TIDMCMCL
RNS Number : 9421T
Caledonia Mining Corporation PLC
24 July 2020
Caledonia Mining Corporation Plc
Block Listing Application and "At The Market" Sales
Agreement
(NYSE AMERICAN: CMCL; AIM: CMCL)
St Helier, July 24, 2020 - Caledonia Mining Corporation Plc
("Caledonia" or the "Company") today announces that it has entered
into an "At the Market" or "ATM" sales agreement with Cantor
Fitzgerald & Co ("Cantor") (the "ATM Sales Agreement"),
pursuant to which the Company may, at its discretion from time to
time, sell up to US$13m worth of shares. Any sales of shares would
occur by means of ordinary brokers' transactions or block trades,
with sales only being made on the NYSE American at market prices.
Caledonia expects to use the amount of any net proceeds from the
sales for investment in the construction of a solar power plant to
supply electricity to Blanket Mine in Zimbabwe.
Cantor, acting as sales agent, may conduct sales for the benefit
of the Company should the Company elect to initiate a transaction
or transactions, dependent on market conditions and such other
terms as the Company may specify. It is possible, and indeed
likely, that multiple transactions could be effected under the ATM
Sales Agreement over time. The ATM Sales Agreement is not a formal
placing and any potential sales of new shares are not underwritten
by the sales agent.
Accordingly an application has been made to AIM for a block
admission in respect of up to 800,000 new depositary interests
representing the same number of shares in the share capital of the
Company which will rank pari passu with the existing shares in
issue. It is expected that the block admission will become
effective on 27 July 2020. These new shares will be issued and
allotted from time to time to settle any sales conducted under the
ATM Sales Agreement.
Following admission, the Company's issued share capital remains
unchanged at 11,520,860 . The Company will make six-monthly
announcements of the utilisation of the block admission, in line
with its obligations under AIM Rule 29.
Caledonia Mining Corporation Plc
Mark Learmonth Tel: +44 1534 679 802
Maurice Mason Tel: +44 759 078 1139
WH Ireland Tel: +44 20 7220 1751
Adrian Hadden/James Sinclair-Ford
Blytheweigh Tel: +44 207 138 3204
Tim Blythe/Camilla Horsfall/Megan
Ray
3PPB
Patrick Chidley Tel: +1 917 991 7701
Paul Durham Tel: +1 203 940 2538
Note: This announcement contains inside information which is
disclosed in accordance with the Market Abuse Regulation (EU) No.
596/2014 .
Cautionary Note Concerning Forward-Looking Information
Information and statements contained in this news release that
are not historical facts are "forward-looking information" within
the meaning of applicable securities legislation that involve risks
and uncertainties relating, but not limited to Caledonia's current
expectations, intentions, plans, and beliefs. Forward-looking
information can often be identified by forward-looking words such
as "anticipate", "believe", "expect", "goal", "plan", "target",
"intend", "estimate", "could", "should", "may" and "will" or the
negative of these terms or similar words suggesting future
outcomes, or other expectations, beliefs, plans, objectives,
assumptions, intentions or statements about future events or
performance. Examples of forward-looking information in this news
release include: production guidance, estimates of future/targeted
production rates, and our plans and timing regarding further
exploration and drilling and development. This forward-looking
information is based, in part, on assumptions and factors that may
change or prove to be incorrect, thus causing actual results,
performance or achievements to be materially different from those
expressed or implied by forward-looking information. Such factors
and assumptions include, but are not limited to: failure to
establish estimated resources and reserves, the grade and recovery
of ore which is mined varying from estimates, success of future
exploration and drilling programs, reliability of drilling,
sampling and assay data, assumptions regarding the
representativeness of mineralization being inaccurate, success of
planned metallurgical test-work, capital and operating costs
varying significantly from estimates, delays in obtaining or
failures to obtain required governmental, environmental or other
project approvals, inflation, changes in exchange rates,
fluctuations in commodity prices, delays in the development of
projects and other factors.
Security holders, potential security holders and other
prospective investors should be aware that these statements are
subject to known and unknown risks, uncertainties and other factors
that could cause actual results to differ materially from those
suggested by the forward-looking statements. Such factors include,
but are not limited to: risks relating to estimates of mineral
reserves and mineral resources proving to be inaccurate,
fluctuations in gold price, risks and hazards associated with the
business of mineral exploration, development and mining, risks
relating to the credit worthiness or financial condition of
suppliers, refiners and other parties with whom the Company does
business; inadequate insurance, or inability to obtain insurance,
to cover these risks and hazards, employee relations; relationships
with and claims by local communities and indigenous populations;
political risk; availability and increasing costs associated with
mining inputs and labour; the speculative nature of mineral
exploration and development, including the risks of obtaining or
maintaining necessary licenses and permits, diminishing quantities
or grades of mineral reserves as mining occurs; global financial
condition, the actual results of current exploration activities,
changes to conclusions of economic evaluations, and changes in
project parameters to deal with unanticipated economic or other
factors, risks of increased capital and operating costs,
environmental, safety or regulatory risks, expropriation, the
Company's title to properties including ownership thereof,
increased competition in the mining industry for properties,
equipment, qualified personnel and their costs, risks relating to
the uncertainty of timing of events including targeted production
rate increase and currency fluctuations. Security holders,
potential security holders and other prospective investors are
cautioned not to place undue reliance on forward-looking
information. By its nature, forward-looking information involves
numerous assumptions, inherent risks and uncertainties, both
general and specific, that contribute to the possibility that the
predictions, forecasts, projections and various future events will
not occur. Caledonia undertakes no obligation to update publicly or
otherwise revise any forward-looking information whether as a
result of new information, future events or other such factors
which affect this information, except as required by law.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCQXLFLBDLFBBE
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