15 August
2024
Caracal Gold Plc
('Caracal' or the
'Company')
Strategic investment -
Amendment
Caracal Gold Plc, the East African gold
producer with over 1,300,000 oz JORC compliant gold resources,
announces an amendment to the Heads of Terms ("HOT") with Cynergy Global Ltd
("Cynergy"), as announced
on 21 June 2024.
Under Phase 1 of Cynergy's three phased
investment into Caracal and its subsidiaries, Caracal received the
first tranche payment under Phase 1 of USD $500,000 as announced on
1 July 2024.
It has been agreed with Cynergy that the second
tranche payment of USD $500,000 ("Second Tranche") will now be due by 20
August 2024 ("Phase 1 Completion
Date").
After the Second Tranche has been received,
Cynergy will receive 25% of Caracal Holdings Ltd ("CH"), a wholly owned subsidiary of
Caracal which will own 100% of Kilimapesa Gold Pty Ltd and 99% of
Tyacks Gold Ltd. The funds under Phase 2 will be used for the
Kilimapesa expansion project.
All other details within the HOT on the
subsequent financing arrangements with Cynergy remain
unchanged.
* * ENDS * *
For further information visit www.caracalgold.com or
contact the following:
|
Caracal Gold
plc
Robbie McCrae
Simon Grant-Rennick
|
robbie@kilimapesa.com
simon@caracalgold.com
|
|
VSA Capital
Limited
Financial Adviser and Broker
Andrew Raca (Corporate Finance)
|
+44 203 005 5000
|
|
DGWA,
the German Institute for Asset and
Equity
Allocation and Valuation
European Investor and Corporate Relations
Advisor
Katharina Löckinger
|
info@dgwa.org
|
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 owns 100% of Tyacks Gold Ltd which owns
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.
