2021 Convertible Bond Fundraise Update

RNS Number : 1567H

Chaarat Gold Holdings Ltd

30 July 2019

 

30 July 2019

Chaarat Gold Holdings Limited

("Chaarat" or the "Company")

2021 Convertible Bond Fundraise Update

Chaarat (AIM:CGH), the AIM-quoted gold mining company with assets in the Kyrgyz Republic and Armenia, announces an update with regard to its ongoing fundraising activities.

As announced on 1 April 2019, the Company entered into an agreement with a new investor for the subscription and issue of Convertible Bonds for USD 10 million. The investor subsequently increased their subscription to USD 15 million, as announced on 31 May 2019.

The investor has failed to deliver the subscription cash proceeds within the timeframe agreed upon by both parties. As a result, Chaarat is exploring legal recourse on the matter.

A number of other financing options remain open to the Company. As well as continuing to evaluate fundraising opportunities on an ongoing basis, Chaarat will look to raise USD 15 million from the issuance of 2021 Convertible Bonds from alternative sources.  To this effect, Chaarat is pleased to announce that it has entered into an agreement with an investor for the subscription and issue of secured convertible notes 2021 for USD 500,000. 

The issue of USD 500,000 additional notes will bring the total number of notes in issue to USD 19,680,000 following the agreement with Polymetal to exchange USD 10 million of notes for equity.

Enquiries

Chaarat Gold Holdings Limited
Artem Volynets (CEO)	[phone]
	[e-mail]
Numis Securities Limited
John Prior, Paul Gillam (NOMAD)	[phone]
James Black (Corporate Broking)
Powerscourt
Conal Walsh	[phone]
Sam Austrums	[e-mail]

About Chaarat

Chaarat is a gold mining company which owns the Kapan operating mine in Armenia as well as the Tulkubash and the 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.

 

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