Caracal Gold PLC Tanzania Completion Update (6178D)
June 22 2023 - 6:22AM
UK Regulatory
TIDMGCAT
RNS Number : 6178D
Caracal Gold PLC
22 June 2023
22 June 2023
Caracal Gold plc
('Caracal' or the 'Company')
Tanzania Completion Update
Caracal Gold PLC, the expanding East African gold producer with
over 1,300,000oz JORC compliant gold resources, makes the following
updates.
On 22 May 2022 the Company signed an acquisition agreement (the
"Acquisition Agreement") with Mr. John Mark Stanley and Mr.
Nicholas Clarke (the "Vendors") for the purchase of the Nyakafuru
Gold Project in Tanzania.
The Acquisition Agreement contained consideration terms
including certain deferred payments and a net smelter royalty, (the
"Consideration") as set out in the Company's announcement of 31 May
2022.
On 21 June 2023 it was agreed to settle all outstanding amounts
due to the Vendors under the Acquisition Agreement through the
issuance of 133,333,334 shares in full and final settlement of the
Consideration, the ("Consideration Shares").
It should be noted that the Consideration Shares, when issued,
will be fully paid and will rank pari passu in all respects with
the existing ordinary shares. On 15 May 2023, the Company announced
that it had submitted a draft prospectus to the Financial Conduct
Authority for approval. The Company continues to work with its
advisers to seek approval of the prospectus by the Financial
Conduct Authority. It is intended that the Subscription Shares will
be admitted to trading on the Standard Segment of the Main Market
of the London Stock Exchange ("Admission") conditional only on the
publication of the Company's prospectus. Further details of
Admission will be included in the Company's prospectus when it is
published.
Robert McCrae, Chief Executive commented:
"Closing out the acquisition of the Nyakafuru project is a key
step to allow us to finalize the Joint Venture for the development
of the project, we look forward to providing the details of the
Joint Venture to the market in the near future."
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.
* * ENDS * *
For further information visit www.caracalgold.com or contact the
following:
Caracal Gold plc
Robbie McCrae robbie@kilimapesa.com
VSA Capital Ltd
Financial Adviser and Broker
Andrew Raca (Corporate Finance) +44 203 005 5000
------------------------
DGWA, the German Institute for info@dgwa.org
Asset and
Equity Allocation and Valuation
European Investor and Corporate
Relations Advisor
Katharina Löckinger
------------------------
Notes:
Caracal Gold plc is an expanding East African focused gold
producer with a clear path to grow production and resources both
organically and through strategic acquisitions. Its aim is to
rapidly increase production to +50,000ozs p.a. and build a JORC
compliant resource base of +3Moz. The company is progressing a
well-defined mine optimisation strategy at its 100% owned
Kilimapesa Gold Mine in Kenya, where there is significant mid-term
expansion potential and the ability to increase gold production to
24,000oz p.a. and the resource to +2Moz (current JORC compliant
resources of approx. 706,000oz). Alongside this, Caracal is
undertaking a targeted exploration programme at the Nyakafuru
Project in Tanzania, which has an established high-grade shallow
gold resource of 658,751oz at 2.08g/t contained within four
deposits over 280 km2 and appears amenable to development as a
large scale conventional open pit operation.
Caracal's experienced team has a proven track record in
successfully developing and operating mining projects throughout
Africa.
The Company is a responsible mining and exploration company and
supports the positive social and economic change that it
contributes to the communities in the regions that it operates. It
is a proudly East African-focused company: it buys locally, employs
locally, and protects the environment and its employees and their
families' health, safety, and wellbeing.
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END
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