TIDMCMCL
RNS Number : 0033Y
Caledonia Mining Corporation PLC
04 September 2020
Caledonia Mining Corporation Plc
Completion of ATM Fund-Raising for Solar Project, Block
Admission Cancellation and Block Admission Return
(NYSE AMERICAN: CMCL; AIM: CMCL)
St Helier, September 4, 2020 - Caledonia Mining Corporation Plc
("Caledonia" or the "Company") today announces that, further to its
announcement on July 24, 2020 relating to a block admission
application and an "At the Market" or "ATM" sales agreement with
Cantor Fitzgerald & Co (the "ATM Sales Agreement"), the Company
has now raised US$13m pursuant to the ATM Sales Agreement through
the sale and issue of 597,963 shares in the Company (the "ATM
Shares").
Following issue of the ATM Shares, the Company has a total
number of shares in issue of 12,118,823 common shares of no par
value each. Caledonia has no shares in treasury; therefore, this
figure may be used by holders as the denominator for the
calculations by which they determine if they are required to notify
their interest in, or a change to their interest in, the
Company.
As disclosed in the announcement on July 24, 2020, application
was made to AIM for a block admission in respect of up to 800,000
new depositary interests representing the same number of shares in
the share capital of the Company which will rank pari passu with
the existing shares in issue.
Given that the Company has now raised the maximum amount of
funds sought under the ATM Sales Agreement through the issue of the
ATM Shares, the Company has cancelled the remaining portion of the
block admission (202,037 depositary interests) effective as at
September 7, 2020, representing the surplus shares that are not
required to be sold and issued under the ATM Sales Agreement.
As previously mentioned, Caledonia expects to use the amount of
net proceeds from the sales for investment in the construction of a
solar power plant to supply electricity to Blanket Mine in
Zimbabwe.
In accordance with AIM Rule 29 and Schedule 6 of the AIM Rules
for Companies and in full satisfaction of the Company's obligation
to make announcements of the utilisation of the block admission,
the Company makes the following notification regarding its block
admission facility:
(a) Name of company
Caledonia Mining Corporation Plc
(b) Name of the scheme
At the Market Sales Agreement
(c) Period of return
From July 27, 2020 to September 7, 2020
(d) Number and class of securities not issued under scheme
202,037 common shares of no par value each and an equal number
of depositary interests
(e) Number of securities issued under scheme during period
597,963 common shares of no par value each
(f) Balance under the scheme of securities not yet issued at the end of the period
202,037 common shares of no par value each and an equal number
of depositary interests
(g) Number and class of securities originally admitted and the date of admission
800,000 depositary interests in common shares of no par value -
July 27, 2020
(h) Contact name(s) and telephone number(s)
Caledonia Mining Corporation
Plc Tel: +44 1534 679 802
Mark Learmonth Tel: +44 759 078 1139
Maurice Mason
WH Ireland Tel: +44 20 7220 1751
Adrian Hadden/James Sinclair-Ford
Blytheweigh Tel: +44 207 138 3204
Tim Blythe/Megan Ray
3PPB
Patrick Chidley Tel: +1 917 991 7701
Paul Durham Tel: +1 203 940 2538
Note: This announcement contains inside information which is
disclosed in accordance with the Market Abuse Regulation (EU) No.
596/2014 .
Cautionary Note Concerning Forward-Looking Information
Information and statements contained in this news release that
are not historical facts are "forward-looking information" within
the meaning of applicable securities legislation that involve risks
and uncertainties relating, but not limited to Caledonia's current
expectations, intentions, plans, and beliefs. Forward-looking
information can often be identified by forward-looking words such
as "anticipate", "believe", "expect", "goal", "plan", "target",
"intend", "estimate", "could", "should", "may" and "will" or the
negative of these terms or similar words suggesting future
outcomes, or other expectations, beliefs, plans, objectives,
assumptions, intentions or statements about future events or
performance. Examples of forward-looking information in this news
release include: production guidance, estimates of future/targeted
production rates, and our plans and timing regarding further
exploration and drilling and development. This forward-looking
information is based, in part, on assumptions and factors that may
change or prove to be incorrect, thus causing actual results,
performance or achievements to be materially different from those
expressed or implied by forward-looking information. Such factors
and assumptions include, but are not limited to: failure to
establish estimated resources and reserves, the grade and recovery
of ore which is mined varying from estimates, success of future
exploration and drilling programs, reliability of drilling,
sampling and assay data, assumptions regarding the
representativeness of mineralization being inaccurate, success of
planned metallurgical test-work, capital and operating costs
varying significantly from estimates, delays in obtaining or
failures to obtain required governmental, environmental or other
project approvals, inflation, changes in exchange rates,
fluctuations in commodity prices, delays in the development of
projects and other factors.
Security holders, potential security holders and other
prospective investors should be aware that these statements are
subject to known and unknown risks, uncertainties and other factors
that could cause actual results to differ materially from those
suggested by the forward-looking statements. Such factors include,
but are not limited to: risks relating to estimates of mineral
reserves and mineral resources proving to be inaccurate,
fluctuations in gold price, risks and hazards associated with the
business of mineral exploration, development and mining, risks
relating to the credit worthiness or financial condition of
suppliers, refiners and other parties with whom the Company does
business; inadequate insurance, or inability to obtain insurance,
to cover these risks and hazards, employee relations; relationships
with and claims by local communities and indigenous populations;
political risk; availability and increasing costs associated with
mining inputs and labour; the speculative nature of mineral
exploration and development, including the risks of obtaining or
maintaining necessary licenses and permits, diminishing quantities
or grades of mineral reserves as mining occurs; global financial
condition, the actual results of current exploration activities,
changes to conclusions of economic evaluations, and changes in
project parameters to deal with unanticipated economic or other
factors, risks of increased capital and operating costs,
environmental, safety or regulatory risks, expropriation, the
Company's title to properties including ownership thereof,
increased competition in the mining industry for properties,
equipment, qualified personnel and their costs, risks relating to
the uncertainty of timing of events including targeted production
rate increase and currency fluctuations. Security holders,
potential security holders and other prospective investors are
cautioned not to place undue reliance on forward-looking
information. By its nature, forward-looking information involves
numerous assumptions, inherent risks and uncertainties, both
general and specific, that contribute to the possibility that the
predictions, forecasts, projections and various future events will
not occur. Caledonia undertakes no obligation to update publicly or
otherwise revise any forward-looking information whether as a
result of new information, future events or other such factors
which affect this information, except as required by law.
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END
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