NYSE American- and Aim-listed Caledonia Mining Corporation has decided to raise more funds, and thereby issue more shares, than originally anticipated when it lists on the Victoria Falls Stock Exchange.
Caledonia expects to raise about $7.96-million through the issue of 630 000 new shares and will use the proceeds for corporate purposes.
The listing is expected to occur on or about December 2.
Caledonia owns the Blanket gold mine in Zimbabwe.
CEO Steve Curtis says the support from Zimbabwean investors has been extremely encouraging and reinforces Caledonia’s belief that this listing is an important milestone, which welcomes new shareholders with a mutual desire for investment in Zimbabwe and who have not, until now, been able to participate in Caledonia’s growth journey.
“The new listing will also enable Caledonia to progress with its next phase of development.
“The access to 100% US dollar revenue for incremental gold sales will assist Blanket, and any other new mine Caledonia develops, and will attract investors who are confident that Zimbabwe is a competitive investment environment capable of delivering attractive returns,” he explains.