Chaarat Gold Holdings Ltd Update on Potential Investment (5179F)
July 10 2023 - 7:00AM
UK Regulatory
TIDMCGH
RNS Number : 5179F
Chaarat Gold Holdings Ltd
10 July 2023
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
FOR IMMEDIATE RELEASE
10 July 2023
Chaarat Gold Holdings Limited
("Chaarat" or the "Company")
Update on Potential Investment
Chaarat Gold (AIM: CGH), the AIM-quoted gold mining company with
an operating mine in Armenia, and assets at various stages of
development in the Kyrgyz Republic, is pleased to announce that
progress continues to be made towards completion of the potential
equity investment of US$250 million (the "Investment") from Xiwang
International Company Limited ("Xiwang").
As announced on 1 June 2023, Chaarat and Xiwang entered into a
conditional preliminary investment agreement (the "PIA") and a
strategic co-operation agreement in relation to the potential
Investment which it is proposed will be in the form of a new issue
of shares in Chaarat at a price of GBP0.20 per share, resulting in
Xiwang holding approximately 60% of the shares in Chaarat(#) .
Completion of the potential Investment is contingent upon
meeting several conditions by the end of July 2023. These
conditions include corporate and regulatory approvals which, given
minimum required notice periods, are now unlikely to be obtained in
full by the original target date of 30 July 2023. The Company and
Xiwang are discussing a new target date for satisfaction of these
conditions and consequential completion. 30 July 2023 continues to
be the target date for satisfaction of all other conditions.
The PIA and strategic cooperation agreement are still both
conditional. There is no guarantee at this stage that the proposed
Investment will be completed. Further announcements will be made as
appropriate.
Note
(#) The exact number of shares to be issued will be determined
by reference to the USGBP-GBGBP exchange rate on the date of
completion.
Enquiries
Chaarat Gold Holdings Limited +44 (0)20 7499 2612
Mike Fraser (Chief Executive Officer) ir@chaarat.com
Canaccord Genuity Limited (NOMAD and
Joint Broker) + 44 (0)20 7523 8000
Henry Fitzgerald-O'Connor
James Asensio
finnCap Limited (Joint Broker) +44 (0)20 7220 0500
Christopher Raggett
Panmure Gordon (UK) Limited (Joint Broker) +44 (0)20 7886 2500
John Prior
Hugh Rich
About Chaarat
Chaarat is a gold mining company which owns the Kapan operating
mine in Armenia as well as Tulkubash and Kyzyltash Gold Projects in
the Kyrgyz Republic. The Company has a clear strategy to build a
leading emerging markets gold company through organic growth and
selective M&A.
Chaarat aims to create value for its shareholders, employees,
and communities from its high-quality gold and mineral deposits by
building relationships based on trust and operating to the best
environmental, social, and employment standards. Further
information is available at www.chaarat.com .
About Xiwang
Xiwang International Company Ltd (Xiwang) is an investment
company incorporated in the British Virgin Islands. As part of its
long-term strategic investment plan, Xiwang is looking to create a
significant portfolio of mining assets and resources on a global
basis by partnering with and providing funding to listed public
operating companies with strong governance, focussed on disciplined
capital allocation and shareholder value creation.
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END
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