Caracal Gold plc, the expanding East African gold producer with over 1,300,000oz JORC-compliant gold resources, is pleased to announce that it has secured non-dilutive financing of US$3m through a pre-paid gold purchase agreement.
This follows the securing of an initial US$10.5m conditional non-dilutive financing through a pre-paid gold purchase agreement announced on 29 November 2022.
Kilimapesa Gold Pty Ltd (‘KPG’), the 100% owned Kenyan operating subsidiary of Caracal, has entered into a pre-paid gold purchase agreement with a contract price totalling up to US$3m with Philoro Global Trading AG (‘Philoro’). The total contract price will be made available to KPG in a single tranche US$3m to be drawn on or before 31st December 2022. The contract price is repayable in six equal instalments commencing immediately. The gold delivered is sold at the spot price of the day at the time of the transaction and is subject to a minimal discount and refining fee.
Robbie McCrae, CEO of Caracal commented: “This second non-dilutive financing further strengthens Caracal’s cash position bringing the total raised in the last two weeks to US$13.5m. Attracting these two new high-calibre partners, OCIM and Philoro, is testament to the vast potential Caracal offers as it focuses on becoming a +50,000oz per annum producer with +3moz in resources. We can now concentrate on the final push to deliver on our initial production target of 24,000oz per annum, whilst continuing to advance our regional exploration efforts in Kenya to ultimately build the life of mine and value potential. Alongside this, we are excited by the development opportunity Nyakafuru in Tanzania offers and look forward to progressing our targeted exploration programme to support a Preliminary Economic Assessment .”
Further information about Philoro Global Trading AG can be found at www.philoro-global.com.
**ENDS**
For further information visit www.caracalgold.com or contact the following:
Caracal Gold plc
Robbie McCrae
