Caledonia Mining Corporation Completes ATM Fund-Raising for Solar Project

PVTIME – Caledonia Mining Corporation Plc (“Caledonia” or the “Company”) announced on September 4 that, further to its announcement on July 24, 2020 relating to a block admission application and an “At the Market” or “ATM” sales agreement with Cantor Fitzgerald & Co (the “ATM Sales Agreement”), the Company has now raised US$13m pursuant to the ATM Sales Agreement through the sale and issue of 597,963 shares in the Company (the “ATM Shares”).

Following issue of the ATM Shares, the Company has a total number of shares in issue of 12,118,823 common shares of no par value each.  Caledonia has no shares in treasury; therefore, this figure may be used by holders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company.

As disclosed in the announcement on July 24, 2020, application was made to AIM for a block admission in respect of up to 800,000 new depositary interests representing the same number of shares in the share capital of the Company which will rank pari passu with the existing shares in issue.

Given that the Company has now raised the maximum amount of funds sought under the ATM Sales Agreement through the issue of the ATM Shares, the Company has cancelled the remaining portion of the block admission (202,037 depositary interests) effective as at September 7, 2020, representing the surplus shares that are not required to be sold and issued under the ATM Sales Agreement.

As previously mentioned, Caledonia expects to use the amount of net proceeds from the sales for investment in the construction of a solar power plant to supply electricity to Blanket Mine in Zimbabwe.

In accordance with AIM Rule 29 and Schedule 6 of the AIM Rules for Companies and in full satisfaction of the Company’s obligation to make announcements of the utilisation of the block admission, the Company makes the following notification regarding its block admission facility:

(a)       Name of company

Caledonia Mining Corporation Plc

(b)       Name of the scheme

At the Market Sales Agreement

(c)        Period of return

From July 27, 2020 to September 7, 2020

(d)       Number and class of securities not issued under scheme

202,037 common shares of no par value each and an equal number of depositary interests

(e)       Number of securities issued under scheme during period

597,963 common shares of no par value each

(f)        Balance under the scheme of securities not yet issued at the end of the period

202,037 common shares of no par value each and an equal number of depositary interests

(g)       Number and class of securities originally admitted and the date of admission

800,000 depositary interests in common shares of no par value – July 27, 2020

(h)       Contact name(s) and telephone number(s)

Caledonia Mining Corporation Plc Mark Learmonth Maurice Mason   Tel: +44 1534 679 802 Tel: +44 759 078 1139
WH Ireland Adrian Hadden/James Sinclair-Ford Tel: +44 20 7220 1751
Blytheweigh Tim Blythe/Megan Ray Tel: +44 207 138 3204
3PPB Patrick Chidley Paul Durham   Tel: +1 917 991 7701 Tel: +1 203 940 2538