Caledonia Mining Corporation Plc (NYSE AMERICAN: CMCL; AIM: CMCL)
(“Caledonia” or the “Company”) is delighted to announce that in
respect of its Victoria Falls Stock Exchange (“VFEX”) listing, due
to extremely positive Zimbabwe investor response, Caledonia has
decided to raise more funds than originally anticipated and
therefore to issue more shares.
At the offer price of US$12.64 per depositary
receipt, Caledonia expects to issue up to approximately 630,000 new
shares, raising approximately $7.96million (before expenses). The
proceeds of the offer will be used for general corporate purposes
in Zimbabwe.
As announced on July 8, 2021 one of the benefits
of a listing of depositary receipts representing the Company's
shares on the Victoria Falls Stock Exchange ("VFEX") in Zimbabwe is
an improvement in the proportion of the revenues received in US
dollars for gold produced at the Company's majority owned Blanket
Mine. The Company looks forward to benefitting from this
development going forward.
The admission of new shares, listing and
dealings are expected to occur on or about December 2, 2021.
Commenting on the fund raise and
anticipated listing on the VFEX, Steve Curtis, Chief Executive
Officer, said:
“The support from Zimbabwe investors has been
extremely encouraging and reinforces our belief that this listing
is an important milestone, welcoming new shareholders, with a
mutual desire for investment in Zimbabwe and who have not, until
now, been able to participate in Caledonia’s growth journey.
“The VFEX listing will also enable Caledonia to
progress with its next phase of development. The access to 100 per
cent USD revenue for incremental gold sales will assist Blanket,
and any other new mine Caledonia develops, and will attract
investors who are confident that Zimbabwe is a competitive
investment environment capable of delivering attractive
returns.
“The anticipated listing highlights our
continued commitment to Zimbabwe. We are excited about this next
stage, and I would like to thank everybody for their continued
support.”
Caledonia will announce the exact number of new
shares, and depositary receipts, to be issued once subscription
monies have been deposited and formalities have been completed in
the next few days. Once the securities are issued, the Company’s
depositary in Zimbabwe will liaise with the VFEX to have the
depositary receipts admitted to electronic trading in Zimbabwe and
dealings will commence. The listing and dealings are expected to
occur on or about December 2, 2021.
Caledonia Mining Corporation Plc |
|
Mark Learmonth |
Tel: +44 1534 679
802 |
Camilla Horsfall |
Tel: +44 7817
841793 |
|
|
WH Ireland |
|
Adrian Hadden/ Andrew De
Andrade |
Tel: +44 20 7220
1751 |
|
|
Blytheweigh Financial
PR |
|
Tim Blythe/Megan Ray |
Tel: +44 207 138
3204 |
|
|
3PPB |
|
Patrick Chidley |
Tel: +1 917 991 7701 |
Paul Durham |
Tel: +1 203 940 2538 |
|
|
Curate Public Relations
(Zimbabwe) |
|
Debra Tatenda |
Tel: +263 77802131 |
The information contained within this
announcement is deemed by the Company to constitute inside
information under the Market Abuse Regulation (EU) No.
596/2014 (“MAR”) as it forms part
of UK domestic law by virtue of the European Union (Withdrawal) Act
2018 and is disclosed in accordance with the
Company's obligations under Article 17 of
MAR.Cautionary Note Concerning Forward-Looking
Information
Information and
statements contained in this news release that are not historical
facts are "forward-looking information","financial outlooks" or
"future oriented financial information" (collectively,
"forward-looking information") within" 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, construction plans,
financial and shareholders returns on investment in construction
projects and electricity production/supply to the mine. 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, the completion of construction projects,
the proposed benefits from construction projects and other
factors.
To the extent any
forward-looking information herein constitutes a financial outlook
or future oriented financial information,any such statement is made
as of the date hereof and included herein to provide prospective
investors with an understanding of the Company's construction plans
and assumptions. Security holders, potential security holders and
other prospective investors are cautioned that such information may
not be appropriate for other purposes and 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,
contractors 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; risks related to natural disasters, terrorism, civil
unrest, public health concerns (including health epidemics or
outbreaks of communicable diseases such as the coronavirus
(COVID-19)); 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, construction activity and currency fluctuations.
Security holders, potential security holders and other prospective
investors are cautioned that the assumptions used in the
preparation of such forward-looking information, although
considered reasonable at the time of preparation, may prove to be
imprecise and, accordingly, they should not place undue reliance on
such 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.
This news release is not an offer of the shares
of Caledonia for sale in the United States or elsewhere. This news
release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of the shares of
Caledonia, in any province, state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of such province, state
or jurisdiction.
LINE (NYSE:LN)
Historical Stock Chart
From Aug 2024 to Sep 2024
LINE (NYSE:LN)
Historical Stock Chart
From Sep 2023 to Sep 2024