Chaarat Gold Holdings Ltd Issue of Equity (1352A)
22 December 2017 - 3:25AM
UK Regulatory
TIDMCGH
RNS Number : 1352A
Chaarat Gold Holdings Ltd
21 December 2017
Not for release, publication or distribution to United States
newswire services or for release, publication or dissemination in
the United States AND DOES NOT CONSTITUTE AN OFFER OF THE
SECURITIES HEREIN.
This press release does not constitute an offer to sell, or a
solicitation of an offer to buy, securities in the United States or
any other jurisdiction. Any securities described in this press
release have not been, and will not be, registered under the US
Securities Act of 1933, as amended, and may not be offered or sold
in the United States or to a U.S. person (as defined in Regulation
S under the US Securities Act) except in transactions exempt from,
or not subject to, registration under the US Securities Act and
applicable US state securities laws. There will be no public
offering of the securities in the United States.
Chaarat Gold Holdings Limited
("Chaarat" or "the Company")
Admission of 4,611,940 Shares to trading to use 2017 authority
to allot Shares
Road Town, Tortola, British Virgin Islands (21 December
2017).
As announced on 18 December 2017, Chaarat (AIM:CGH) is
conducting a private placing to raise up to US$20 million. The
funds will be raised through a mixture of equity (at a price of 25
pence per Chaarat ordinary share ("Share")) and short term Senior
Secured Convertible Loan Notes ("Notes") with a conversion price of
33 pence per share (the "Issue") in order to optimise the
development of the Tulkubash heap leach project and ensure
efficient execution of the construction schedule, while also
allowing for continued exploration of the oxide deposit during
2018.
As at 17 December 2017 commitments from investors and
expressions of interest from directors and management had been
received in respect of US$9.8 million in Shares and US$5.2 million
in Notes, which at US$15 million represents 75 per cent of the
total anticipated Issue. Additional commitments continue to be
received from investors and the second and final tranche of Shares,
as well as the issue of the Notes, is expected to be settled by 31
January 2018. A further announcement in relation to the Issue will
be made at that time.
As at 20 December 2017 the Company has received settlement funds
of US$1.545m representing an initial tranche of 4,611,940 Shares
which was expected to be settled before the end of December 2017.
As a consequence, application has been made for admission of the
Shares to trading on AIM in order to use the 2017 authority to
allot shares available to the Company as set out in the Company's
Articles of Association (the "Authority"). Further issues of Shares
forming part of the second tranche of Shares will be made under the
2018 Authority.
Admission of the 4,611,940 Shares is expected to take place on
29 December 2017.
The information contained within this announcement is deemed to
constitute inside information for the purposes of Article 7 of the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
Enquiries:
Chaarat Gold Holdings Limited + 44 (0) 20 7499 2612
Martin Andersson - Chairman info@chaarat.com
Linda Naylor - FD/Company Secretary
Numis Securities Limited +44 (0) 20 7260 1000
John Prior, Paul Gillam (NOMAD)
Further information relating to the Placing
The Shares have been issued and allotted as fully paid and will
rank pari passu with the existing Ordinary Shares.
Following Admission of the shares, the Company's existing issued
share capital will increase from 351,865,832 Shares to 356,477,772
Shares and the total number of voting rights will be 356,477,772
(the "Total Voting Rights").
The Total Voting Rights figure may be used by shareholders as
the denominator for any calculation by which they will determine
whether or not they are required to notify their interests in, or a
change to their interest in, the issued share capital of the
Company.
NOTES TO EDITORS:
About Chaarat Gold
Chaarat Gold is an exploration and development company operating
in the Kyrgyz Republic with a large, high grade resource - the
Chaarat Gold Project. The Company's key objective is to become a
long term, low-cost gold producer.
Chaarat aims to create value for its shareholders, employees and
communities in the Kyrgyz Republic by building relationships based
on trust and operating to the best environmental, social and
employment standards.
Further information is available at www.chaarat.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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