Goldplat PLC - South Africa and Ghana-focused gold miner - Notes Caracal Gold PLC, previously known as Papillon Holdings PLC, takes last step in buying Kilimapesa gold mine as it starts trading in London.
Caracal Gold starts trading on Main Market on Tuesday after raising GBP5.5 million from placing of 639.0 million shares at 1.00 pence, giving market cap of GBP14.5 million on readmission. Trading at 1.00p on Wednesday afternoon.
Caracal Chief Executive Robbie McCrae says: "We are delighted to commence trading on both the London and Frankfurt Stock Exchanges; with this milestone reached, we have a very exciting opportunity to continue to expand our mining operations and solidify our position as an emerging East African focused gold producer."
"We have already started an optimisation strategy at the Kilimapesa Gold Mine, where there is significant expansion potential and ability to increase gold production to 25,000 ounces per annum and the resource to over 2 million ounces," says McCrae.
Goldplat holds 103.8 million shares in Caracal as consideration for the sale of Kilimapesa, to be held for at least 12 months. It is due further cash of USD450,000 in the coming two weeks, with a 1% net smelter royalty. "I am pleased to announce the completion by Caracal of the reverse takeover of Mayflower Gold and Caracal commencing trading on the LSE's Main Market, which is the last step in the transaction which included the sale of Kilimapesa," says Goldplat Chief Executive Werner Klingenberg.
Current stock price: 6.90 pence
Year-to-date change: down 14%
By Josie O'Brien; josieobrien@alliancenews.com
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GoldPlat (GDP)
Caracal Gold (GCAT)