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.”
