Caledonia Mining Corporation Plc: Update of Zimbabwe Placing

Rhea-AI Summary

Caledonia Mining Corporation Plc (NYSE AMERICAN: CMCL) announced an extension of the closing date for its Zimbabwe Placing from March 31, 2023, by up to one week. This decision results from a higher than anticipated demand from existing and new Zimbabwean institutional shareholders. The Placing is expected to raise over US$3 million. A further announcement will detail the funds raised and the shares issued. The extension aims to accommodate shareholders needing additional time to fulfill administrative requirements.

Positive

• Extension of the Zimbabwe Placing due to high demand, indicating strong investor interest.
• Expected funds raised exceeding US$3 million, providing financial support for operations.

Negative

• None.

ST HELIER, Jersey, March 31, 2023 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc (“Caledonia” or the “Company”) (NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL) announces that, further to its announcements on March 24, 2023 regarding the Fundraise (as defined in the announcements), it has decided to extend the closing of the Zimbabwe Placing (as also defined in the announcements) from 12.00 p.m. on March 31, 2023 by up to a week due to a higher than anticipated level of demand from existing and new Zimbabwean institutional shareholders who wish to participate but require extra time to attend to their own administrative requirements. It is expected that, due to strong demand from existing Zimbabwean institutional shareholders, the Zimbabwe Placing will raise in excess of US$3milllion. A further announcement will be made next week regarding the closing of the Zimbabwe Placing, the funds raised and the shares and Zimbabwe depositary interests to be issued pursuant to the Placing.

Enquiries:

Caledonia Mining Corporation Plc Mark Learmonth Camilla Horsfall	Tel: +44 1534 679 800 Tel: +44 7817 841 793
Cenkos Securities plc (Nomad and Joint Broker) Adrian Hadden Neil McDonald Pearl Kellie	Tel: +44 207 397 1965 Tel: +44 131 220 9771 Tel: +44 131 220 9775
Liberum Capital Limited (Joint Broker) Scott Mathieson/Kane Collings	Tel: +44 20 3100 2000
BlytheRay Financial PR (UK) Tim Blythe/Megan Ray	Tel: +44 207 138 3204
3PPB (Financial PR, North America) Patrick Chidley Paul Durham	Tel: +1 917 991 7701 Tel: +1 203 940 2538
Curate Public Relations (Zimbabwe) Debra Tatenda	Tel: +263 77802131
IH Securities (Private) Limited (VFEX Sponsor - Zimbabwe) Lloyd Mlotshwa	Tel: +263 (242) 745 119/33/39

Note: This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation (EU) No. 596/2014 (“MAR”) as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

Cautionary Note Concerning Forward-Looking Information
Information and statements contained in this news release that are not historical facts are “forward-looking information” within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited, to Caledonia’s current expectations, intentions, plans, and beliefs. Forward-looking information can often be identified by forward-looking words such as “anticipate”, “believe”, “expect”, “goal”, “plan”, “target”, “intend”, “estimate”, “could”, “should”, “may” and “will” or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this news release include, for instance: expectations of funds raised by the Zimbabwe Placing. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information.

Security holders, potential security holders and other prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Security holders, potential security holders and other prospective investors are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Caledonia undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

This news release is not an offer of the shares of Caledonia for sale in the United States or elsewhere. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the shares of Caledonia, in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such province, state or jurisdiction. 

FAQ

What is the latest announcement from Caledonia Mining Corporation regarding the Zimbabwe Placing?

Caledonia Mining Corporation announced an extension of the Zimbabwe Placing closing date by up to one week due to strong demand.

How much is Caledonia Mining expected to raise from the Zimbabwe Placing?

The Zimbabwe Placing is expected to raise over US$3 million.

Why was the closing date for the Zimbabwe Placing extended?

The closing date was extended to accommodate Zimbabwean institutional shareholders needing more time for their administrative requirements.