Chaarat Gold Holdings Ltd Corporate update (6441H)
31 Julio 2023 - 1:00AM
UK Regulatory
TIDMCGH
RNS Number : 6441H
Chaarat Gold Holdings Ltd
31 July 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT
FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 ("MAR"), AND IS DISCLOSED IN ACCORDANCE WITH
THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR
FOR IMMEDIATE RELEASE
31 July 2023
Chaarat Gold Holdings Limited
("Chaarat" or the "Company")
Corporate update
Chaarat (AIM:CGH), the AIM-quoted gold mining Company with an
operating mine in Armenia and assets at various stages of
development in the Kyrgyz Republic, provides an update on various
corporate matters.
Convertible loan notes
As previously announced on 6 October 2022, Chaarat extended the
maturity of its secured convertible loan notes ("Loan Notes") to 31
July 2023 (the "Maturity Date"). The Loan Notes are due to be
redeemed by conversion into equity(#) , at the holder's option, or
repaid in cash for a total of US$31.7 million (which includes
accrued interest and fees). Chaarat confirms that it is in the
process of negotiating an extension to the Maturity Date with the
holders of the Loan Notes. If no extension is agreed within 10
business days of the Maturity Date, this will constitute a
technical event of default under the terms of the Loan Notes. A
further announcement will be made as soon as practicable.
Potential Xiwang investment
On 31 May 2023 Chaarat and Xiwang International Company Limited
("Xiwang") entered into a conditional preliminary investment
agreement (the "PIA") and a strategic co-operation agreement in
relation to a potential equity investment of US$250 million (the
"Investment") in the Company.
Further to the update announcement made on 10 July 2023, Xiwang
require an extension to the previously targeted timeline for the
transaction to satisfy its internal process requirements and those
of its partners. The Company and Xiwang are currently in
discussions about an updated roadmap to completion. Chaarat and
Xiwang have not yet formally agreed a new date for satisfaction of
the conditions in the PIA and discussions continue. Xiwang have
confirmed their continued interest in proceeding with the proposed
Investment but there is no guarantee at this stage that the
proposed Investment will be completed. A further update will be
provided in due course.
Note
(#) The conversion price is, for each US$250,000 of Loan Notes,
611,290 Ordinary Shares (and pro rata for any amounts less than
US$250,000). This equates to GBP0.30 per share at an exchange rate
of US$1.36 / GBP1 (which was the prevailing exchange at the time
that an amendment to the conversion price was agreed in October
2021).
- ends -
Enquiries
+44 (0)20 7499
Chaarat Gold Holdings Limited 2612
Mike Fraser (Chief Executive Officer) info@chaarat.com
Canaccord Genuity Limited (NOMAD and + 44 (0)20 7523
Joint Broker) 8000
Henry Fitzgerald-O'Connor
James Asensio
+44 (0)20 7220
finnCap Limited (Joint Broker) 0500
Christopher Raggett
Panmure Gordon (UK) Limited (Joint +44 (0)20 7886
Broker) 2500
John Prior
Hugh Rich
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 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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