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Caracal amends heads of terms with Cynergy, second payment due late August

15th August 2024

By: Sabrina Jardim

Senior Online Writer

     

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As an amendment to the heads of terms with Cynergy Global, London-listed Caracal Gold says the second tranche payment of $500 000 is now due by August 20.

Under Phase 1 of Cynergy's three phased investment into Caracal and its subsidiaries, Caracal received the first tranche payment under Phase 1 of $500 000 as announced on July 1.

After the second tranche has been received, Cynergy will receive 25% of Caracal Holdings, a wholly owned subsidiary of Caracal which will own 100% of Kilimapesa Gold and 99% of Tyacks Gold.

The funds under Phase 2 will be used for the Kilimapesa expansion project.

Caracal says all other details within the heads of terms on the subsequent financing arrangements with Cynergy remain unchanged.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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