GM Results, Capital Raise Update and Extension

RNS Number : 2953X

Chaarat Gold Holdings Ltd

26 April 2019

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

Not for release, publication or distribution to United States newswire services or for release, publication or dissemination in the United States and does not constitute an offer of the securities herein.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this press release have not been, and will not be, registered under the US Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration except in transactions exempt from, or not subject to, registration under the US Securities Act and applicable US state securities laws. There is no public offering of the securities in the United States expected.

26 April 2019

Chaarat Gold Holdings Limited

("Chaarat" or the "Company")

Results of General Meeting

Confirmed proceeds of USD 1.34 million to date in respect of the Placing

Extension of the Capital Raising

Chaarat (AIM: CGH), the Aim-quoted gold mining company with assets in the Kyrgyz Republic and Armenia, is pleased to announce that at the Company's General Meeting held on 26 April 2019 the resolutions set out in the notice of the General Meeting were duly passed.

The Company has raised to date gross proceeds of approximately USD 1.34 million from the issue of 3,433,897 new ordinary shares of USD 0.01 each ("New Ordinary Shares") at 30 pence per New Ordinary Share (the "Issue Price") in the Placing, subject to the admission of the New Ordinary Shares to trading on the AIM market of the London Stock Exchange plc ("Admission"). 

The issue of the New Ordinary Shares is in addition to the commitment to subscribe for USD 10 million of Convertible Bonds which the Company has already secured, as announced on 1 April 2019.  The Company expects to receive the subscription proceeds for the Convertible Bonds by 31 May 2019.

As previously announced, application will be made to the London Stock Exchange plc for the Admission of the New Ordinary Shares. It is expected that Admission will be effective, and dealings in the New Ordinary Shares will commence, at 8.00 a.m. on 2 May 2019.

The Company has received indication of additional demand for the Capital Raising.  Accordingly, the Company has decided to extend the previously-announced closing date of the Placing and the Convertible Bond issue from 26 April 2019 to 3 May 2019.  Following the extension, the expected timetable for any additional shares that may be issued under the Placing (the "Additional Placing Shares") is as follows:

Additional Placing Shares allotted, admission effective and dealings

expected to commence in the Additional Placing Shares on AIM                       8.00 a.m. on 9 May 2019

Additional Placing Shares credited to CREST stock accounts*                                             9 May 2019

Expected date by which certificates in respect of Additional Placing Shares

are to be dispatched to certificated Shareholders (as applicable)*                                 w/c 13 May 2019
 

* Each of the times and dates in the above timetable is subject to change. If any of the above times and/or dates change, the revised times and/or dates will be notified to Shareholders by announcement through a Regulatory Information Service.

Following the announcement made on 1 April 2019, the Company decided to increase the size of the Placing due to the demand from one of the leading global institutional investors.

Capitalised terms used but not otherwise defined in this announcement have the meanings given to them in the 'Proposed Capital Raising and Notice of GM' announcement released on 1 April 2019 at 15:47 (UK time) under RNS No 7290U.

Participation in the Capital Raising will be for invited subscribers only and members of the public are not eligible to take part in the Capital Raising. The details of the Capital Raising in this announcement are for information purposes only and do not constitute an offer to sell or issue, or the solicitation of an offer to buy or subscribe for Placing Shares, Additional Placing Shares or Convertible Bonds. No public offer of securities of the Company is being made in the United Kingdom, the United States or elsewhere.

Enquiries

Chaarat Gold Holdings Limited
Martin Andersson (Executive Chairman)	[phone]
Artem Volynets (CEO)	[e-mail]
Numis Securities Limited
John Prior, Paul Gillam (NOMAD)	[phone]
James Black (Corporate Broking)
BMO Capital Markets Limited
(Corporate Broker)	[phone]
SP Angel Corporate Finance LLP
Ewan Leggat (Joint Broker)	[phone]
	www.spangel.co.uk
Powerscourt
Conal Walsh	[phone]
Isabelle Saber	[e-mail]
Sam Austrums

About Chaarat

Chaarat is a gold mining company which owns the Kapan operating mine in Armenia as well as Tulkubash and Kyzyltash Gold Projects in the Kyrgyz Republic. The Company has a clear strategy to build a leading emerging markets gold company with an initial focus on Central Asia and the FSU through organic growth and selective M&A.

Chaarat is engaged in active community engagement programmes to optimise the value of the Chaarat investment proposition. 

Chaarat aims to create value for its shareholders, employees and communities from its high-quality gold and mineral deposits by building relationships based on trust and operating to the best environmental, social and employment standards. Further information is available at www.chaarat.com.

NOTICE

This announcement includes statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "envisages", "estimates", "anticipates", "projects", "expects", "intends", "may", "will", "could", "seeks" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy plans, objectives, goals, future events or intentions. These forward-looking statements include statements regarding the Company's and the Directors' current intentions, beliefs or expectations concerning, amongst other things, investment strategy, financing strategy, performance, results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which the Company will operate.

By their nature, forward-looking statements involve risks (including unknown risks) and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not an assurance of future performance. The Company's actual performance, results of operations, financial condition, liquidity and dividend policy and the development of the business sector in which the Company will operate, may differ materially from those suggested by the forward-looking statements contained in this announcement. In addition, even if the Company's performance, results of operations, financial condition, liquidity and dividend policy and the development of the industry in which the Company will operate, are consistent with the forward-looking statements contained in this document, those results or developments may not be indicative of results or developments in subsequent periods.

Any forward-looking statements in this announcement reflect the Company's and the Directors' current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the matters referred to above. Other than in accordance with the Company's obligations under the AIM Rules for Companies, the Company does not undertake to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

 

END

 

 

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