TIDMCGH
RNS Number : 2960G
Chaarat Gold Holdings Ltd
28 February 2018
Not for release, publication or distribution to United States
newswire services or for release, publication or dissemination in
the United States AND DOES NOT CONSTITUTE AN OFFER OF THE
SECURITIES HEREIN.
This press release does not constitute an offer to sell, or a
solicitation of an offer to buy, securities in the United States or
any other jurisdiction. Any securities described in this press
release have not been, and will not be, registered under the US
Securities Act of 1933, as amended, and may not be offered or sold
in the United States or to a U.S. person (as defined in Regulation
S under the US Securities Act) except in transactions exempt from,
or not subject to, registration under the US Securities Act and
applicable US state securities laws. There will be no public
offering of the securities in the United States.
Chaarat Gold Holdings Limited
("Chaarat" or "the Company")
Update on funds raised to advance the Tulkubash Heap Leach
Project
Road Town, Tortola, British Virgin Islands (28(th) February
2018)
On 18 December 2017, Chaarat (AIM:CGH) announced that the Board
had decided to conduct a private placing to raise up to US$20
million through a mixture of equity at a price of 25 pence per new
Chaarat ordinary share ("Share") and short term Senior Secured
Convertible Loan Notes (the "Notes") with a conversion price of 33
pence per share (the "Issue").
As previously announced, the Company has to date received
settlement funds totalling US$11,362,250, of which US$6,412,250
represents 19,141,044 Shares issued to date, and US$4,950,000
represents Notes issued to date in that amount.
In addition to those funds, the directors and management of the
Company have together provided expressions of interest totalling
US$3,637,750 in respect of Shares and Notes. This means that as at
today, the Company has received US$15,000,000 in committed funds or
funding commitments in respect of the Issue.
The Company is awaiting final responses from certain potential
investors who have previously expressed interest in the Issue.
Further Shares and/or Notes may be issued in the near future, and
in any case by no later than 30 March 2018, for a total value not
exceeding US$5m (which would bring the total value of the Issue to
$20m) if further interest in the Issue materialises.
The Company expects to publish its Feasibility Study on the
Tulkubash oxide resource in April. Detailed engineering is already
well underway and is being undertaken in parallel with the
Feasibility Study. Following completion of this Study, the Company
will be evaluating various financing scenarios that will enable
construction to begin during the summer of 2018 with the objective
of initial gold production in early 2020.
The Company's recently completed resource update, as announced
on 31(st) January 2018, has served to further validate the
Company's belief in the upside exploration potential of the
Tulkubash oxide zone. Any contemplated financing, expected to occur
in Q2 2018, will include a significant allocation for exploration
drilling to add to the oxide resource, with an anticipated budget
at least equal to that of 2017 and possibly significantly
higher.
The information contained within this announcement is deemed to
constitute inside information for the purposes of Article 7 of the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
Enquiries:
Chaarat Gold Holdings Limited + 44 (0) 20 7499 2612
Martin Andersson - Chairman info@chaarat.com
Linda Naylor - FD/Company Secretary
Numis Securities Limited +44 (0) 20 7260 1000
John Prior, Paul Gillam (NOMAD)
James Black (Corporate Broking)
BMO Capital Markets Limited +44 (0) 20 7236 1010
Jeffrey Couch, Neil Haycock,
Thomas Rider (Joint Broker)
Blytheweigh (Financial PR) +44 (0) 20 7138 3204
Tim Blythe
Camilla Horsfall
NOTES TO EDITORS:
About Chaarat Gold
Chaarat Gold is an exploration and development company operating
in the Kyrgyz Republic with a large, high grade resource - the
Chaarat Gold Project. The Company's key objective is to become a
long term, low-cost gold producer.
Chaarat aims to create value for its shareholders, employees and
communities in the Kyrgyz Republic by building relationships based
on trust and operating to the best environmental, social and
employment standards.
Further information is available at www.chaarat.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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February 28, 2018 11:36 ET (16:36 GMT)
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