Chaarat Gold Holdings Ltd Kapan Sale Completion (0289P)
07 October 2023 - 1:14AM
UK Regulatory
TIDMCGH
RNS Number : 0289P
Chaarat Gold Holdings Ltd
06 October 2023
6 October 2023
Chaarat Gold Holdings Limited
("Chaarat" or the "Company")
Kapan Sale Completion
Chaarat Gold (AIM: CGH), the AIM-quoted exploration and
development company with assets at various stages of development in
the Kyrgyz Republic, is pleased to confirm that its subsidiary,
Chaarat Gold International Limited (the "Seller"), has completed
the sale of its 100% owned Armenian subsidiary, Chaarat Kapan CJSC
("Kapan") , which owns the Kapan mining operation in Armenia to G
old M ining C ompany LLC (the "Buyer") .
Of the total consideration of US$55.4 million, US$0.5 million
was previously paid in cash as a deposit and US$4.5 million was
settled in cash upon completion. As previously announced, the
balance of US$50.4 million was settled upon completion by way of
the Buyer taking an assignment of an intra-group payable due from
the Seller to Kapan.
Pro-forma Group net debt is now approximately US$33.0 million,
having been reduced by US$13.8 million in respect of Kapan's
liabilities and receiving the US$4.5 million cash upon completion
.
Martin Andersson, Executive Chair of Chaarat, said:
"The sale allows Chaarat to focus on growth options through
advancing its Tulkubash and Kyzyltash development projects in the
Kyrgyz Republic as well as pursuing inorganic growth
opportunities."
Enquiries
+44 (0)20 7499
Chaarat Gold Holdings Limited 2612
Martin Andersson (Executive Chair) IR@chaarat.com
Canaccord Genuity Limited (NOMAD and + 44 (0)20 7523
Joint Broker) 8000
Henry Fitzgerald-O'Connor
James Asensio
Cavendish Capital Markets Limited (Joint +44 (0)20 7220
Broker) 0500
Neil McDonald
Panmure Gordon (UK) Limited (Joint + 44 (0)20 7886
Broker) 2500
John Prior
Hugh Rich
About Chaarat
Chaarat is an exploration and development company which owns the
Tulkubash and Kyzyltash gold projects in the Kyrgyz Republic. The
Company has a clear strategy to build a leading emerging markets
gold company through organic growth and selective M&A.
Chaarat aims to create value for its shareholders, employees and
communities from its high-quality gold and mineral deposits by
building relationships based on trust and operating to the best
environmental, social and employment standards. Further information
is available at www.chaarat.com .
ENDS
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END
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