TIDMCGH

RNS Number : 0289P

Chaarat Gold Holdings Ltd

06 October 2023

6 October 2023

Chaarat Gold Holdings Limited

("Chaarat" or the "Company")

Kapan Sale Completion

Chaarat Gold (AIM: CGH), the AIM-quoted exploration and development company with assets at various stages of development in the Kyrgyz Republic, is pleased to confirm that its subsidiary, Chaarat Gold International Limited (the "Seller"), has completed the sale of its 100% owned Armenian subsidiary, Chaarat Kapan CJSC ("Kapan") , which owns the Kapan mining operation in Armenia to G old M ining C ompany LLC (the "Buyer") .

Of the total consideration of US$55.4 million, US$0.5 million was previously paid in cash as a deposit and US$4.5 million was settled in cash upon completion. As previously announced, the balance of US$50.4 million was settled upon completion by way of the Buyer taking an assignment of an intra-group payable due from the Seller to Kapan.

Pro-forma Group net debt is now approximately US$33.0 million, having been reduced by US$13.8 million in respect of Kapan's liabilities and receiving the US$4.5 million cash upon completion .

Martin Andersson, Executive Chair of Chaarat, said:

"The sale allows Chaarat to focus on growth options through advancing its Tulkubash and Kyzyltash development projects in the Kyrgyz Republic as well as pursuing inorganic growth opportunities."

 
 Enquiries 
 
                                             +44 (0)20 7499 
 Chaarat Gold Holdings Limited                2612 
 Martin Andersson (Executive Chair)          IR@chaarat.com 
 
 Canaccord Genuity Limited (NOMAD and        + 44 (0)20 7523 
  Joint Broker)                               8000 
 Henry Fitzgerald-O'Connor 
 James Asensio 
 
 Cavendish Capital Markets Limited (Joint    +44 (0)20 7220 
  Broker)                                     0500 
 Neil McDonald 
 
 Panmure Gordon (UK) Limited (Joint          + 44 (0)20 7886 
  Broker)                                     2500 
 John Prior 
  Hugh Rich

About Chaarat

Chaarat is an exploration and development company which owns the 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 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 .

ENDS

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END

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(END) Dow Jones Newswires

October 06, 2023 10:14 ET (14:14 GMT)

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