Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL, VFEX:CMCL) has priced a private placement of $125 million of 5.875% Convertible Senior Notes due 2033.
The London-listed gold miner's note offer was upsized from $100 million.
The unsecured notes will pay out interest semiannually, in arrears, on January 15 and July 15 each year, starting in July, and will mature in January 2033, unless earlier converted, redeemed or repurchased.
Caledonia grants initial purchasers an option to buy up to an additional $25 million of notes within a 13-day period beginning on the issue date. It expects the offering to close on January 20.
The miner anticipates net proceeds of about $120.20 million, or about $144.40 million if options are exercised in full.
It expects to use proceeds to pay the capped call transaction costs and to provide financial flexibility for development of the Bilboes Project and for general corporate needs, ongoing operational needs and working capital.