Caledonia enters into ATM transaction with Cantor Fitzgerald & Co

18th May 2023

By: Creamer Media Reporter


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Gold miner Caledonia Mining Corporation has entered into an at the market (ATM) sales agreement with Cantor Fitzgerald & Co, pursuant to which Caledonia may, at its discretion, from time to time, sell up to $30-million worth of shares.

Any sales of shares would occur by means of ordinary brokers' transactions or block trades, with sales only being made on the NYSE American at market prices.

Caledonia expects to use the amount of any net proceeds from the sales for investment in the development of the Bilboes sulphide project, in Zimbabwe.

Cantor, acting as sales agent, may conduct sales for the benefit of Caledonia should it elect to initiate a transaction or transactions, dependent on market conditions.

Caledonia says multiple transactions may be effected under the ATM agreement over time.

The gold miner operates the Blanket mine, in Zimbabwe, and in January acquired the Bilboes project. The project has National Instrument 43-101-compliant proven and probable mineral reserves of 1.96-million ounces of gold in 26.64-million tonnes at a grade of 2.29 g/t, measured and indicated mineral resources of 2.56-million ounces of gold in 35.18-million tonnes at a grade of 2.26 g/t and inferred mineral resources of 577 000 oz of gold in 9.48-million tonnes at a grade of 1.89 g/t.

Caledonia in November 2022 also acquired the Motapa gold exploration project – a large exploration property contiguous to the Bilboes gold project. The company believes the proximity to Bilboes will allow prospects of synergies in the evaluation of the geological potential for Motapa and, in due course, gold processing operations in the mining areas.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online



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