Chaarat Gold to raise at least $12m in placing
Aim-quoted gold mining company Chaarat will raise at least $12-million through the issue of new shares in the company at 26p a share.
The company, which has assets in Kyrgyzstan and Armenia, said on Wednesday that it already had commitments from its major shareholders, all board members and senior management to invest $12-million by way of fresh investment or conversion of existing debt in the placing and that it was open to receiving additional offers on the same terms.
In addition, Chaarat reported that it had finalised terms relating to the extension of its $17-million loan plus $2.4-million of accrued interest to a maturity date of December 31. The company has also finalised the compensation structure with Labro Investments in respect of the guarantee provided to secure the loan extension. The working capital facility provided by Labro has been extended to December 31.
Charaat noted that the proceeds of the placing, alongside the loan extension, would enable it to progress its construction schedule and drilling programme at Tulkubash during the summer season.
Moreover, the funds would also be used to further advance the high-grade Kyzyltash project, as well as accelerate selected merger and acquisition opportunities and reduce overall company indebtedness.
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