Caledonia Mining Corporation Plc (“Caledonia” or the “Company”)
(NYSE AMERICAN: CMCL; AIM: CMCL) 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 PlcMark
LearmonthMaurice Mason |
Tel: +44 1534 679 802Tel: +44 759
078 1139 |
WH IrelandAdrian
Hadden/James Sinclair-Ford |
Tel: +44 20 7220 1751 |
BlytheweighTim
Blythe/Megan Ray |
Tel: +44 207 138 3204 |
3PPBPatrick
ChidleyPaul Durham |
Tel: +1 917 991 7701Tel: +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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