Oliver Hasler, executive chairman of PYX Resources, presents 1H24 Results. Watch the interview here.
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Watson Farley & Williams (“WFW”) advised long-term client Chaarat Gold Holdings Limited (“Chaarat”) on the US$19.8m recapitalisation of all interest and fees owed on its existing convertible loan notes, the extension of the loan note maturity date and the provision of a new US$5m working capital facility.
The recapitalisation enables Chaarat to reduce its existing liabilities by over 50% to under US$20m and provides working capital for the company to continue its focus on maximising the value of its assets in the Kyrgyz Republic. Existing debt arrangements are being updated to enable further issues of up to US$5m of additional convertible loan notes until December 2025, with funds to be provided by a group of nine existing noteholders. As part of the recapitalisation, Chaarat is to be delisted from AIM. The recapitalisation, the provision of the working capital facility and the delisting are conditional on (amongst other things) Chaarat shareholder approval.
Chaarat is an exploration and development mining company whose main resource is the 7m ounce high grade Chaarat Gold Project in the Kyrgyz Republic.
The multidisciplinary WFW London team advising Chaarat was led by Partner and Global Mining & Commodities Sector Co-Head Jan Mellmann, working closely with Financial Markets & Products Partner Rob McBride, Restructuring and Insolvency Partner Stephen Parker, Senior Associate Clementine Freeth and Associate Chris Madoc-Jones.
Jan Mellmann commented: “We have been advising Chaarat since prior to its AIM IPO in 2007 and are glad to see that this recapitalisation enables it to continue to focus on maximising the value of its Kyrgyz gold mining assets. This transaction demonstrates our ability to apply our corporate, finance and restructuring skillsets to implement transactions such as this in the mining and commodities sector within short timescales”.
Davis Mackenzie, acting CEO of Chaarat, commented: “The Chaarat board and I have been very impressed with WFW’s considerable help and support over the past few months. We are appreciative of the work they did and their calmness and responsiveness. They ensured the process was run smoothly throughout and proactively engaged with us to ensure a challenging process was successfully completed in a timely manner”.
Jan and the team previously advised Chaarat on the initial issuances of the existing convertible loan notes in 2017 and 2018 respectively to develop its Chaarat Gold Project in the Kyrgyz Republic.
As of August 16, 2024, Chaarat Gold Holdings Ltd (AIM:CGH) shares have been canceled from trading on AIM. The AIM Delisting was approved by shareholders at a general meeting on August 8, 2024, and was expected to take place at 7 AM on August 16, 2024. The last day of dealings in Ordinary Shares on AIM was August 15, 2024
If the shares have been cancelled, why are they showing a 2% drop in the SP right now?
Got to admit........the illusion.....is well done,,,,,! What entertainment!
The MMs will hammer the bid much lower as this nears COB.
Suspect they'll then lower the ask hoping to offload their accumulation.
The MMs will not want to hold these.
Someone just hoovered up all todays sells in one swoop.
The 4.5M buyer could do very well here once this goes private.
Clearly the Covec offer was dismissed,if indeed it was real.
9BN shares will be issued post delisting for the restructure.
My guess an asset sale soon after,why otherwise reject a cash payment for the note holders in favour of equity.
The note holders know what's coming.
Somethings afoot.
Bid going up on nothing,
From 0.15 to 0.174
MMs want the shares
Interesting
Maybe just maybe
Added here today - oversold.
will accummulcate more later
This news could drop at anytime
Chaarat Gold Holdings Ltd
17 May 2024
Chaarat Gold Holdings Limited
("Chaarat" or "the Company")
Revised Non-Binding Term Sheet Signed with Xiwang International for
US$150 million Funding Package to Deliver First Production at Tulkubash Gold Mine
Chaarat Gold (AIM:CGH), a mining explorer and developer with projects in the Kyrgyz Republic, is pleased to announce that it has entered into a non-binding term sheet (the "Term Sheet") with Xiwang International Company Limited ("XWIC") relating to a US$150 million funding package which, subject to entering into definitive legal agreements, further advances discussions between the parties and outlines an action plan towards a successful transaction. Completion of definitive legal agreements would provide; full financing for the further development and commencement of production at the Tulkubash Gold Project in Kyrgyz Republic ("Tulkubash"), enabling the restructuring of Chaarat's existing commitments and provide the basis for future potential joint ventures in the gold mining sector.
They haven't refuted the COVEC offer.
Some of the chunks of CGH that I rebought in at .15p on Thurs & Fri....I took some profits on 3x trades between .1775p and .2455p on Friday...no biggy but as b4...a profit offered...I take it!
Still kept a Core though for the what if? and I have added a wee bit more today circa 0.19p.........surely there would be a bit too much of a "stink" in the square mile if this China White knight offer was indeed real...and not offered to shareholders to at least vote on....or maybe they will....and the "club" will still vote it out....quite legally of course.......lawful? well who knows?
Anyway was on a free ride with my Core...but got a wee bit of skin on the gamble here now!
GLA
Short memory RPC
Looks like you missed the rise
Rpc69
Posted in: CGH
Posts: 130
Price: 0.25
No Opinion
RE: I did call it first thing6 Aug 2024 13:58
Lets get past .4 1st which looks good
Rpc69
Posted in: CGH
Posts: 130
Price: 0.155
No Opinion
RE: 70%6 Aug 2024 11:13
Who has a rocket...... 100% could go any minute
Laura..... your advice not looking to good this morning is it..... looks like you have gone quiet
Almost 10mil traded in first hour,
Thought the company would have issued a speeding ticket Friday, so maybe there’s news to come
Still think this trades higher up to delisting.
That article about the White night Chinese bid is interesting....just imagine if an RNS pops up about that!!!
....may be for the "club" to carve up the assets.....and make significant money.....obviously at the expense of those not in the "club" which is you and I. Therefore anything to save CGH and spoilt the "club" plans for enrichment...may be squashed!
All perfectly legal of course........We'll see soon enough.....would be great if it came good for us though!
GLA
Tried and previously will give another stab. Try ECHO today excitement gaining ahead of gold mining
Going to be interesting week,
Partic as SND like CGH got an even smaller shares left to buy, I started buying Friday 2.6-2.7
See my summary on SND
I was right about CGH and DEST
I expect SND to do more
Holders approved at the gm