Caracal Gold has announced that its ordinary shares have commenced trading on the Main Market for listed securities of the London Stock Exchange under the ticker GCAT with contemporaneous dual listing on the Frankfurt Stock Exchange (FSE: 6IK).
As part of the Readmission process, the Company has raised gross proceeds of approximately £5,493,885 through the issue of 638,951,276 Placing Shares completed in two rounds at a placing price of £0.01 per share, implying a market capitalisation of circa £14.5 million on Readmission.
Robbie McCrae, CEO of Caracal, said:
“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.
“To this end, we aim to rapidly increase production to +50,000 oz p.a. and build a JORC compliant resource base of +3 Moz within 12-18 months. 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 25,000oz p.a. and the resource to +2Moz.
“We also aim to utilise our experienced team to acquire other complementary and strategically located gold mine and development projects in East Africa.
“The successful c.£5.5 million fundraising, which saw key UK and European institutions and retail investors join our share register, highlights our compelling investment opportunity: a producing asset in Kilimapesa; strong gold market dynamics; and a team with a track record of delivery in the gold space.
“Given the high volume of activity and steady stream of news ahead for the Company, I am confident that we will deliver value to shareholders and look forward to having a regular dialogue with them.”