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Caledonia Mining completes Zimbabwe portion of US$16.6mln fundraise

Published: 08:05 11 Apr 2023 BST

Caledonia Mining Corporation PLC -

Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) has completed its previously announced fundraising in Zimbabwe.

The company raised US$5.825mln before expenses.

The Zimbabwe raise supplements a parallel fundraise that was conducted on Aim and which completed on 30 March 2023.

The placing price was US$13.74 per share.

The total raised by the combined placings amounts to US$16.566mln, before expenses.

The net proceeds will be used to strengthen the company's balance sheet and provide working capital flexibility to accelerate planned work at the three new gold projects it is currently undertaking in Zimbabwe.

“I am very pleased to see such strong demand from new and existing institutional investors in Zimbabwe such as Zimbabwe's Mining Industry Pension Fund who subscribed for a significant amount of the Zimbabwe placing,” said Caledonia Mining’s chief executive Mark Learmonth.

"Their support will help us accelerate our growth plans in Zimbabwe."

The company has recently acquired Bilboes, Zimbabwe’s largest undeveloped gold project.

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on 15/1/24