RE: NO FUNDING NEEDED27 Dec 2022 17:57
The RNS dated 29 November regarding the $10.5M non- dilutive funding makes 3 reference to the 'conditions' associated to the payment in 2 tranches. Personally I would 'expect' an RNS that confirms (or otherwise) that the conditions have been met. Such confirmation could/should be reported this week (i.e. before year end)....
'.... has secured conditional non-dilutive financing of US$10.5m through a pre-paid gold purchase agreement.'
'The total contract price will be made available to KPG, subject to conditions, in two tranches, with a 1st tranche of US$7m to be drawn on or before 31 December 2022 and a 2nd tranche of US$3.5m to be drawn down on terms to be agreed between OCIM and KPG.'
'Upon satisfaction of conditions, the proceeds from this financing will mean Caracal will be fully funded to continue the ongoing expansion of production at its flagship Kilimapesa Gold Mine in Kenya ('Kilimapesa' or the 'Project') to the targeted rate of 24,000oz per annum production, with final commissioning to achieve this now scheduled in March 2023'