Caracal amends heads of terms with Cynergy, second payment due late August
As an amendment to the heads of terms with Cynergy Global, London-listed Caracal Gold says the second tranche payment of $500 000 is now due by August 20.
Under Phase 1 of Cynergy's three phased investment into Caracal and its subsidiaries, Caracal received the first tranche payment under Phase 1 of $500 000 as announced on July 1.
After the second tranche has been received, Cynergy will receive 25% of Caracal Holdings, a wholly owned subsidiary of Caracal which will own 100% of Kilimapesa Gold and 99% of Tyacks Gold.
The funds under Phase 2 will be used for the Kilimapesa expansion project.
Caracal says all other details within the heads of terms on the subsequent financing arrangements with Cynergy remain unchanged.
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