Caracal Gold have secured an additional funding to expand the Kilimapesa Gold Mine in Kenya through a non-dilutive pre-paid gold purchase agreement.
A $3m financing facility has been made available to be drawn on before 31st December 2022 and add to a similar agreement for $10.5m announced in late November.
Caracal are now fully-funded to complete the expansion Kilimapesa Gold Mine with the aim of increasing both production and the resource.
“This second non-dilutive financing further strengthens Caracal’s cash position bringing the total raised in the last two weeks to US$13.5m,” said Robbie McCrae, CEO of Caracal Gold.
“Attracting these two new high-calibre partners, OCIM and Philoro, is testament to the vast potential Caracal offers as it focuses on becoming a +50,000oz per annum producer with +3moz in resources.
“We can now concentrate on the final push to deliver on our initial production target of 24,000oz per annum, whilst continuing to advance our regional exploration efforts in Kenya to ultimately build the life of mine and value potential. Alongside this, we are excited by the development opportunity Nyakafuru in Tanzania offers and look forward to progressing our targeted exploration programme to support a Preliminary Economic Assessment.”