East African gold producer Caracal Gold has raised £140 000 by way of a subscription through the issue of 46.7-million new ordinary shares in the company, to be used for working capital at its 100%-owned Kilimapesa gold mine, in Kenya, and for various corporate costs including annual audit, prospectus costs and funding-related costs.
Caracal is progressing a mine optimisation strategy at Kilimapesa, where it sees considerable expansion potential and the ability to increase gold production to 24 000 oz/y in the medium term.