable to the Company in cash upon the achievement of a JORC compliant Indicated or Measured Resource of collectively at least 500,000 ounces gold in respect of the areas covered by the licences granted to each of Songhoï Resources SARL and Mali Goldfields SARL ('the JORC Payment').



Completion must occur on or before 3 March 2010 and is subject to, inter alia, CAG and Colonial Resources shareholder approval, and the completion of a capital raising by Colonial Resources to raise sufficient funds to satisfy the Completion Payment and the JORC Payment (if payable) and to seek shareholder approval for the necessary issue of equity. A Circular containing notice of the General Meeting to approve, inter alia the Disposal and associated matters, will be sent to CAG shareholders shortly.



CAG will use the Consideration, as it is received, to satisfy its general working capital requirements, to meet certain creditor balances that will fall due on Completion and to develop its Zimbabwean gold assets.



Convertible Loan Agreements



Investec Asset Management (Pty) Limited ('IAM') and ECP have agreed to extend the terms of the loans made available to the Company, as described in the circular sent to shareholders on 27 March 2009, amounting to US$2.2 million and US$1.8 million respectively. These loans now have a new maturity date of 29 April 2011 (extended from the earlier date of 14 April 2010 or within five days of the receipt of funds by the Company from the sale of its entire shareholding in Mali Goldfields SARL and Songhoï Resources SARL).



Additionally, CAG has entered into new Convertible Loan Agreements ('the New ECP and IAM Convertible Loan Agreements') with ECP and IAM, (together, 'the Lenders') and a new Convertible Loan Agreement (the 'New HBD Loan Agreement') with HBD Zim Investments Limited ('HBD'). The New ECP and IAM Convertible Loan Agreements and the New HBD Loan Agreement together total circa US$1.25 million (approximately £774,469) and amount to US$397,267 from HBD (approximately £246,168), US$705,070 from ECP (approximately £436,900) and US$147,662 from IAM (approximately £91,499). All loan amounts used the rate of exchange prevailing on the date of the New ECP and IAM Convertible Loan Agreement or the New HBD Loan Agreement, as relevant. The funds received by the Company under the New ECP and IAM Convertible Loan Agreements and the New HBD Loan Agreement incur interest at 10 per cent. per annum, compounded monthly in arrears with the full amount payable on the maturity date, 29 April 2011. There is no penalty for early repayment of the New ECP and IAM Convertible Loan Agreement or the New HBD Loan Agreement.



The terms of the New ECP and IAM Convertible Loan Agreements provide that the Lenders have the right to convert all or part only, of the loans at the conversion price of the lesser of 0.9 pence per ordinary share and ten per cent. below the USD equivalent of any price at which the Company issues shares while monies are still payable to the relevant Lender under the terms of the New Convertible Loan Agreement. Under the terms of the New ECP and IAM Convertible Loan Agreements each of the Lenders acknowledge that the Company currently does not have the capacity to issue the full number of shares issuable should they wish to convert the loans and that, should the Company not receive the required shareholders approval needed to create and issue all of the shares issuable on conversion, the Lenders shall only be able to exercise their conversion rights to the extent that the Company has the relevant authorities to issue and allot such shares at that time.



The terms of the New HBD Loan Agreement provide that HBD has the right to convert all, and not part only, of the loans at the conversion price of 0.9 pence per ordinary share. Under the terms of the New HBD Loan Agreement, HBD acknowledges that the Company currently does not have the capacity to issue the full number of shares issuable should HBD wish to convert the loans and that, should the Company not receive the required shareholders approval needed to create and issue all of the shares issuable on conversion, HBD shall only be able to exercise its conversion rights to the extent that the Company has the relevant authorities to issue and allot such shares at that time.



As IAM, ECP and HBD are substantial shareholders in the Company, the New ECP and IAM Convertible Loan Agreements and the New HBD Loan Agreement are classified as related party transactions in accordance with the AIM Rules. Accordingly, the independent directors, being Roy Pitchford and Craig Campbell, having consulted with Strand Hanson Limited, the Company's nominated adviser, consider the terms of the New ECP and IAM Convertible Loan Agreements and the New HBD Loan Agreement to be fair and reasonable insofar as the Company's Shareholders are concerned. In providing its advice, Strand Hanson Limited has taken into account the independent directors' commercial assessments.



Financial Reports and AGM



The Company is continuing to work with its auditor, KPMG Audit Plc, to finalise the Company's annual report and accounts for the year ended 31 December 2008 and the Interim Results for the six months ended 30 June 2009 and expect these will be published before 25 December 2009, the deadline set by AIM Rule 19. The Board notes that should the Company not publish its Financial Reports by 25 December 2009, it may be mandatorily delisted pursuant to Rule 41 of the AIM Rules.



Once the Financial Reports are published, the Board anticipates that trading in the Company's shares on the AIM market of the London Stock Exchange will recommence.



Accordingly, a date for the AGM will be set once the Financial Reports are finalised by the Company and its auditors.



* * ENDS * *





For further information please visit www.centralafricangold.com or contact:



Roy Pitchford / Craig Campbell



Central African Gold Plc

Tel: [phone]

Tel: [phone]

Stuart Faulkner/ James Spinney



Strand Partners Limited

Tel: [phone]

Hugo de Salis / Felicity Edwards

St Brides Media and Finance Ltd

Tel: [phone]





Panico Theocharides / Sarah Williams



Capital Hill Corporate Finance (Pty) Ltd



Tel: [phone]







Alan Campbell

Alec Pismiris

Colonial Resources Limited

Tel: [phone]

Tel: [phone]



Notes to Editors

Central African Gold Plc is an established gold mining company with a portfolio of production and exploration assets in Africa. The Company has two subsidiaries in Zimbabwe: Falcon Gold Zimbabwe Limited (84.7 per cent. owned) and Olympus Gold Mines Limited (100 per cent. owned); and a subsidiary in southern Botswana with a licence covering 436km² of the extension of the Kraaipan greenstone belt from South Africa.


This information is provided by RNS
The company news service from the London Stock Exchange

END

[daytraders] 11/12/2009 11:47

Mr. Fort is a Managing Director and a founding partner of Emerging Capital Partners which spun out of Emerging Markets Partnership in 2005. Emerging Capital Partners manages six funds totalling over US$1.6 billion and is a leading private equity company focussed exclusively on Africa. Mr. Fort is responsible for identifying, analysing, and recommending investments, performing due diligence and leading transaction teams and is also involved with operations and strategies related to the management company. Previously he worked for Deutsche Bank AG's European Healthcare Corporate Finance Group which executed mergers and acquisitions, equity and debt financings for pharmaceutical, biotech and medical device companies.

[pre] 11/12/2009 10:10

..indeed..be very interesting to see when this comes back...looking better and better folks...

[staddles] 11/12/2009 08:41

All is not lost, I had written thi sone off. Be interesting to see what happens at the end of Dec and how the market takes it.

[daytraders] 11/12/2009 07:49

This RNS alert is brought to you by Digital Look.
RNS Number : 9580D
Central African Gold PLC
11 December 2009

Central African Gold Plc / Ticker: CAN / Market: AIM / Sub-sector: Gold Mining

11 December 2009

Central African Gold Plc ('CAG' or 'the Company')

Directorate Changes




Central African Gold Plc, the AIM quoted gold mining and exploration company, announces that Roy Lander, CAG's Chairman, has stepped down from the Board with immediate effect, for personal reasons.




Accordingly, the Company's CEO, Roy Pitchford, will assume the role of acting Chairman and CEO
whilst the Company continues the process to recruit a full time Chairman.




A further announcement on this matter will be made in due course.




Additionally, Bryce Fort has been appointed to the board of CAG ('the Board') as a non-executive Director, with immediate effect, replacing Navid Burney as ECP's representative on the Board.




Mr. Fort is a Managing Director and a founding partner of Emerging Capital Partners which spun out of Emerging Markets Partnership in 2005. Emerging Capital Partners manages six funds totalling over
US$1.6 billion and is a leading private equity company focussed exclusively on Africa. Mr. Fort is responsible for identifying, analysing, and recommending investments, performing due diligence and leading transaction teams and is also involved with operations and strategies related to the management company. Previously he worked for Deutsche Bank AG's European Healthcare Corporate Finance Group which executed mergers and acquisitions, equity and debt financings for pharmaceutical, biotech and medical device companies.




Under the provisions of the Company's articles of association, Mr Fort, as a Director appointed by the Board, shall hold office as a Director until the conclusion of the Company's AGM and shall then be eligible for re-election.




A date for CAG's AGM will be set once the Company's annual report and accounts for the year ended 31 December 2008 and the Interim Results for the six months ended 30 June 2009 (together 'the Financial Reports') are finalised by the Company and its auditors. CAG is continuing to work with its auditor, KPMG Audit Plc, to finalise, the Financial Reports and the Company expects that the Financial Reports will be published before 25 December 2009.




The Board notes that should the Company not publish its Results by 25 December 2009, it may be mandatorily delisted pursuant to Rule 41 of the AIM Rules.




Once the Financial Reports are published, the Board anticipates that trading in the Company's shares on the AIM market of the London Stock Exchange will recommence.




Roy Pitchford, Chief Executive of the Company said, "I would like to take this opportunity, on behalf of the Company, to thank Roy Lander for his services to CAG and support he has provided to the Board, particularly during CAG's recent difficulties, and wish him well in his future endeavours. I would also like to welcome Bryce Fort to the Board and believe he will provide valuable assistance to CAG, particularly in view if his extensive investment experience in Africa."




Further information required by AIM Rules for Companies




The following information is provided in accordance with paragraph (g) of Schedule 2 of the AIM
Rules for Companies.




Mr. Fort, aged 30, is a director or has been a director of the following companies during the previous five years:




Current Directorships or partnerships
Past Directorships held within the last five years

Falcon Gold Zimbabwe Limited

Cellcom Limited

Wananchi Group Holdings Limited
none





There are no other matters which are required to be announced with regard to this appointment under paragraph (g) of Schedule 2 of the AIM Rules.




* * ENDS * *







For further information please visit www.centralafricangold.com or contact:




Roy Pitchford / Craig Campbell



Central African Gold Plc
Tel: [phone]

Tel: [phone]

Stuart Faulkner/ James Spinney



Strand Partners Limited
Tel: [phone]

Hugo de Salis / Felicity Edwards
St Brides Media and Finance Ltd
Tel: [phone]








Notes to Editors

Central African Gold Plc is an established gold mining company with a portfolio of production and exploration assets in Africa. The Company has two subsidiaries in Zimbabwe: Falcon Gold Zimbabwe Limited (84.7 per cent. owned) and Olympus Gold Mines Limited (100 per cent. owned); three joint ventures in Mali covering 17 prospective permits spanning approximately 2,600km² of the Birimian strata; and a 436km² licence in Botswana covering the extension of the Kraaipan greenstone belt from South Africa.


This information is provided by RNS
The company news service from the London Stock Exchange

END

[daytraders] 30/11/2009 14:44

posted last week

posted else where below,

some good news guys, i emailed Roy (CEO) and he responded immediately....

Christopher,

It has been a huge challenge sorting out CAG and the audit - accounting issues are now complete and the financials should be out soon.

Sorting out the funding is on going and progress is being made. As soon as we are able to, shareholders will be advised. I appreciate that it has been a difficult time. With limited staff and resources it has not been easy.

Regards

Roy

-----------------------------------------------------------------------
Glimer of hope it seems, with gold at such a high it would be in CAG's interest to get going again, and if they do come back with funding maybe just maybe it could be a sign to stay in, cheers for emailing the CEO and posting here.

[daytraders] 30/11/2009 14:40

pre - no that relates to what Investec bank took off us, so nothing has changed.

[pre] 30/11/2009 14:28

Cheers daytraders.....fantastic news of takeover by Nobel of Central African Gold Ghana....when the suspension is lifted we should see a firm move up imo:-)

[daytraders] 26/11/2009 12:43

Ok it seems the above news only relates to what CAN had to give back to Investec bank back in febuary, so were still good to go it seems from the last email from CEO Roy if all turns out ok.

[daytraders] 26/11/2009 12:18

ok guys some real news below.

Noble Mineral acquires Central African Gold Ghana

ov 25, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- IVBLY | Quote | Chart | News | PowerRating -- Noble Mineral Resources Limited, an Australia-based mineral exploration company, has acquired 100% of Central African Gold Ghana Limited (CAGG), an owner and operator of Bibiani gold mine and two exploration licences, from Investec Bank, Ltd.
Under the terms of the agreement, Noble will assume the existing obligations of CAGG. Investec has granted Noble a two-year moratorium on debt re-payments.

As part of the transaction, Noble will also acquire a mine site with mine workshops, accommodation, a hospital, a school, and a working fleet of light vehicles. Noble is planning to raise AUD5.4 million ($4.96 million) through a private placement to fund the transaction.

Deal Type Acquisition
Sub-Category 100% Acquisition
Deal Status Completed: 2009-11-25
Deal Participants

Target (Company) Central African Gold Ghana Limited
Acquirer (Company) Noble Mineral Resources Limited
Vendor (Company) Investec Bank, Ltd.

[daytraders] 24/11/2009 22:04

posted else where below,

some good news guys, i emailed Roy (CEO) and he responded immediately....

Christopher,
It has been a huge challenge sorting out CAG and the audit - accounting issues are now complete and the financials should be out soon.
Sorting out the funding is on going and progress is being made. As soon as we are able to, shareholders will be advised. I appreciate that it has been a difficult time. With limited staff and resources it has not been easy.
Regards
Roy

--------------------------------------------------------------------------------

Glimer of hope it seems, with gold at such a high it would be in CAG's interest to get going again, and if they do come back with funding maybe just maybe it could be a sign to stay in, cheers for emailing the CEO and posting here.

[pauladrew] 21/10/2009 22:18

I think this company is a shambles and shareholders (including myself) should put some pressure on the company and call for an EGM. It's nice to see some action groups on EEL and UEN appear to be getting somewhere. Shareholders of CAN should do the same.

[votich] 01/10/2009 11:36

The update raises some serious questions, despite the previous fund raising it appears the mnoey was insufficient, where did it go? Interesting points on iii board that the senior management could not afford to travel to Africa! Bet they have still been drawing a salary. Good example of the darker side of the AIM market, up to the regulators to protect shareholders but somehow I doubt anything will get done. Sure we all knew this was a speculative punt but no-one wants to be ripped off. Does not make the NOMAD look particularly good either

[daytraders] 01/10/2009 09:48

all over i think, have kissed my £5K goodbye, shame really seeing gold good price and trading in africa is in vogue it seems, if they do come back i will keep my shares thou.

[staddles] 01/10/2009 08:17

I would welcome peoples thoughts on the update, difficult to put a possitive spin on it.

[staddles] 16/9/2009 18:19

Thanks for the update, looks like we may be some time.........

[daytraders] 15/9/2009 12:59

over on iii board

Just got a response from Hugo (IR) regarding the AGM date..........

Dear RandR

Thank you for your enquiry, unfortunately we do not yet have a definitive date for when CAG's final results will be released to the market. As per the Aim Rules, as and when there is an update on the publication of the results, the market will be informed immediately via a formal RNS announcement. The last update to the market re the timings of results was on the 22 July 2009 stating that 'a resolution of the technical issues is still being sought and the work to produce the final results is ongoing. Accordingly, the Company is continuing to work with its auditor, KPMG Audit Plc, to seek a resolution to the technical issues and to finalise the Results.' With regards to the AGM itself, a date will be set once the results for the year to 31 December 2008 are finalised by the Company and the auditors. Accordingly, a further announcement will be made in due course.



Sorry we cannot be of more assistance,



Kindest regards

Hugo

[staddles] 15/9/2009 12:38

The flatline continues any chance of a jumpstart? We are now well past the deadline set by the company to ratify the accounts.

[daytraders] 07/9/2009 00:33

yeh agree it would be a shame if they dont come back.

[doolittle] 06/9/2009 20:47

In the current climate of softening attitudes in Zimbabwe ,gold prices and general sentiment this could well fly when it is finally readmitted .Good website site-worth a look.

[daytraders] 03/9/2009 18:26

no but they have AGM this month i think.

[staddles] 03/9/2009 18:15

Any news on when the suspension will be lifted?

[daytraders] 17/8/2009 11:04

RNS Number : 5331X
Central African Gold PLC
17 August 2009



Central African Gold Plc / Ticker: CAN / Market: AIM / Sub-sector: Gold Mining

17 August 2009

Central African Gold Plc ('CAG' or the 'Company')

Directorate Change



Central African Gold Plc, the AIM quoted gold mining and exploration company announces that Roy Lander will retire as Chairman of CAG at the annual general meeting, which it is anticipated will be convened in September 2009 (the 'AGM') for personal reasons.



The Company will be conducting a search for a new Chairman and, in the event that a successor to Roy Lander is not appointed at the AGM, Roy Pitchford will assume the role of acting Chairman.



Roy Pitchford, Chief Executive of the Company said, 'I would like to take this opportunity, on behalf of the Company, to thank Roy Lander for his services to CAG and for the support he has provided to the Board, particularly during CAG's recent difficulties, and wish him well in his future endeavours.'



* * ENDS * *



For further information please visit www.centralafricangold.com or contact:



Roy Pitchford / Craig Campbell



Central African Gold Plc

Tel: [phone]

Tel: [phone]

Stuart Faulkner/ James Spinney



Strand Partners Limited

Tel: [phone]

Hugo de Salis / Felicity Edwards

St Brides Media and Finance Ltd

Tel: [phone]





Notes to Editors

Central African Gold Plc is an established gold mining company with a portfolio of production and exploration assets in Africa. The Company has two subsidiaries in Zimbabwe: Falcon Gold Zimbabwe Limited (84.7 per cent. owned) and Olympus Gold Mines Limited (100 per cent. owned); two joint ventures in Mali covering 17 prospective permits spanning approximately 2,600km² of the Birimian strata; and a licence in Botswana covering the extension of the Kraaipan greenstone belt from South Africa.




This information is provided by RNS
The company news service from the London Stock Exchange

END

[staddles] 10/8/2009 18:13

This is dragging on anyone got any news?