Caracal confirms receipt of $600 000 in funding
Gold producer Caracal Gold has confirmed receipt of $600 000 in funding, comprising a $500 000 financing agreement with Koenig Vermoegensverwal announced on October 1 and a $100 000 loan agreement with Caracal CEO Robbie McCrae.
"The company has a clear plan for both the corporate and project areas of the business and is working hard to deliver. On the corporate side, the finance team is completing the December 2023 interim accounts and, along with the auditors, is progressing the June 2024 year-end financial statements,” Caracal chairperson Simon Grant-Rennick said on October 14.
On the project side, he said the funding for the Kilimapesa expansion was the focus and that closing the Cynergy transaction was a key input of the funding.
“Everything we set out to achieve at Kilimapesa in 2022 unlocks with this funding.
"The strategy for Tanzania will become clear in the near future. A fully permitted development project with 650 000 oz in Joint Ore Reserves Committee resources combined with current high gold prices is a very valuable asset,” Grant-Rennick said.
He acknowledged that the Caracal team, from the board to management to operations, was drastically reduced, but that with the frustration of the 2023 audit behind the company, the Cynergy transaction now progressing, and the first mining licence in Tanzania approved the outlook for Caracal was starting to move in the right direction.
Grant-Rennick said the company would now start to evaluate key appointments across all areas of the business.
“An important focus [has been] to strengthen . . . the finance team and the corporate governance. This was done and, going forward, we will continue to strengthen these areas," he said.
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